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Co-operators officially appoints new CEO at AGM

April 17, 2002 by Canadian Underwriter

The Co-operators Group’s chairman Peter Podovinikoff officially appointed Katherine Bardswick as the group’s new president and CEO at the company’s annual general meeting which was held in Vancouver, B.C. today. Podovinikoff also hinted at "unveiling of plans for future prosperity

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U.S. insurers incur first-ever annual net loss on the back of cat costs and plummeting investment returns

April 15, 2002 by Canadian Underwriter

U.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported for the previous year. This poor financial performance resulted from skyrocketing catastrophic claims, including losses arising

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Insurers creeping into terrorism coverage market

April 12, 2002 by Canadian Underwriter

In the face of calls from U.S. President George Bush for a terrorism backstop plan to be approved by the Senate, insurers appear to be creeping back into the terrorism coverage market, albeit hesitantly.The latest is ACE USA, announcing it

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Lloyd’s 2001 losses top Cdn$7 billion

April 10, 2002 by Canadian Underwriter

For the first time ever, Lloyd’s of London is reporting it financial results on an annual basis, but the picture is not a rosy one for 2001. With Cdn$4.53 billion (1.98 billion British pounds) losses from the September 11 terrorist

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Bush urges Senate action on terrorism insurance

April 9, 2002 by Canadian Underwriter

As expected, U.S. President George Bush used a Monday press conference to tout the importance of a federal backstop for terrorism insurance. In a speech to labor leaders, Bush urged the Senate to pass a bill creating a federal program

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Fairfax increases Lindsey Morden stake

April 8, 2002 by Canadian Underwriter

Financial services holding company Fairfax Financial Holdings (TSE: FFH) has increased its stake in adjusting firm Lindsey Morden Group. Fairfax has acquired 789,230 subordinate voting shares in Lindsey Morden, with the result that the company now owns all of the

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U.S. House moves to extend airline cover

April 5, 2002 by Canadian Underwriter

The U.S. House of Representatives has proposed a bill to extend the limit on third-party liability damages as a result of terrorist attacks until the end of 2003. The bill, put forward by Rep. John Mica, chair of the House

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U.S. terror coverage backstop to get presidential backing

April 4, 2002 by Canadian Underwriter

Sources are reporting that a Monday meeting and press conference scheduled by U.S. President George Bush will see him calling for the federal government to put together a terrorism reinsurance plan. The Washington Post, as well as U.S. insurance industry

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Hi-Alta revenue continues to grow in 2001

April 4, 2002 by Canadian Underwriter

Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) saw increased revenue and net income for the financial year ended December 31, 2001, the company’s sixth year of operation.Acquisitions played a key role in the company’s growth, with 9 agencies in 11

News InsuranceMergers and Aqcuisitions

Veteran Griffin to lead IBC

April 3, 2002 by Canadian Underwriter

Stan Griffin, formerly the head of the Facility Association, has been selected to replace retiring George Anderson as president and CEO of the Insurance Bureau of Canada (IBC).Griffin began with the IBC in 1975 and rose to the position of

News Insurance

Hi-Alta spreads wings with more acquisitions

April 2, 2002 by Canadian Underwriter

Broker consolidator Hi-Alta Capital Inc. is once more growing its Western Insurance Network (WIN) through acquisition, as well as the establishment of a new office in southeastern Alberta. Six new agencies have been added to WIN with the purchase of

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SGI added to list of insurers being sued for auto deductibles

April 1, 2002 by Canadian Underwriter

Saskatchewan’s public insurer is the latest addition to class action lawsuits being filed against insurers following the McNaughton v. Co-operators decision.Since the Supreme Court refused to hear Co-operators appeal of an Ontario court decision that says policyholders should be refunded