Features
Queensway regains profit momentum
June 1, 2000 by Canadian UnderwriterListed insurer, Queensway Finan- cial Holdings Ltd. (TSE:QFH) bounced back into the black in the first quarter of the current financial year, disclosing a 3 a share profit compared with a 47 a share loss for the same period the…
Acquisition costs deflate Equisure’s earnings
June 1, 2000 by Canadian UnderwriterListed broker network con- solidator, Equisure Financial Network (TSE:EFN), reported a 50% drop in earnings for the first quarter of this year to 2c a share compared with the same period previous. Although consolidated revenue for the first quarter of…
Lindsey Morden’s revenue and earnings fall
June 1, 2000 by Canadian UnderwriterReduced claims activity in Canada and the U.K. markets have impacted heavily on revenues of claims adjuster Lindsey Morden Inc. (TSE:LM), which reported a 20% drop in turnover to $88.2 million (1999: $109.8 million) for the first quarter of the…
“Integration” or… “Assimilation”
June 1, 2000 Sean van Zyl, EditorWith the recent approval of the U.S. Financial Services Modernization Act, a considerable amount of attention in Canada has been turned to watch developments south of the border. Financial services legislative reform in the U.S. has opened the door to…
Vector trims operating costs
June 1, 2000 by Canadian UnderwriterListed network broker consolidator Vector Intermediaries Inc. (Cdnx:VTE) reported a moderate decline in consolidated revenues to $14.2 million for the 1999 financial year compared with $15.4 million for the year prior. This produced a bottom-line loss of $4.4 million, or…
ERC heads GE Canadian business
June 1, 2000 by Canadian UnderwriterThe General Electric Group has announced that its Canadian Reinsurance interests under GE Capital will in future be conducted through Employers Reinsurance Corporation (ERC). The restructuring will see all new business funneled through ERC solely. Peter Borst, current vice president…
Keal Technology buys CGI broker system
June 1, 2000 by Canadian UnderwriterIn a bid to become a full-service technology provider to the insurance industry, Toronto-based Keal Technology announced it has bought the insurance brokerage management systems division of CGI. The move makes Keal one of the largest broker systems providers in…
Kingsway produces 1st quarter recovery
June 1, 2000 by Canadian UnderwriterFollowing a fourth quarter loss for the 1999 financial year, specialty listed insurer Kingsway Financial Services Inc. (TSE:KFS) brought its bottom-line figures back into the black for the first quarter of the current year. Earnings for the first quarter of…
Kingsway acquires AXA fleet book
June 1, 2000 by Canadian UnderwriterInsurer AXA Canada has sold its book of commercial trucking business, consisting of ten vehicles and more, to specialty insurer Kingsway Financial Services Inc. The book is valued at about $23 million in annual premium. As part of the arrangement,…
On The Move (June 01, 2000)
June 1, 2000 by Canadian UnderwriterLarry Simmons is stepping into the role of president and COO of Royal & SunAlliance Canada, effective with the departure of Linda Matthews later this year. Simmons is currently COO of commercial insurance for the company’s US operations and has…
High Impact Ahead
May 1, 2000 Sean van Zyl, EditorWith the growth of property and casualty insurance industry earnings having plummeted to almost a 20-year low on the back of poor investment returns and intense rate competition — which saw last year’s annual rate of premium growth clock in…
Auto Repair Perspective: Work For, Not Against
May 1, 2000 John Norris, executive director of the Hamilton District AutobodThe world of repair shops and front-line collision damage appraisers is very different to that of the corporate insurance industry. A closer understanding of the challenges faced by both sides is clearly needed. In fact, with both bodyshops and insurers…