Topic Mergers and Aqcuisitions
Auto costs still higher in Atlantic Canada: Insurance industry financial results
June 4, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has released its most recent auto insurance financial results figures for 2000 and 2001 in the Atlantic Region confirming the continuation of losses being incurred on automobile insurance. “Costs are still on the rise…
Allstate Canada and Pembridge ratings downgraded
June 3, 2002 by Canadian UnderwriterRating agency A.M. Best is downgrading the “public data” financial strength rating of Allstate Insurance Company of Canada to B+ from B++. The rating of Markham-based affiliate Pembridge Insurance Company is also downgraded to B- from B+.The new “public data”…
Canadian insurers regain early profit momentum in 2002
May 23, 2002 by Canadian UnderwriterCanadian property and casualty insurers lifted net profit by 25% to $123 million for the first quarter of this year compared with the $99 million in profit posted at the end of March 2001. Despite this improvement to the bottom-line,…
SGI gets initial A- rating
May 22, 2002 by Canadian UnderwriterRating agency A.M. Best has assigned an initial financial strength rating of A- (excellent) to Saskatchewans public insurer, Saskatchewan Government Insurance Canada (SGI Canada). A rating of B+ (very good) has also been given to SGI Canada Insurance Services Ltd.…
Auto insurance among FSCO priorities
May 7, 2002 by Canadian UnderwriterWith the recent release of a discussion paper on its 2002 priorities, the Financial Services Commission of Ontario (FSCO) has put auto insurance on the agenda. But what exactly that auto reform will look like is still unclear.Although auto insurance…
Anderson calls on government to act on insurance issues
May 6, 2002 by Canadian UnderwriterOn the brink of retirement after ten years as president of the Insurance Bureau of Canada, George Anderson took the opportunity recently to call on the government to act on insurance issues. At a luncheon hosted by the Insurance Institute…
Kingsway Q1 success driven by U.S. operations
May 2, 2002 by Canadian UnderwriterAt its AGM in Toronto today, Kingsway Financial Services (TSE, NYSE: KFS) marked yet another record quarter, with net income rising 77% year-on-year for the first three months of 2002. Net income is at $16.3 million versus $9.2 million for…
Veteran Griffin to lead IBC
April 3, 2002 by Canadian UnderwriterStan Griffin, formerly the head of the Facility Association, has been selected to replace retiring George Anderson as president and CEO of the Insurance Bureau of Canada (IBC).Griffin began with the IBC in 1975 and rose to the position of…
Optimum closes Atlantic offices
March 26, 2002 by Canadian UnderwriterMontreal-based insurer Optimum General is shutting down its Atlantic offices following unacceptable losses in the region’s auto market. The company will cease to write new business and stop renewing policies as of July 1, 2002. Current policies will be honored,…
IBC continues push for Newfoundland auto reform
March 21, 2002 by Canadian UnderwriterDespite a change in public attitudes towards tort reform in Newfoundland, the Insurance Bureau of Canada is continuing to push for changes to the auto insurance system there. In an address to the St. John’s Rotary Club, IBC regional vice…
Canadian insurers end 2001 on dismal financial note
March 13, 2002 by Canadian UnderwriterCanadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just…
McNaughton v. Co-operators could spawn class action landslide
March 8, 2002 by Canadian UnderwriterThe victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a…