Industry
The City of Toronto’s new mandatory mediation program could result in quicker and more efficient resolutions of insurance lawsuits, lawyer Paul Iacano told a packed conference room at a seminar at the recently held Claims ’99 Ontario Insurance Adjusters Association conference. Iacano’s co-speaker, lawyer James Howie, disagreed, contending the jury is still out on the […]
By Lowell Conn | March 31, 1999
4 min read
Risk
Exel Ltd. Mid Ocean Ltd. ACE Ltd. Cat Ltd. Partner Re Ltd Winterthur Re Gerling Constitution Re As we peer into 1999, one clear fact emerges from our review of the finances of the reinsurance industry: this is a great buyer’s market with abundant capacity and declining prices.- Swiss Re Life Re Corp. Employers Reinsurance […]
By Sean Mooney, senior vice president at Guy Carpenter & Company In | March 31, 1999
7 min read
Despite plummeting international commodity values — which over the last decade have made mining equities less than the darlings of stock markets — the Canadian mining industry is expanding at a healthy clip. It is estimated that 100 new mines will have opened in Canada between 1997 and 2000, with Canadian mining companies spending more […]
By Ken Fedosen and Eugene Iacob of Zurich Global Energy | March 31, 1999
3 min read
Equisure Financial Network Inc. (TSE: EFN) has entered into an agreement to acquire Sudbury-based Dinan Insurance Brokers and Financial Services Ltd., a multi-line general insurance and financial service brokerage. The undisclosed purchase price will be paid partly in cash and partly in Equisure shares. Equisure is acquiring a well known regional broker in Dinan. It […]
March 31, 1999
1 min read
TSE-listed Queensway Financial Holdings (QFH) posted a 59% drop in earnings a share to 52c for the financial year ended December 1998 compared with the previous year. The company’s directors attribute the earnings decline primarily as a result of a once-off cost associated with a claims under-reserve of $13 million disclosed at Paradigm Insurance Co., […]
2 min read
St. Paul Companies, an insurance and reinsurance group and the parent of St. Paul Canada — has released its yearend 1998 figures posting a dramatic decrease in earnings over 1997. Net income plummeted from 1997’s US$929 million to $89.3 million in 1998. While decreased revenues account for much of the decline from the company’s record […]
Global reinsurer Transatlantic Holdings Inc. has reported record net income earnings for 1998, up 33.4% from 1997’s US$185.5 million to 1998’s $247.5 million. Net income diluted on a common share basis rose $1.76 from 1997’s $5.34 to 1998’s $7.10. Record profits aside, Transatlantic also saw a steady increase in marketshare posting an increase of 7.7% […]
Intense competition, increasing litigation and the rising cost of claims is decreasing profitability in directors and officers (D&O) liability insurance market, a panel of executives told the D&O Liability and Issues Symposium sponsored by the Professional Liability Underwriting Society (PLUS). John Cavoores, president of National Union Fire Insurance Company, warns that growing competition in the […]
In January, more than two hundred of the world’s leading scientists met in Geneva to discuss what we should do about our changing weather. This gathering is part of an even larger working group that has been making steady research progress for more than ten years. But as each new storm passes, it reminds us […]
By Paul Kovacs, executive director, Institute for Catastrophic Loss | March 31, 1999
6 min read
The CICMA and CIAA 99 Joint Conference – held in Toronto in February – focused on the competitive challenges reshaping the p&c insurance industry. The overall message delivered at the event was clear: the process of industry change, mainly as a result of merger and acquisitional activity, is far from over with the effects being […]
By Sean van Zyl, Editor | March 31, 1999
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