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Hi-Alta achieves healthy 3-Q profit gain

November 30, 2001 by Canadian Underwriter

Broker network consolidator Hi-Alta Capital Inc.’s (TSE: HIA) revenue for the first nine months of this year rose by 19% to $17.3 million compared with the $14.5 million reported for the same period in 2000. Net earnings for the latest

News InsurancePersonal Lines

IBC prompts Newfoundland auto insurance reform

November 30, 2001 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government

News Insurance

Anthony Clark posts increased revenue

November 29, 2001 by Canadian Underwriter

Calgary-based Anthony Clark International Insurance Brokers (TSE:ACL) is posting increased revenue for the six months ending September 30, up 14% over the same period last year. Revenues grew to $2,183,277 from $1,913,449.The broker consolidator is also reporting earnings before tax

News Insurance

Munich Re predicts profit despite WTC losses

November 29, 2001 by Canadian Underwriter

Despite being among the heaviest hit by the September 11 terrorist attacks on the World Trade Center and Pentagon, and posting a third quarter loss of US$1.07 billion, Munich Re says it will still post a profit for the year.The

News Insurance

Consolidation to follow terrorist attacks, says PWC

November 28, 2001 by Canadian Underwriter

Following the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a)

News InsurancePersonal Lines

Ontario latest market for new auto glass insurer

November 28, 2001 by Canadian Underwriter

Innovative Insurance Corporation, a wholly-owned subsidiary of glass repair chain Autoglas Maintenance Inc, is officially set to sell its product in Ontario. The company already offers a stand alone auto glass insurance product with a $50 deductible in Alberta, Nova

News Insurance

B.F. Lorenzetti buys Vancouver firm (November 27, 2001)

November 27, 2001 by Canadian Underwriter

Montreal-based B.F. Lorenzetti (BFL) is set to buy majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted the commercial brokerage offices in Halifax and Quebec city.BFL says the acquisition

News Insurance

Lloyd’s WTC exposure hits $2.8 billion

November 27, 2001 by Canadian Underwriter

Lloyd’s of London says its net exposure from the September 11 terrorist attacks is now estimated at US$2.8 billion. This is an increase of 45% over an early estimate of US$1.9 billion.The revised estimate is the result of new property

News Insurance

Small gains for Co-operators in Q3

November 26, 2001 by Canadian Underwriter

The Co-operators General Insurance (TSE: CCS.PR.A) is showing signs of a rebound, announcing after tax net income of $267,000 for the third quarter 2001. This is a far cry from the same period last year, when the company reported a

News Insurance

Insurers’ investment performance plummets in 3-Q

November 23, 2001 by Canadian Underwriter

Canadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for

News Insurance

Chubb gets renewal rights on Zurich personal lines book

November 23, 2001 by Canadian Underwriter

Following the announcement of a “swap” deal between Zurich and ING, which saw Zurich’s personal lines and small commercial books head to ING, Chubb Canada is announcing it has acquired the renewal solicitation right to Zurich’s non-auto personal lines. The

News Insurance

ICBC reports loss for Q3

November 23, 2001 by Canadian Underwriter

British Columbia’s public insurer is reporting a net loss of $7 million for the third quarter of 2001, a sharp drop from last year’s net income of $70 million for the same period.And for the first nine months of the