Auto
The Insurance Bureau of Canada (IBC) has given a pat on the back to the Newfoundland and Labrador authorities who have adopted graduated licensing systems from January 1 of this year. Atlantic vice president of the IBC, Don Forgeron, says the adoption will go a long way in helping to reduce the unacceptable number of […]
February 28, 1999
1 min read
Risk
The Export Development Corporation (EDC) posted record year end results for 1998. The corporation provides financial and risk management services to Canadian exporters, serving a record 4,183 exporters last year — a 13% increase on 1997. The EDC’s business volume grew by 21% in 1998 from a year earlier with a record $34.7 billion and […]
Industry
Private passenger auto insurance rates in Ontario decreased during the fourth quarter of 1998 according to the latest rate information published by the Financial Services Commission of Ontario (FSCO). This is the 10th successive quarterly decrease since 1996. Of the 22 rate filings that were approved, 21 dealt with rate changes. The individual rate changes […]
The snowstorm which almost buried Toronto for the first two weeks of the new year is expected to cost insurers roughly $50 million, the Insurance Bureau of Canada (IBC) estimates. Around 115cm of snow fell on Toronto with heavy accumulations in other areas of southwestern Ontario in what was the first major storm of 1999. […]
2 min read
The Hub Group Ltd., a broker consolidator, has gone public listing on the Toronto Stock Exchange as HBG. The initial public offering, underwritten by CIBC Wood Gundy Securities, distributed $11.7 million Hub common shares to the public at an opening price of $13.50. At press-time, HBG was trading at $17.55. Financial holding company Fairfax Financial, […]
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. Insurance Bureau of Canada: Financial Affairs Symposium. Contact Tracy Waddington at 416-362-2031 ext. 352. Sheraton Centre, Toronto, ON. Mar. […]
Royal & SunAlliance Insurance Company of Canada has struck a strategic alliance with the Toronto-based broker network, CG&B Group. “We believe that in order for the CG&B Group to maintain our position as a profitable, growing and innovative firm we must expand through acquisitions,” says Rod Finlayson, CG&B senior vice president. “The investment will allow […]
ING Canada, through its Calgary-based subsidiary Western Union Insurance, has entered into a strategic alliance with B.C.-based BCAA. Under the agreement, ING will purchase BCAA’s subsidiary, BCAA Insurance Corporation, for undisclosed terms. BCAA will continue to sell home and auto insurance products through its 23-centre provincial-wide network with Western Union serving as the underwriter. The […]
January 31, 1999
Home
Premiums generated by call centres in Canada have risen by 96% since 1994, says Ted Belton who addressed the Strategy Institute Call Centre Conference recently. Belton notes the more traditional distribution methods generated premiums at a lower 20% growth rate for the same period. Belton, author of quarterly The Belton Report, predicts companies and brokers […]
The U.S. property and casualty insurance industry posted US$23.2 billion in net taxed income for the first nine months of 1998, showing a 15% drop from the $27.4 billion made over the same period in 1997. The decline is attributed mainly to higher catastrophe losses, according to Insurance Services Office, Inc. (ISO) and the National […]
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