Industry
Vector Intermediaries Inc. (ASE: VTE) has entered into an agreement to sell its British Columbia operations. Regional vice president of Western Canada Rich Commerford has agreed to purchase Burnaby-based Charlton Insurance Agencies Ltd. as well as Macnaughton & Ward in Surrey and Langley, transactions that are a part of Vector’s continuing restructuring efforts and to […]
February 28, 1999
1 min read
There are few leaders in the Canadian property and casualty insurance industry applying an optimistic view of business and earnings growth in 1999. In fact, premium growth across the lines is unlikely to exceed the country’s expansion of gross domestic product (GDP) for the year with the industry’s average combined ratio rising to neutralize any […]
By Sean van Zyl, Editor | February 28, 1999
4 min read
Zurich Canada has announced the acquisition of World Travel Protection (WTP), a Canadian travel insurance assistance and administration company. WTP offers travel insurance administration, case management and health information services to large institutions in the affinity and employee group markets. Prior to the acquisition, Zurich Canada held a 50% equity interest in WTP. Full ownership […]
The Synchron initiative, once heralded as the industry’s ultimate electronic interface solution between companies and point of sale, collapsed last year. From its ashes have risen several alternative solutions, one of the most prominent being The Freedom Alliance, a strategic partnership between The Agency Manager, Compu-Quote and Cebra.However, other vendors and company-backed solutions are closing […]
By Lowell Conn | January 31, 1999
9 min read
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
2 min read
Just over half a year has elapsed since the burial of Synchron. Since then, little appears to have been achieved in finding a replacement solution to the industry’s drive for a single interactive technology interface solution. Add to which, recent internal disagreements within the Centre for Study of Insurance Operations (CSIO) — the company-backed body […]
By Sean van Zyl, Editor | January 31, 1999
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 […]
Hannover Re has announced the appointment of Dr. Detlef Steiner to the Executive Board at Hannover Re for the North American market, for worldwide facultative reinsurance and claims. Until 1998, Steiner was a member of the Corporate Executive Board at the Zurich Insurance Group. The Property and Casualty Insurance Compensation Corporation has appointed Alex Kennedy […]
Ontario’s auto insurance regulations under Bill 59, and the latest revisions under Bill 90, have created a unique legislative environment in the provincial governing of consumer insurance. So much so that several provincial insurance regulators have eyed the legislation as a potential basis for their own legal framework. However, while Bill 59 was intended to […]
By Linda Matthews, COO of Royal & SunAlliance | January 31, 1999
6 min read
Co-operators General Insurance Company is the latest insurer to take an ownership position in a broker network, trading its equity holdings in Ontario-based Barton Insurance Brokers to the Hub Group in exchange for an approximate 10% stake of the latter’s ordinary shares. Incorporated in November 1998, The Hub Group has merged fourteen brokerages across Canada […]
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