Industry
Queensway Financial Holdings Ltd. (TSE: QFH) has entered into an agreement to sell its U.S. subsidiaries North Pointe Financial Services Inc. and Hermitage Insurance Co. to the Argonaut Group Inc. for US$36.5 million. The troubled specialty insurer, which operates in both Canada and the U.S., is also considering the disposal of its remaining U.S. interests […]
March 31, 2001
1 min read
Rising expense ratios, soft market conditions, consolidation. Just when the insurance industry thinks it has weathered the stormy climate of the last decade, a new millennium brings the uncertainty of technological advancement. Companies eager to reduce costs may be prepared to make the mammoth investments required to take advantage of the latest high-tech offerings. But […]
By Gordon Dunn, director, new business development at HUON | February 28, 2001
6 min read
With the recent approval of federal and provincial laws paving the way for the development of e-commerce, property and casualty insurance regulators in Canada face the tough decision of whether or not online buyers need the extent of “hand holding” that has traditionally been applied to consumer insurance purchases. Despite the new legislative offerings which […]
By Sean van Zyl, Editor | February 28, 2001
9 min read
Companies who fail to put proper financial controls in place could be paying the price, says John Doran, assistant superintendent, supervision sector, of the Office of the Superintendent of Financial Institutions (OSFI). In a speech to the Canadian Insurance Accountants Association recently, Doran said that the government regulator needs to look at ways to control […]
February 28, 2001
Following an announcement of a major market “modernization restructuring” toward the end of last year, Lloyd’s of London has adopted two tough stands to ensure a more speedy flow of premiums collected as well as tighten up on shoddy regulatory management of syndicates. David Gittings, who heads up Lloyd’s regulation department, says that, in line […]
2 min read
The St. Paul’s company has appointed Bob Fellows president and general manager of St. Paul Canada. Fellows brings 20 years industry experience to the position, most recently leading Royal & SunAlliance’s Financial Solutions venture. Lloyd’s of London has named Nicholas Smith as attorney in fact in Canada for its Canadian underwriters, succeeding Mark J. Oppenheim […]
As the world of insurance moves online, new laws are being established to validate online transactions, as well as protect consumer interests. Electronic signature and privacy legislation being enacted at both the federal and provincial levels will challenge the industry to tackle this new form of commerce with care. Speakers at the recent Canadian Institute […]
By Vikki Spencer | February 28, 2001
7 min read
It is with deepest regrets that CU announces the passing of Fred Funston, on January 11, 2001, following a brief illness. Fred, a veteran of World War II, was long-time general manager of the Canadian Federation of Insurance Agents and Brokers (now the Insurance Brokers Association of Canada) and a frequent contributor to this magazine. […]
The Internet has enabled service industries to transact business at greater speeds and across more territory than ever before. And yet, web-based technology remains largely under utilized by most property and casualty insurers and the independent broker network. The primary focus has been at the call center level, or using the Internet as a hi-tech […]
By Grace Webster of Royal & SunAlliance | February 28, 2001
5 min read
What do legendary rockers Aerosmith, boy band *Nsync and the Insurance Brokers Association of Canada have in common? All three were featured in the half-time show of this year’s SuperBowl game. It was a touchdown of sorts for the national association, which had been rethinking its national campaign. It was also a fast start for […]
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