Industry
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) reported a 40% rise in net income to $345,226 for the 1999 financial year compared with the prior year’s earnings. However, earnings came in lower at 3 a share (1998: 4 a share) due to the dilution affect of debenture conversions to common stock. The debentures, amounting to […]
April 30, 2000
1 min read
Risk
Underwriters Adjustment Bureau and the Insurers’ Advisory Organization have successfully completed ISO 9002 certification throughout the Ontario region, announced Fred Jacques, senior vice president of quality assurance for both groups. UAB/IAO provides claims handling loss control and risk information service to large insurers, municipalities, public utility companies and multi-national corporations. “The commitment that has been […]
For the 1999 financial year the U.S. property and casualty insurance industry produced a disappointing 6.6% rate of return compared with 9.2% for 1998 and 11.9% for the year prior. The industry’s drop in shareholder returns for the year was driven by lower investment gains and a 39.5% year-on-year decline in underwriting losses to US$23.4 […]
2 min read
A broad company survey released by consultants Towers Perrin suggests that the vast majority of the 300 respondents believe e-commerce will triple in revenue terms over the next two years. The survey respondents were drawn primarily from the U.S., Canada, U.K., Europe and Australia. Over 35% of the respondents represent “traditional companies” with more than […]
Commercial
In the January Moves & Views, CU incorrectly reported Zycomp Systems Ltd. recorded the first-ever sale on the trade show floor at 1999’s Insurance Brokers Association of Ontario convention. We regret the error.
February 29, 2000
Ipositioned myself near the entrance to the dining lounge and watched as the escalator in front of me deposited a steady stream of well-dressed couples to the upper level. I had arrived at the suburban racetrack early, to be on hand to greet our guests for dinner and an evening of horse racing. As my […]
By Axiom | February 29, 2000
8 min read
U.S. insurers are fortifying themselves for lower profitability and a higher operating ratio in the coming year, a survey revealed at the 2000 Property & Casualty Insurance Joint Industry Forum recently in New York City. Industry chiefs insist that, despite heightened merger and acquisition in the year ahead, the overcapitalized insurance environment could soon be swept away by an abundance of cost-absorptive changes.
By Lowell Conn & Sean van Zyl | February 29, 2000
5 min read
The repeal of the U.S. Glass-Steagall legislation toward the end of last year has opened what many in the property and casualty insurance industry see as a “Pandora’s box”. The legislation was replaced with the Financial Services Modernization Act of 1999, which effectively allows for integration of business ownership across the financial services sectors. While […]
By Sean van Zyl, Editor | February 29, 2000
Harmonization efforts on the east coast have not gone unnoticed by regulators nationwide, with most provincial legislators carefully watching Insurance Act rewrites across the country in an effort for more standardized rules and regulations. Most recently, the regulatory sights have been set on the adjusting profession, delegates were told at the recently held 33rd Annual […]
By Lowell Conn | February 29, 2000
6 min read
Claims
Only days after class action suits were started in Quebec against insurers AXA Canada and ING Canada, Liberty Mutual General Insurance in Canada became the next victim of the aftermarkets parts legal fever sweeping North America. With its American parent having a class action suit filed against it previously in the U.S., Liberty Mutual Insurance, […]
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