Canadian Underwriter

Features


From left, Phil Cook and Ken Rayner
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New Insurer Omega Formed to Fill Market “Gaps”

November 1, 2004 by Canadian Underwriter

Canada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to Omega Insurance Holdings CEO Phil Cook through his work consulting with insurers. Omega

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Endurance Opens Canadian Branch

November 1, 2004 by Canadian Underwriter

Endurance Reinsurance Corp. of America, part of Bermuda-based Endurance Specialty, has opened a new Canadian branch based in Toronto, to be headed up by Michael Rende. “The Canadian branch office will initially focus on treaty reinsurance business for Canadian cedants,

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Winterthur, Hub Sell Quebec Personal Lines Ops

November 1, 2004 by Canadian Underwriter

Insurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines. Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus

Claude Dussault
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ING Buys Allianz, Launches IPO

November 1, 2004 by Canadian Underwriter

Ending weeks of speculation, ING made official its purchase of Allianz of Canada Inc. The Allianz portfolio of p&c business includes subsidiaries Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada (which handles group business), as well as

Bob Tisdale
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Pembridge Cuts Back Business in Alberta

November 1, 2004 by Canadian Underwriter

While insurer Pembridge is not withdrawing from the Alberta auto market, the company is scaling back its business there. In interview, Pembridge CEO Bob Tisdale said the decision, which has resulted in a significant number of employee lay-offs, was a

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U.S. Insurers Post Record First-Half Income

November 1, 2004 by Canadian Underwriter

U.S. property & casualty insurers turned in a record performance in the first six months of 2004, with net income hitting US$23.5 billion, and policyholder surplus reaching $370.4 billion, according to data released by the Insurance Services Office (ISO) and

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Kingsway Net Jumps 96% on Underwriting Gains

November 1, 2004 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX, NYSE: KFS) saw its net income jump an impressive 96% to $30.6 million (54 per share) for the quarter ending September 30, 2004, up from $15.6 million (28 per share) for the third quarter of

Ross McKenzie
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“Status Quo” for Reinsurance Renewals: Aon Re Rendezvous

November 1, 2004 by Canadian Underwriter

It should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall. Speaking at the 3rd annual Aon Re Rendezvous, Aon Re Americas vice chairman Ross

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Commercial Brokers, Buyers Cite Market Softening

November 1, 2004 by Canadian Underwriter

Both risk managers and commercial brokers report further softening across the insurance market for the third quarter of 2004. The RIMS/Advisen Benchmark Survey of North American risk managers finds softening across many lines of business on third quarter renewals, with

Outgoing Insurance Brokers Association of Canada (IBAC) president Ken Orr (left) presented the Jean-Charles d'Auteuil Memorial Award of Merit to Brian Gilbert, retiring chair of the IBAC executive at the association's AGM in Regina recently. The Jean-Charles d'Auteuil Award is presented at the discretion of IBAC's President to individuals deserving of national recognition for outstanding work on behalf of independent insurance brokers throughout Canada. Gilbert's "leadership has helped to enhance a sense of cooperation in IBAC and increase the profile of the insurance broker distribution system to government, industry and consumers".
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Views (November 01, 2004)

November 1, 2004 by Canadian Underwriter

Odyssey Reinsurance Co. of Canada president Bob Ysseldyk and his staff gave guests a chance to live history at the Hockey Hall of Fame in Toronto recently. The reception welcomed clients, business partners and guests to wander through the exhibits,

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Surviving Self Regulation

November 1, 2004 Craig Harris

The Registered Insurance Brokers of Ontario’s (RIBO) CEO Jeff Bear has been with the regulatory body almost since the beginning, marking his 20th anniversary this year. Moving from inhouse legal counsel to his current role, he has witnessed first-hand the evolving role of the broker in a changing marketplace. Bear’s emphasis for the organization today is to keep pace with these changes, while fulfilling a mandate of consumer protection.

Kevin Knight
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RIMS Canada 2004: Raising Standards

November 1, 2004 Vikki Spencer

The professional bar has clearly been raised for risk managers in the last three years. Not only have they faced an intense period of rising insurance rates and coverage restrictions, but a host of new risks have dominated the landscape, most notably around corporate governance. But, risk managers are also upping the ante for their industry partners, lifting their voices to demand higher levels of service from insurers and brokers.