How many times have you heard the phrase…”The customer is always right?” But, how many times is this phrase really understood?
With the “finishing line” for 2004 well in sight, insurers are upbeat that the year will prove to be a “banner event” in terms of industry profitability. But, in looking ahead, there appears to be uncertainty in company ranks to…
Earnings for broker consolidator Western Financial Group (TSX: WES) for the third quarter ending September 30, 2004 were up 53.4% to $795,000 ($0.03 per share) from $518,000 ($0.02 per share) a year earlier. Year-to-date net income is up a whopping…
Canadian insurers and brokers are responding to the U.S. controversy over broker commissions with a new “consumer code of rights and responsibilities”. The Insurance Bureau of Canada (IBC) and the Insurance Brokers Association of Ontario (IBAO) released the code, along…
While the past year had seen the situation improve on many fronts for brokers, the events of the past two months in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered…
The quartet of U.S. hurricanes this fall, as well as bad weather here in Canada, have produced a net loss in the third quarter for financial giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH). The hurricanes, coupled with the Peterborough,…
Although the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management. Executive Risk has been…
The general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), including Dominion of Canada General, continued to produce strong results contributing to overall net income of $83.3 million ($20.73 per share) in the third quarter ending September 30, 2004,…
Almost a year into the insurance industry’s experience with new privacy legislation, many key issues remain unresolved, say panelists at the Insurance Bureau of Canada’s (IBC) Regulatory Affairs Symposium in November. For example, in the case of vehicle data systems,…
Guelph-based Co-operators General Insurance Co. (TSX: CCS.PR.A) has posted higher earnings for the third quarter and nine months ending September 30, 2004 as a result of improved underwriting. The insurer netted income of $28.3 million ($1.34 per share) for the…
The 49th Annual Toronto Insurance Conference Black Tie Dinner welcomed special guest speaker Ron MacLean, famed CBC sports commentator. McLean entertained the audience at Toronto’s Four Seasons Hotel with stories about his work with Don “Grapes” Cherry on Hockey Night…
The Insurance Brokers Association of Ontario (IBAO) has officially named David Hare its incoming president for the 2005 term, to take over at the beginning of the year. Hare is a brokerage veteran, having served Petley-Hare Ltd. in Ajax since…