Industry
The Insurance Brokers Association of Canada (IBAC) has set in motion plans to return a major salvo against direct writers in the consumer advertising war during this year. At IBAC’s recently held broker-based company CEO symposium, through which the association provides annual feedback to supporting insurers of its market strategy, president Mike Toole announced the […]
June 30, 1999
2 min read
The Insurance Institute of Ontario's Centennial Symposium, recently held in Toronto, drew together several key local and international financial services experts who provided a mixed view of the future in terms of how current and emerging marketplace events will impact the property and casualty insurance industry. However, all of the speakers agreed that change is rushing the industry into a new era.
By Sean van Zyl, Editor | June 30, 1999
5 min read
Originally a medium for scientists to exchange information, the Internet’s use has rapidly expanded to become a virtual commercial marketplace. And, with the Internet’s commercial potential beginning to truly surface, consumers through news group forums and dedicated web sites are now reacting to perceived unfair business practices. As these widespread forums continue to grow in […]
By Dennis Krueger, a U.S. freelance technology writer | June 30, 1999
4 min read
Risk
The 1990s saw considerable attention drawn to the global benefits of the so-called "hot" developing economies such as South America, Asia and the former Eastern Bloc countries. Most recently, we have seen plunging stock markets and economic uncertainty resulting in these same areas. Strangely, these have a link with trends in Canadian financial supervision.
By Lawrie Savage of Lawrie Savage & Associates Inc. | June 30, 1999
6 min read
Economical Mutual Insurance Company has announced plans to purchase the insurance-related assets of the Family Group of Companies, which filed for bankruptcy protection in British Columbia earlier this year. Swiss Reinsurance Company, a Family creditor, joins Economical and will receive its minority equity interest to partially off-set the $20 million owed to them by Family. […]
1 min read
“We’re in a world where the ‘world of products’ is going to get even bigger,” predicts Norma Nielson, chair of insurance at the University of Calgary. A major issue arising from the “blurring of traditional product lines” and the multi-skills today required of financial service intermediaries, is how the regulators will react to the selling […]
U.S.-based Allstate Corporation has acquired CNA’s personal lines business in a transaction valued at $1.2 billion. The deal calls for Allstate to pay CNA $140 million in cash for the business and company shell. Also, Allstate will utilize about $950 million of its capital to support the new premium volume and will pay a marketing […]
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Strategy Institute: Changing Face of Canadian P&C Insurance Forum. Contact Strategic Institute at 416-944-8833. Metro Toronto Convention Centre, Toronto, […]
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First-quarter results of the U.S. property and casualty insurance industry show signs of improvement; largely on the back of increased investment earnings derived from higher interest rates. The industry’s after tax income for the period clocked in at US$9.2 billion compared with US$9.5 billion for the same period a year ago, reports the Insurance Services […]
Queensway Financial Holdings Inc. and St. Paul Companies released their first quarter earnings, with both showing results mirroring industry trends. Both companies followed the industry’s alarming trend of rising operating ratios. And while Queensway’s premium volume rose considerably — the result of 1998 acquisitions just now being added to the books, St. Paul Companies experienced […]
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