Canadian Underwriter

Features


Feature

Hub Revenue Rises 30%, Re-Branding Campaign Planned

April 1, 2004 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) boosted total revenue by 30% year-on-year to a record US$286.4 million for the 2003 financial year (2002: $220.0 million). Net earnings for the year came in at $38.5 million, equal to $1.14

avatar
Feature

Celebrating Success

April 1, 2004 Axiom

Hello, Fred! Hello, Dave!” The welcome came from Tom Johnstone, president of a long-established and successful brokerage in the city which was celebrating its 100th year in business. He shook our hands warmly, “thanks for coming”. A huge sign across

Feature

Moments in Time (April 01, 2004)

April 1, 2004 by Canadian Underwriter

Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.

avatar
Feature

Global Political Dangers

April 1, 2004 Patrick Doig

Can corporations afford to not be a part of the expanding “global economy”? For many enterprises, the quest to remain competitive and produce adequate revenue and earnings growth to meet shareholders’ expectations makes stepping out operations from the home market an essential component in their business strategy. But, are companies fully aware of the political risk exposures they potentially face in expanding their operations abroad?

Glenn Gibson
Feature

CIP Business Summit: A Dangerous Game

April 1, 2004 Vikki Spencer

The world is a dangerous place in which to write insurance right now, and the legal environment is a good part of the reason why. Speakers at the CIP’s recently held Business Summit pointed to a number of legal and legislative developments making insurance a treacherous gamble in Canada as well as on a worldwide basis. The ever-expanding litigation environment, including rising bad faith awards against insurers themselves, are causing insurer headaches. And, unresolved issues regarding auto insurance regulation continue to make for a “rocky landscape”.

Feature

Wolves in Sheeps’ Clothing

April 1, 2004 Mark Ram

The specialty lines business. Fat premiums. The appearance of fast, easy money. When markets turn soft and growth sounds good, they can attract insurers like mice to cheese. But, those hungry insurers who venture uninformed and unprepared into the high-risk specialty areas of insurance are more often than not dealt a blow that leaves them reeling.

avatar
Feature

Storm in a Tea Cup?

April 1, 2004 John Morin

Regulation of Quebec’s auto insurance system has a long history of controversy. Now, with private auto insurance in the other provinces of Canada seemingly having lost anchorage with runaway accident benefit claims costs, Quebec’s system has been held up as a shining example of a workable model. The question is, can this be maintained? Recent political pressures to restrict insured benefits of drivers convicted of a criminal offence and to allow innocent victims to sue such offenders could reopen the door to increased tort costs.

avatar
Feature

Market Signals

April 1, 2004 Craig Harris

Canada’s insurance “wholesale” market, which includes underwriting managers, managing general agencies (MGAs) and special risk facilities, has swollen to a considerable size after a turbulent three years. Some of the larger players are now on the same footing as standard carriers when it comes to premium volume. The main question emerging today is how much, and what kind of business will flow back to regular insurers as market conditions change?

Auto battle in Nova Scotia in June, 2003. With the end of World War II, auto insurance began to dominate the headlines, becoming a top issue in everyelection of the last 18 months.
Feature

70 Years of Insurance

April 1, 2004 Vikki Spencer

When Norman Jardine published the first edition of Canadian Underwriter in 1934, “in the interests of fire and casualty insurance in Canada”, the world was a very different place. The population stood at about 10.5 million, the country was weathering

avatar
Feature

Canadian Western Bank Buys HSBC Insurance Operations

March 1, 2004 by Canadian Underwriter

The insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., have been acquired by Canadian Western Bank. The deal involves a cash payment of $25.4 million, reflecting a 25% premium over book value of the HSBC insurance

Feature

Fairfax Reports Record Profit for 2003

March 1, 2004 by Canadian Underwriter

Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX: FFH) says it posted its largest ever annual profit for the 2003 financial year, earning US$271.1 million, or US$18.55 a share, compared with the US$263.0 million profit (equal to US$18.20 a share)

Feature

Insurers Urged to Sharpen Claim Defense Tools

March 1, 2004 by Canadian Underwriter

Insurers and their commercial clients are paying out too much on claims that could be defended, speakers warned at a recent seminar hosted by Crawford Adjusters Canada Ltd. “I’m darned tired of seeing these companies and insurers kicked around by