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Banks will be hard to regulate, says Cooke

April 1, 1999 by Canadian Underwriter

Property & casualty insurance is a pure risk product that must be kept separate from the financial, wealth management and investment-based services provided by life insurers and banks, George Cooke, president of Dominion of Canada General Insurance Company, told a

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Canadian insurance earnings plummet

April 1, 1999 by Canadian Underwriter

January ice storm losses, rate cutting and poor investment returns are the major culprits pointing to a 42% drop in property and casualty insurers’ earnings to $1.137 billion for 1998 compared with 1997’s earnings of $1.960 billion, says Paul Kovacs,

Year Ended December 1998 (millions)-
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Kingsway delivers star performance

April 1, 1999 by Canadian Underwriter

TSE-listed Kingsway Financial Services Inc. (KFS) disclosed an 18% rise in earnings to 86c a share for the 1998 financial year ended December compared with that of the previous year. The return on equity for the year clocked in at

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Co-operators’ year end profit dented

April 1, 1999 by Canadian Underwriter

Despite a $11.7 million decline in after-tax income for the financial year ended December 1998, the Co-operators General Insurance Company says it is encouraged by the 7.4% marketshare it notched up during the year. After-tax income for the year amounted

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General Accident becomes CGU

April 1, 1999 by Canadian Underwriter

This month, insurer General Accident will officially change its name to CGU Group Ltd. The Canadian operation will operate as CGU Insurance Company of Canada. According to head of corporate communications Diane Scott, the change harmonizes the Canadian name with

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Lindsey Morden changes name

April 1, 1999 by Canadian Underwriter

Lindsey Morden Claims Services Ltd. has officially changed its name to Cunningham Lindsey Canada Ltd., a move to harmonize the company’s identity worldwide. “As a large, strong global company, sharing this common identity amongst our claims and risk management services

Panel members: (standing) John Phelan of Munich Reinsurance of Canada, (sitting from left to right) Igal Mayer of General Accident Group Canada, Skip Sutherland of Crawford Adjusters Canada, Lovel Vining of Mayne Nickless Canada, and John Chippindale of J&H Marsh & McLennan.
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globally Speaking

April 1, 1999 Sean van Zyl, Editor

The CICMA and CIAA 99 Joint Conference – held in Toronto in February – focused on the competitive challenges reshaping the p&c insurance industry. The overall message delivered at the event was clear: the process of industry change, mainly as

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We are Doing Something About the Weather

April 1, 1999 Paul Kovacs, executive director, Institute for Catastrophic Loss

In January, more than two hundred of the world’s leading scientists met in Geneva to discuss what we should do about our changing weather. This gathering is part of an even larger working group that has been making steady research

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D&O profit margins decrease

April 1, 1999 by Canadian Underwriter

Intense competition, increasing litigation and the rising cost of claims is decreasing profitability in directors and officers (D&O) liability insurance market, a panel of executives told the D&O Liability and Issues Symposium sponsored by the Professional Liability Underwriting Society (PLUS).

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Transatlantic reports record 1998

April 1, 1999 by Canadian Underwriter

Global reinsurer Transatlantic Holdings Inc. has reported record net income earnings for 1998, up 33.4% from 1997’s US$185.5 million to 1998’s $247.5 million. Net income diluted on a common share basis rose $1.76 from 1997’s $5.34 to 1998’s $7.10. Record

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Revenue drop grounds St. Paul

April 1, 1999 by Canadian Underwriter

St. Paul Companies, an insurance and reinsurance group and the parent of St. Paul Canada — has released its yearend 1998 figures posting a dramatic decrease in earnings over 1997. Net income plummeted from 1997’s US$929 million to $89.3 million

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Queensway hits investment snag

April 1, 1999 by Canadian Underwriter

TSE-listed Queensway Financial Holdings (QFH) posted a 59% drop in earnings a share to 52c for the financial year ended December 1998 compared with the previous year. The company’s directors attribute the earnings decline primarily as a result of a