Topic Mergers and Aqcuisitions
Geer exits top spot at ICBC
May 16, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.Geer took over top spot at the government insurer three years ago – originally serving as…
FSCO lays charges against two former Pilot execs
May 12, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) confirms that charges have been laid against two former executives of Pilot Insurance Co. for allegedly providing the regulator with false information. Former Pilot CEO Stuart Kistruck and CFO Colin Simpson face two…
Co-operators General reports fourth strong quarter in a row
May 6, 2004 by Canadian UnderwriterGuelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting its fourth straight quarter of strong results, with net income of $34.4 million for the quarter ending March 31, 2004.This compares with a net loss for $5.9 million for the…
“Solid start” to 2004 for Kingsway Financial
May 6, 2004 by Canadian UnderwriterKingsway Financial Services Inc. (TSX, NYSE: KFS) CEO Bill Star says the company has started 2004 off well, posting net income up 26% for the first quarter ending March 31.While net income rose to $30.8 million for the quarter, from…
ICBC to reward safe driving communities
May 5, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. is aiming to reduce auto accidents this month, issuing a challenge to communities. Between May 5 and 27, communities in various size categories which show the greatest reduction in car crashes can receive grants between…
ICBC net income jumps to $81.6 million in first quarter
May 3, 2004 by Canadian UnderwriterB.C.’s public insurer is reporting net income of $81.6 million for the first quarter ending March 31, 2004, a massive leap from the $4.7 million reported for the same period a year ago.The Insurance Corp. of B.C. (ICBC) says premiums…
ICBC uncovers $23,000 fraud
May 2, 2004 by Canadian UnderwriterA Maple Ridge, B.C. man has pleaded guilty to fraudulently accepting payment of $23,414 from the Insurance Corp. of B.C.In May, 2003, Daniel Wiens claimed the amount following a single-vehicle crash he said occurred on May 16, resulting in a…
Quebec Justice Minister resigns
April 28, 2004 by Canadian UnderwriterQuebec’s Justice Minister, Marc Bellemare, has resigned his cabinet post, and will retire from political life.The news may signal a bright note for insurers, as Minister Bellemare was the lead force working to change Quebec’s auto insurance system. Bellemare wanted…
FA delivers postmortem on difficult 2003
April 28, 2004 by Canadian UnderwriterThe Facility Association (FA) the industry’s pool for high-risk drivers is coming off a challenging 2003, where volumes rose and losses topped $490 million.At the FA’s agm in Toronto Wednesday, CEO David Simpson explained that premium volume for 2003 was…
Plaintiffs’ lawyers decry proposed Alberta auto regs
April 27, 2004 by Canadian UnderwriterIn a scathing press release, Alberta’s plaintiffs’ lawyers are lashing out at proposed changes to the province’s auto insurance system which would limit the right of those with minor injuries to collect “non-economic” damages.The Alberta Civil Trial Lawyers Association says…
Pafco becomes stand-alone company
April 26, 2004 by Canadian UnderwriterFormer Pembridge brand Pafco has received a federal charter to operate as a stand-alone company, although it will continue to target the high-risk or non-standard auto market as before. Pafco has also applied for provincial licenses in Ontario, New Brunswick…
SGI discloses profit turnaround for 2003
April 21, 2004 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) Canada, a provincial crown insurer, generated a net profit of $21.2 million for the 2003 financial year. The financial turnaround reflects a $30 million improvement over the course of the 12 month period, a statement released…