Industry
The insurance brokerage profession worldwide faced its biggest challenge in the late 1990s with the introduction of direct electronic selling of property and casualty insurance. This period also saw resurgence of the “financial services supermarket” concept of integrated product selling, with regulators adopting stringent licensing requirements on financial intermediaries to enhance consumer protection. Yet, despite […]
By Sean van Zyl, Editor | September 30, 2000
10 min read
ING Canada emerged the victor in the longstanding bidding process to acquire broker network consolidator Equisure Financial Network (TSE:EFN). The deal was recently closed at a $7 a share cash offer, pegging the overall value at around $160 million. Subject to regulatory approval, the deal also depends on whether Equisure shareholders are willing to tender […]
September 30, 2000
2 min read
Queensway Financial Holdings (TSE: QFH) is making further strides in its effort to improve operating results, as the company”s second quarter financial reports show. Net income for the quarter ending June this year amounted to $1.7 million, up dramatically from the $21.8 million loss reported for the same period last year. Net income for the […]
1 min read
With the recent announcement that HSB Group Inc., parent company of the Boiler Inspection and Insurance Company (BI&I), will sell its stakeholding to American International Group Inc. (AIG), staff at BI&I are predicting “business as usual”. Both the management and name of the company will remain, says Gary Young, BI&I vice president. He expects the […]
After several years of growth decline, the Canadian and U.S. property and casualty insurance markets appear to have turned a corner for the better based on results for the first quarter of this year. Industry economists and market analysts are particularly upbeat of a significant rise in net premiums recorded for the period, their enthusiasm […]
By Sean van Zyl, Editor | August 31, 2000
5 min read
Specialty insurer Kingsway Financial Services Inc. (TSE:KFS) reported net income of $10.4 million for the first six months of this year compared with $16.2 million achieved for the same period the year previous. Net earnings for the second quarter amounted to $7.2 million against the $3.2 million produced for the first quarter of the current […]
August 31, 2000
Although listed broker network consolidator Equisure Financial Network (TSE:EFN) produced a significant rise in revenue for the first six months of the current financial year compared with the same period the year prior, the network’s net earnings for the period fell as a result of acquisitional costs incurred toward the end of 1999. Revenue for […]
In a year dubbed “tough” and “challenging”, Royal & SunAlliance’s (RSA) Canadian operation has posted largely disappointing figures for the 1999 financial year. Net income dropped from $172 million in 1997 to $123 million in 1998, and then a further 11.4%, to $109 million for 1999. Poor underwriting results were largely to blame, deteriorating from […]
At the recent 2000 Canadian Insurance Congress held in Whistler, a panel of information technology executives drew focus to “commercialization of information technology”. Among the speakers was British Columbia’s industry luminary, Lawry Shand, who provided an insurance perspective on the much maligned and misunderstood world of information technology. Why maligned? Why misunderstood? There remains a […]
By David Plouffe, principal at Insurance Technology Advisors Ltd. | August 31, 2000
3 min read
Manitoba’s drivers could see lower rates on their insurance next year as a result of a strong financial showing by the Manitoba Public Insurance Corporation (MPI) for the fiscal year ending February 29, 2000. MPI saw its net income rise significantly last year to $51.4 million, up from $38.3 million the previous year, largely as […]
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