Industry
In today’s corporate world of cost-cutting, automation, mergers and acquisitions, the biggest challenge facing senior management is dealing with employees who feel “alienated” by events of change. Building a successful “new culture” is no easy task, as many insurance CEOs will testify, however, careful planning from a “top to bottom approach” based on openly communicated […]
By Brenda French-Mullins of Mullins & Associates | December 31, 2000
3 min read
One area of great confusion that exists in the insurance market in Canada today is the status of group property and casualty coverage. The advantage of group coverage is that it can be sold without a licensed broker being involved. As an increasing number of property and casualty insurance coverages are mass marketed or sold […]
By Brian Reeve, a senior at Cassels Brock & Blackwell LLP | December 31, 2000
6 min read
While 2000 was the year that “should have been, but wasn’t” in terms of industry price corrections, Canadian insurance CEOs appear to be approaching the new financial year with a steely and determined discipline. In fact, they should. After two years of dismal financial performance with an industry average return on equity of between 6% […]
By Sean van Zyl, Editor | December 31, 2000
New Year's Resolution?
By Paul Kovacs, senior vice president of the IBC, and Ian Campbell, | December 31, 2000
5 min read
As the Office of the Superintendent of Financial Institutions (OSFI) tabled its annual report for 1999-2000, superintendent John Palmer stressed the government regulator’s push towards accountability. “Improving OSFI’s accountability framework has been a challenging undertaking because so few precedents exist within the public sector and virtually none available within the regulatory community,” says Palmer. “Therefore, […]
November 30, 2000
1 min read
CGU Group Canada has sold its 75% stake in the Insurance Co. of Prince Edward Island (ICPEI) for $2.7 million. The deal, which is subject to regulatory approval, was struck with the Saskatchewan Government Insurance Co. (SGI). ICPEI’s other major shareholder, PEI-based brokerage network Cooke Holdings Inc., is said to have prompted the switch in […]
2 min read
In an attempt to strengthen its capital, adjusters Lindsey Morden Group (TSE: LM) is making a rights offering to holders of outstanding subordinate voting shares. Lindsey Morden expects proceeds of approximately $20,350,000 to result from the offering, which would be used for “general corporate purposes”. However, a company press release states, “pending such use, the […]
Specialty insurer Kingsway Financial Services Inc. (TSE: KFS) reported a 48% increase in net income to $20.1 million for the nine month period ended September of this year compared with $13.6 million disclosed for the entire 1999 financial year. This produced a return on equity for the reporting period of 15%. The gain in earnings […]
Sorema N.A. recently celebrated the retirement of its Canadian chief agent Angus Ross (pictured, right) and the appointed of his successor, Francois Dagneau (left). Ross leaves the industry after more than 35 years, including 8 years with Sorema. Prior to becoming chief agent, Dagneau served as senior vice president for Sorema. Claude Smith has been […]
"All hands on deck" was the central message delivered at the recently held 80th annual Insurance Brokers Association of Ontario (IBAO) convention. Under the theme "Pulling Together", the province's independent brokers joined to discuss issues including education, e-commerce and the upcoming federal election. In the face of what one speaker called "blinding change", brokers must band together to ensure their voice is heard by regulators, insurers and consumers.
By Vikki Spencer | November 30, 2000
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