Industry
Equisure Securities Ltd., the investment arm of Equisure Financial, has been sold to IPC Financial Network. ING Canada Inc., which bought 49% of the outstanding shares in Equisure last fall, also owns 26% of the common shares of IPC.At that time, former Equisure president George Hutchison noted that “ING has been very public in wanting […]
By Canadian Underwriter | June 18, 2001
1 min read
The executive management of brokerage Parsons Brown will be merged with that of the TOS Insurance Group, according to a new statement issued by the parent company, HUB International Ltd. (TSE: HBG). Both of the HUB companies are based in Vancouver.Under the terms of the merger, Parsons Brown’s current president, Al Pollock, will step down […]
By Canadian Underwriter | June 15, 2001
A national committee representing government and the private sector has been formed to battle the growing problem of vehicle theft. The new initiative, known as "Project 6116", is supported by the federal government as well as insurance industry organizations such as the Insurance Bureau of Canada (IBC) and the Vehicle Information Centre of Canada (VICC). […]
Fairfax Financial Holdings’ U.S.-based reinsurance operation, Odyssey Re, began trading yesterday on the New York Stock Exchange following a successful public placement of 17.1 million shares valued at US$18 a share. The company, which is ranked among the top ten reinsurers in the U.S., will have a market capitalization of around US$1.2 billion with 65 […]
By Canadian Underwriter | June 14, 2001
Members of Quebec’s desjardins caisses have joined forces to introduce a wireless Internet service which will enable their clients to access information and perform transactions through cellular telephones. The movement announced the wireless technology today, in conjunction with developer Wysdom Inc., and says that the service will be available to customers by the fall of […]
Western Surety Company has opened its first branch office located in Halifax, Nova Scotia. “We’ve been looking at expanding our operations, and with the excellent business we have already established in Atlantic Canada, it just made sense to open an office in Halifax. This is an exciting opportunity for Western Surety and for Atlantic Canadian […]
On the verge of the merger of the Financial Services Commission of Ontario (FSCO) with the Ontario Securities Commission (OSC) set to take place in the early fall of this year, former FSCO head Dina Palozzi has announced her early retirement. Early reports suggest that Palozzi has accepted the position of executive vice president, client […]
By Canadian Underwriter | June 13, 2001
Le Mouvement des caisses Desjardins plans to raise US$ 400 million this coming fall to finance acquisitional growth outside of the Quebec market, specifically with the intent of acquiring insurance and brokerage interests.The Quebec-based financial services co-operative will issue debentures in terms of the offering, says president Alban D’Amours. Desjardins carried through a similar offering […]
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 for […]
By Canadian Underwriter | June 12, 2001
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 95% […]
By Canadian Underwriter | June 11, 2001
2 min read
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