Industry
The new millennium is not only bringing Y2K exposures to the fore, but a sense of consumer branding. From companies, brokers through to reinsurers, the latest industry leader forums have all hosted an urgency to address consumerism. The property and casualty insurance sector has hardly been renowned for its innovative approach to identifying buyer needs […]
By Sean van Zyl, Editor | June 30, 1999
3 min read
Economical Mutual Insurance Company has announced plans to purchase the insurance-related assets of the Family Group of Companies, which filed for bankruptcy protection in British Columbia earlier this year. Swiss Reinsurance Company, a Family creditor, joins Economical and will receive its minority equity interest to partially off-set the $20 million owed to them by Family. […]
June 30, 1999
1 min read
A month after Progressive announced its intention to pull out of the Canadian marketplace, its general manager continues to insist the withdrawal had nothing to with Canada’s insurance environment. Chip Conner, Progressive general manager, says industry speculation that the company was burned by an early year foray into the Alberta market is unfounded. “We’ve actually […]
U.S.-based Allstate Corporation has acquired CNA’s personal lines business in a transaction valued at $1.2 billion. The deal calls for Allstate to pay CNA $140 million in cash for the business and company shell. Also, Allstate will utilize about $950 million of its capital to support the new premium volume and will pay a marketing […]
2 min read
The federal government’s recently released paper outlining the future of financial institutions in Canada did little to quell market rumours surrounding a potential sale of CIBC Insurance. The company, originally tabbed to be sold to U.S.-based GEICO Insurance, is now allegedly being sought by General Motors of Canada (GM). The two companies would be a […]
U.S.-based A.M. Best Company has announced it has acquired TRAC Insurance Services Ltd. — an independent Canadian insurance rating agency — and renamed it A.M. Best Canada Ltd. The acquisition of Toronto-based TRAC is the latest step in A.M. Best’s global expansion. Over the past three years, the 100-year-old rating agency has more than tripled […]
Queensway Financial Holdings Inc. and St. Paul Companies released their first quarter earnings, with both showing results mirroring industry trends. Both companies followed the industry’s alarming trend of rising operating ratios. And while Queensway’s premium volume rose considerably — the result of 1998 acquisitions just now being added to the books, St. Paul Companies experienced […]
Dear Editor, Subject: Jokers Wild, editorial, February Issue Your editorial appears to bemoan the demise of Synchron, an event that is now about a year old. Its flavour tars the system vendors as a special interest group outside the industry, and wants to place brokers in the single solution vanguard. This journal is one of […]
While the potential restructuring of financial institutions on the national scene is holding the attention of Alberta brokers, there are plenty of initiatives on the homefront to keep them busy. New Insurance Brokers Association of Alberta (IBAA) president Stephen Evanson says his organization is concentrating efforts on assisting the provincial government in rewriting its Insurance […]
May 31, 1999
AIG recently held it’s first Canadian Product Fair in Toronto at the Roy Thompson Hall. Greg Flood (pictured), president of AIG’s mergers & acquisitions division, was one of several speakers addressing the 600 attendees. Flood points out that the surge in M&A deals over the past two years has opened up new product opportunities for […]
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