Industry
Broker consolidator Hub International Ltd. (TSE: HGB) says the previously announced acquisition of U.S.-based brokerage Kaye Group Inc. has been finalized. Kaye shareholders will receive US$14 a share in cash under the terms of the deal.As part of the transaction, Hub issued US$35 million in subordinate convertible debentures to its parent company, Fairfax Financial Holdings […]
By Canadian Underwriter | July 3, 2001
1 min read
A Canadian class action lawsuit has been filed against auto manufacturer Ford and tire manufacturer Firestone for use of defective and unsafe products on Ford Explorer models. The action was initiated by Michelle Rambharos of Brampton following a vehicle accident involving her Ford 1995 Explorer which allegedly “flipped” after one of the tires burst, resulting […]
June 30, 2001
2 min read
Manitoba’s crown corporation insurer, Manitoba Public Insurance (MPI), has applied to the province’s Public Utilities Board for an overall premium reduction of 1.2%. This will be the fourth consecutive year of rate reductions for the province’s drivers, the crown insurer says. The proposed premium reduction for 2002 would result in an average annual premium of […]
Dear Editor, Many years ago I wrote a letter to the editor asking “where is the voice of surety in Canada, I cannot hear it?”. Not too long thereafter The Surety Association of Canada was formed primarily by the bonding companies in Canada but with associate memberships to include all practitioners of the surety industry. […]
4 min read
The Toronto Insurance Women’s Association executive for 2001-2002 was recently elected at the TIWA annual general meeting. Pictured are: (back from left) Robin Darby, Lori Duclos, Dalia Sabour, Cheryl Morton, Monica Branker, Karen Akeson, Doreen Brown, (front) Gail Cuffe, Michelle Roberts (president), Kelly Brisbin-Harris, Pauline Ferguson. The Toa Reinsurance Company of America is moving house, […]
In a time when insurers are cutting costs, including those associated with claims handling, it is difficult to say any adjuster is "flying high". But Keith Edwards is one exception. Not only will he take over as president of the Canadian Independent Adjusters Association (CIAA) this year, but the licensed pilot also has high hopes for his profession. Edwards says this time of "belt tightening" is an opportunity for independents to prove their efficiency and expertise.
By Vikki Spencer | June 30, 2001
6 min read
The Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of Canada (IBC). The industry’s taxed income for the first quarter of this year fell by […]
Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the “unwavering commitment” of the province’s new premier Gordon Campbell to increase private enterprise in B.C. Specifically, Cooke refers to the new Liberal provincial government’s stated position […]
Following the release of a draft proposal for the merger of Ontario’s Financial Services Commission of Ontario (FSCO) and the Ontario Securities Commission (OSC) set for this coming fall, former FSCO head Dina Palozzi has announced her early retirement. Reports suggest that Palozzi has accepted the position of executive vice president, client relations, at investment […]
Following improved financial performance for the last quarter of 2000, the Co-operators General Insurance Co. reported a net loss of $20 million for the first quarter of this year, equal to 107c a common share against last year’s first quarter profit of $2 million which translated to earnings of 3c a share. Gross written premiums […]
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