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Hub to buy Sun Life mutual fund operation

November 8, 2002 by Canadian Underwriter

Broker consolidator Hub International (TSX, NYSE: HBG) has signed a letter of intent to purchase Sun Life Financial Advisory Services Inc. which sells mutual funds in Canada. These operations would be merged with Hub’s existing mutual fund arm, Hub Capital…

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Big changes for RSA, including Canadian ops

November 8, 2002 by Canadian Underwriter

Royal & SunAlliance is making some sweeping changes in light of continued financial troubles. The company has announced results of a financial review that will see it exiting under-performing lines of business. The group says it will continue to focus…

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Struggles continue for Optimum General

November 7, 2002 by Canadian Underwriter

The downward spiral shows little sign of abating for Montreal-based Optimum General Inc. (TSX: OGI.A). Third quarter results see losses deepen, including a big dip in underwriting results.Overall, the company saw a net loss of $743,000, or $0.07 per share…

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Facility seeks Atlantic rate increases

November 6, 2002 by Canadian Underwriter

The industry’s pool for high risk drivers appeared before the Nova Scotia and New Brunswick utilities boards this week to request rate increases in those provinces.The Facility Association (FA) is seeking a 30% increase in Nova Scotia and a whopping…

News InsuranceMergers and Aqcuisitions

Co-operators cuts new business in Alberta

November 6, 2002 by Canadian Underwriter

The Co-operators General Insurance says it will not accept new business at “preferred” auto rates in Alberta after November 1, 2002. In essence this means the Co-operators operation will no longer write the business, but will offer those clients rates…

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Tiburon tops theft list again

November 6, 2002 by Canadian Underwriter

The third time is definitely not a charm for the Hyundai Tiburon which has ranked as the most stolen vehicle in Canada for the third straight year, according to Insurance Bureau of Canada (IBC) data.In its annual report “How Cars…

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Hub 3-Q earnings rocket amidst “unusual” stock trading

November 6, 2002 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) saw net income for the third quarter of this year rise by 59% to US$5.4 million compared with the US$3.4 million reported for the same period the previous year. Diluted earnings for…

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ICBC posts strong 3-Q earnings rebound

November 5, 2002 by Canadian Underwriter

Provincial crown insurer, the Insurance Corp. of British Columbia (ICBC), reported net income of $15 million for the third quarter of this year, a stark contrast to the $7 million loss made for the same period a year prior. ICBC’s…

News Insurance

Scor head replaced in scramble to regain investor confidence

November 5, 2002 by Canadian Underwriter

Jacques Blondeau, the CEO of French reinsurer SCOR, has been replaced by Denis Kessler, the head of the French insurers’ association, the company announced following a director’s board meeting held Monday. The senior management switch came on the heels of…

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Aon put on “credit watch” by S&P despite improvement in results

November 4, 2002 by Canadian Underwriter

Rating agency Standard & Poor’s has placed its ratings on Aon Corp., including a “A- counter-party credit rating”, on “credit watch” with negative implications following an announcement by the Chicago-based corporate brokerage house that it plans to raise about US$1…

News InsuranceMergers and Aqcuisitions

Insurers defend new Ontario auto insurance legislation

November 4, 2002 by Canadian Underwriter

Despite criticism this past week by opponents to the recent auto insurance legislation reform measures brought into place in Ontario, the Insurance Bureau of Canada (IBC) holds firm that the actions taken will provide long-term cost benefits for policyholders. “the…

News InsuranceMergers and Aqcuisitions

Ontario auto rates jump in third quarter

November 1, 2002 by Canadian Underwriter

Applications by Ontario private passenger auto insurers for rate increases in the third quarter 2002 were up 8.33% on average, compared with average increases of 5.9% in the second quarter.At September 30, 2002, the average cost of auto insurance was…