Industry
In a new study released on insurance mergers & acquisitions and public equity offerings for the first half of 1999, Conning & Company reports an overall 71% decline in activity value and a 9% decrease in the volume of transactions when compared with that of the first six months of 1998. The value of merger […]
September 30, 1999
2 min read
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U.S. property and casualty insurers will pay homeowners and businesses an estimated $1.3 billion for insured property damage caused by Hurricane Floyd, according to preliminary calculations by the Insurance Services Office Inc. Hurricane Floyd hit 16 states, from Florida to Maine, but insured property damage was not as devastating as initially feared. North Carolina was […]
Data security consultants NCR Corporation recently held a meeting for Canada’s business leaders in the retail, financial, telecommunications, insurance and government sectors, entitled “Consumer Privacy: Good for Business”. The session examined how Canadian organizations can balance the global demand for data privacy and protection, with their marketing and customer service strategies. Panelists included Dr. Ann […]
Jim Ball, appointed president of the Insurance Brokers Association of Canada (IBAC) for the 1999/2000 term at the association’s recently held annual general meeting in Winnipeg, Manitoba, predicts a secure future ahead for independent brokers. However, like the inevitability of death and taxes, the broker profession cannot ignore the fact that the insurance industry is […]
In a move paralleling Equisure Financial Network’s 1997 acquisition of wholesale broker South Western Group, broker network The Hub Group has purchased KMS Insurance. Terms and the value of the transaction were not released. Rick Gulliver, president of Hub, says the acquisition was a strategic investment for the public broker group. “We made the deal […]
H. Rodrigues, chair of Facility Association and George Anderson, president of the Insurance Council of Canada have announced the appointment of Stan Griffin as president and chief executive officer of Facility Association. The appointment represents an expected one-year secondment from his position as Insurance Bureau of Canada (IBC) vice president, Ontario region. Mark Yakabuski, IBC’s […]
August 31, 1999
1 min read
Risk
With year 2000 reinsurance treaty negotiationscurrently in full swing, there is a desperate hope among the players that rates will return to moresensible levels. However, faced with increasedcompetition, both locally and globally, reinsurersanticipate a long road ahead before the soft market cycle is broken. CU surveys the top reinsuranceCEOs in Canada to identify their strategies […]
By Sean van Zyl, Editor | August 31, 1999
16 min read
The Dominion of Canada General Insurance Company’s answer to the direct writing threat, Chieftian Insurance, is one of the future consumer-interaction options open to brokers, predicts Alan Hanks, vice president field operations of the new company. Hanks outlined the broad objectives of Chieftian, which is broker-based but employs a direct writing electronic approach to reaching […]
Since reforms in the mid-1990s, more and more corporate capital is flowing into Lloyd's of London -- much of it from some of the world's most noted reinsurers. Could this injection of new capital forge the rebirth of the world's most unique insurance market?
By Glenn McGillivray, head of corporate communication at Swiss Rein | August 31, 1999
9 min read
Whether traditional players in the property and casualty insurance industry continue to hold the lion's share of business will depend on their willingness to embrace consumer-driven technologies and boost productivity, delegates attending the recently held Strategy Institute conference were told. In particular, the pressure of higher consumer expectations coupled with increased competition from new players to insurance will be felt mostly in the personal lines arena, the speakers warn.
8 min read
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