Industry
The Registered Insurance Brokers of Ontario (RIBO) has called on the Ontario government’s Ministry of Finance for recognition of the unique differences that exist between property and casualty insurance products and their distribution modes compared with the life, deposit-taking and securities sectors operating in the province. In a letter addressed to John O’Toole, the parliamentary […]
July 31, 2001
1 min read
Most jurisdictions have a form of rate approval systems for private passenger automobile risks but in recent times they have been going from bad to worse. Ontario, with its new rate filing system, is no exception
By Bill Star, president of Kingsway Financial Services | July 31, 2001
5 min read
The proposed merger of FSCO and the OSC holds significant implications for Ontario's insurers, with perhaps the greatest ramification being the "rule-making" authority that the new regulatory body will hold over the financial services industries. It is therefore critical that insurers make themselves familiar with the proposed merger legislation before it is inacted.
By Brian Reeve, partner at Cassels Brock & Blackwell LLP | July 31, 2001
6 min read
Canadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates to earnings of 801c a share for the first six months of this year (June […]
By Canadian Underwriter | July 31, 2001
Swiss Re announced today that it will acquire Lincoln National Corporation’s reinsurance operation, Lincoln Re, headquartered in Fort Wayne, Indiana, for US$2 billion. Swiss Re will integrate Lincoln’s reinsurance operations into the Swiss Re North American Life & Health unit.In addition to the purchase price, Lincoln National will retain US$500 million of capital currently supporting […]
By Canadian Underwriter | July 30, 2001
The Insurance Corporation of British Columbia (ICBC) says it will cut up to 800 jobs by the end of the year, in a move that some observers expect is in preparation for competition in the provincial auto insurance market.The government-run insurance corporation has had a monopoly on insurance in the province, but Liberal Premier Gordon […]
By Canadian Underwriter | July 26, 2001
Approximately $700,000 worth of stolen goods was recently recovered by Quebec police following the theft of three vehicles which had been equipped with cellular-based tracking systems (manufactured by Boomerang Tracking Inc.).The theft of all three vehicles occurred separately on the same day, according to a Boomerang press statement, and were traced within an hour. "In […]
By Canadian Underwriter | July 24, 2001
The newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board positions. The only remaining member is ICBC president and CEO Thom Thompson.The changes come as […]
By Canadian Underwriter | July 19, 2001
Royal Bank of Canada (TSE, NYSE: RY) has announced the sale of Louisiana-based State National Fire Insurance Company to an undisclosed Louisiana company. Royal Bank had acquired State National Fire as part of its buyout of Liberty Life and Liberty Insurance Services late last year.While no details of the sale have been released, Royal Bank […]
By Canadian Underwriter | July 18, 2001
A strange mix of droughting and flooding across western Canada is prompting farmers to ask for government aid. Drought has reaked havoc in the west of Saskatchewan, causing six communities to declare emergencies, and the Alberta government has already promised $90 million in relief to ranchers there, the National Post reports. Flooding has taken its […]
By Canadian Underwriter | July 17, 2001
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