Industry
If bigger is better, then Paul Hancock's plans for the Canadian Independent Adjusters Association will be welcome news to its members. The incoming president has his eye squarely on expanding membership, increasing the association's profile, and making strides in the battle for industry self-regulation.
By Vikki Spencer | June 30, 2000
6 min read
Two of the public broker consolidator networks, Vector Intermediaries Inc. (V:VTE), and Hi-Alta Capital Inc. (TSE:HIA), have produced a mixed bag of financial results for the first quarter of this year. Vector’s revenue for the first quarter remained static at $3.067 million compared with that of the same period the year prior. However, the network […]
June 30, 2000
1 min read
Fuelled by mergers, acquisitions, alliances and regulatory change, the idea of one-stop financial services shopping is becoming a reality south of the border. With caution, several insurers and brokers in Canada have broadened their focus to “test the market” on integrated product selling. Although traditional companies and the independent brokerage community have in the past […]
By Vikki Spencer | May 31, 2000
10 min read
Reduced claims activity in Canada and the U.K. markets have impacted heavily on revenues of claims adjuster Lindsey Morden Inc. (TSE:LM), which reported a 20% drop in turnover to $88.2 million (1999: $109.8 million) for the first quarter of the 2000 financial year. The company disclosed a loss of $6.7 million (1999: $2.3 million loss) […]
May 31, 2000
Following a fourth quarter loss for the 1999 financial year, specialty listed insurer Kingsway Financial Services Inc. (TSE:KFS) brought its bottom-line figures back into the black for the first quarter of the current year. Earnings for the first quarter of the 2000 financial year clocked in at 9 a share, half the level recorded for […]
2 min read
Each year, for the last several years, federal and provincial governments have collected $4 billion in taxes from home, car and business insurance — an amount equal to the industry’s entire value-added. This 100% tax burden is more than three times the average tax burden borne by other financial services industries in Canada. On its […]
By JANE VOLL, Director of Policy and Research at the Insurance Bure | May 31, 2000
5 min read
Auto manufacturers and property and casualty insurers recently joined forces at the AIM 2000 Conference held in Mississauga to combat cost-pressures and identify means of better serving their customers. Highlighting the agenda were the use of research, design and rating systems to reduce claims costs and reward safer designed vehicles. Insurers and auto manufacturers need […]
3 min read
Listed network broker consolidator Vector Intermediaries Inc. (Cdnx:VTE) reported a moderate decline in consolidated revenues to $14.2 million for the 1999 financial year compared with $15.4 million for the year prior. This produced a bottom-line loss of $4.4 million, or 64c a share. A significant reduction in operating expenses of $777,437 did, however, boost the […]
Insurer AXA Canada has sold its book of commercial trucking business, consisting of ten vehicles and more, to specialty insurer Kingsway Financial Services Inc. The book is valued at about $23 million in annual premium. As part of the arrangement, Kingsway will pay AXA an “overriding commission” of an undisclosed amount depending on the amount […]
The Export Development Corporation (EDC) has earmarked $1 million over three years for an International Studies Scholarship, to be administered by the Association of Universities and Colleges of Canada. Undergraduate students pursuing degrees in business or economics focussing on international business, relations or finance will be eligible for $3000 scholarships and co-op employment opportunities with […]
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