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Vector results improving slowly

September 4, 2001 by Canadian Underwriter

Broker consolidator Vector Intermediaries (CDNX: VTE) is seeing its results continue to improve, if modestly, through the first half of 2001. Operating results were the best in Vector’s history and operating margins continue to improve, the company states in a…

News Insurance

Lloyd’s forecasts losses for past two years

August 31, 2001 by Canadian Underwriter

Insurance market Lloyd’s of London is predicting that loss for the last two years will exceed 2 billion pounds (US$3 billion). Because Lloyd’s reports its results three years in arrears, it must estimate losses in the interim. For 1999, the…

News Insurance

Consolidator Hi-Alta has “winning” first-half 2001

August 30, 2001 by Canadian Underwriter

Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including…

News Insurance

New OSFI superintendent named

August 30, 2001 by Canadian Underwriter

With the seven-year term of current superintendent John Palmer coming to a close, Nicholas LePan is set to become the government’s top watchdog of financial institutions. Formerly deputy superintendent, Le Pan will become head of the Office of the Superintendent…

News Insurance

CGI signs US$400 million deal with California insurer

August 29, 2001 by Canadian Underwriter

Canadian-based insurance technology vendor CGI Group Inc. (NYSE: GIB; TSE: GIB.A) announces it has inked a 10-year deal with California-based Fireman’s Fund Insurance Company, a subsidiary of Allianz.The deal, which CGI predicts is worth between US $350 million to US$400…

News Insurance

Sale of Queensway insurance companies falls through

August 29, 2001 by Canadian Underwriter

A previously announced deal to sell the remaining insurance properties of troubled Queensway Financial Holdings has run aground. In a press release, Queensway announces that the deal to sell its U.S. insurance companies to Argonaut Group “has been terminated”. Reasons…

News Insurance

Liberty International files suit against animator

August 28, 2001 by Canadian Underwriter

Insurer Liberty International Canada is filing suit against beleaguered Canadian animation company Cinar. The suit, to the tune of $900,000, was filed in Quebec Superior Court.Cinar has come under fire recently, facing allegations of tax fraud and heavy financial losses.…

News InsuranceMergers and Aqcuisitions

Industry’s ROE slips again on rising claims (August 27, 2001)

August 27, 2001 by Canadian Underwriter

Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70%…

News Insurance

Pethealth expands brand in Western Canada

August 24, 2001 by Canadian Underwriter

PetCare Insurance Brokers, a subsidiary of Pethealth Inc. (CDNX: PTZ), will soon be marketing its pet insurance products through Petcetera’s stores and Internet site. In a deal involving the acquisition of certain assets of Western pet insurer PAWS Health Plans…

News Insurance

MPI pays over $3 million for hail damage

August 23, 2001 by Canadian Underwriter

A hail storm that struck Winnipeg early this week is costing the province’s public insurer dearly, reports the Canadian Press. Manitoba Public Insurance says that it will be paying out more than $3 million in claims for vehicles damaged by…

News Insurance

Co-operators still fighting poor results

August 23, 2001 by Canadian Underwriter

Reorganization at Co-operators General Insurance Company (TSE: CCS.PR.A) has not yet begun to pay off in early 2001 results. The company, which has seen dismal results in the past several quarters, reports premiums are up, although the effect has yet…

News Insurance

Lloyd’s members predict profit by 2002

August 22, 2001 by Canadian Underwriter

The body representing Lloyd’s Names says the market should see a return to profitability as soon as next year, despite several years of dismal performance. In a recently released report, the Association of Lloyd’s Members, which represents most of the…