Topic
Insurance
Small gains for Co-operators in Q3
November 26, 2001 by Canadian UnderwriterThe 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…
Insurers’ investment performance plummets in 3-Q
November 23, 2001 by Canadian UnderwriterCanadian 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…
Chubb gets renewal rights on Zurich personal lines book
November 23, 2001 by Canadian UnderwriterFollowing 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…
ICBC reports loss for Q3
November 23, 2001 by Canadian UnderwriterBritish 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…
ING and Zurich form Canadian alliance in asset swap deal
November 22, 2001 by Canadian UnderwriterING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks…
Former Canadian Airlines CEO to head up ICBC
November 22, 2001 by Canadian UnderwriterBritish Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia…
Commercial insurance reassessed post-September 11
November 22, 2001 by Canadian UnderwriterIn a speech to Australian risk managers, Lloyd’s of London chair Sax Riley says businesses will have to change their approach to insurance in the post-September 11 market. Specifically, corporate clients will need to reassess their insurance buying in light…
Kingsway plans public offering of 7.5 million shares
November 21, 2001 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE: KFS) says it is planning a public offering of 7.5 million common shares, and up to an additional 1.125 million common shares for over-allotments. The shares will be offered in both the U.S. and…
Poll suggests public concerned with personal injury fraud
November 21, 2001 by Canadian UnderwriterA new poll, conducted by Pollara, suggests that almost one in four Canadians knows someone who has committed personal injury insurance fraud. These results, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), go hand-in-hand with an earlier CCAIF study…
Concern grows over U.S. terrorism pool as yearend approaches
November 20, 2001 by Canadian UnderwriterWith the arrival of the U.S. Thanksgiving weekend, concern is growing over when legislation creating a government-backed terrorism pool will be returned by Congress. The National Association of Professional Insurance Agents (PIA) is adding its voice to the concerns, calling…
MPI gets rate approval
November 20, 2001 by Canadian UnderwriterManitoba Public Insurance (MPI) has received approval for its 2002-2003 rate structure from the province’s Public Utilities Board. The structure means basic Autopac policyholders will pay an average of $555 in premiums, the same rate paid since 1998.MPI had hoped…
Scor premiums up 45% in third quarter
November 19, 2001 by Canadian UnderwriterParis-based reinsurer Scor says its premiums are up 45% for the third quarter 2001, with premium income totaling Cdn$4.851 billion. Even without the consolidation of Scor Life Re and Sorema, the company’s premium income was up 25% compared with the…