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Consolidation to follow terrorist attacks, says PWC

November 28, 2001 by Canadian Underwriter

Following the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a)…

News InsuranceMergers and Aqcuisitions

Ontario latest market for new auto glass insurer

November 28, 2001 by Canadian Underwriter

Innovative Insurance Corporation, a wholly-owned subsidiary of glass repair chain Autoglas Maintenance Inc, is officially set to sell its product in Ontario. The company already offers a stand alone auto glass insurance product with a $50 deductible in Alberta, Nova…

News Insurance

B.F. Lorenzetti buys Vancouver firm (November 27, 2001)

November 27, 2001 by Canadian Underwriter

Montreal-based B.F. Lorenzetti (BFL) is set to buy majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted the commercial brokerage offices in Halifax and Quebec city.BFL says the acquisition…

News Insurance

Lloyd’s WTC exposure hits $2.8 billion

November 27, 2001 by Canadian Underwriter

Lloyd’s of London says its net exposure from the September 11 terrorist attacks is now estimated at US$2.8 billion. This is an increase of 45% over an early estimate of US$1.9 billion.The revised estimate is the result of new property…

News Insurance

Small gains for Co-operators in Q3

November 26, 2001 by Canadian Underwriter

The Co-operators General Insurance (TSE: CCS.PR.A) is showing signs of a rebound, announcing after tax net income of $267,000 for the third quarter 2001. This is a far cry from the same period last year, when the company reported a…

News Insurance

Insurers’ investment performance plummets in 3-Q

November 23, 2001 by Canadian Underwriter

Canadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for…

News Insurance

Chubb gets renewal rights on Zurich personal lines book

November 23, 2001 by Canadian Underwriter

Following the announcement of a “swap” deal between Zurich and ING, which saw Zurich’s personal lines and small commercial books head to ING, Chubb Canada is announcing it has acquired the renewal solicitation right to Zurich’s non-auto personal lines. The…

News Insurance

ICBC reports loss for Q3

November 23, 2001 by Canadian Underwriter

British Columbia’s public insurer is reporting a net loss of $7 million for the third quarter of 2001, a sharp drop from last year’s net income of $70 million for the same period.And for the first nine months of the…

News Insurance

ING and Zurich form Canadian alliance in asset swap deal

November 22, 2001 by Canadian Underwriter

ING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks…

News InsuranceMergers and Aqcuisitions

Former Canadian Airlines CEO to head up ICBC

November 22, 2001 by Canadian Underwriter

British Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia…

News Insurance

Commercial insurance reassessed post-September 11

November 22, 2001 by Canadian Underwriter

In a speech to Australian risk managers, Lloyd’s of London chair Sax Riley says businesses will have to change their approach to insurance in the post-September 11 market. Specifically, corporate clients will need to reassess their insurance buying in light…

News Insurance

Kingsway plans public offering of 7.5 million shares

November 21, 2001 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE:KFS, NYSE: KFS) says it is planning a public offering of 7.5 million common shares, and up to an additional 1.125 million common shares for over-allotments. The shares will be offered in both the U.S. and…