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Western Surety opens first branch office

June 14, 2001 by Canadian Underwriter

Western Surety Company has opened its first branch office located in Halifax, Nova Scotia. “We’ve been looking at expanding our operations, and with the excellent business we have already established in Atlantic Canada, it just made sense to open an…

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Ontario financial services superintendent resigns office

June 13, 2001 by Canadian Underwriter

On the verge of the merger of the Financial Services Commission of Ontario (FSCO) with the Ontario Securities Commission (OSC) set to take place in the early fall of this year, former FSCO head Dina Palozzi has announced her early…

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Desjardins raises capital for acquisitional expansion

June 13, 2001 by Canadian Underwriter

Le Mouvement des caisses Desjardins plans to raise US$ 400 million this coming fall to finance acquisitional growth outside of the Quebec market, specifically with the intent of acquiring insurance and brokerage interests.The Quebec-based financial services co-operative will issue debentures…

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Co-operators hits loss rut again (June 13, 2001)

June 13, 2001 by Canadian Underwriter

Following improved financial performance for the last quarter of 2000, the Co-operators General Insurance Co. reported a net loss of $20 million for the first quarter of this year, equal to 107c a common share against last year’s first quarter…

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Alberta homeowners covered for "living expense" following fire evacuation

June 13, 2001 by Canadian Underwriter

Homeowners of Chisholm and Slave Lake, located 150 kilometers north of Edmonton, Alberta, will be covered under most insurance policies for additional living expenses they incurred when the areas in question were evacuated as a result of a forest fire…

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Assurex acquires B.C. brokerage

June 12, 2001 by Canadian Underwriter

Ohio, U.S.-based commercial brokerage group Assurex International has acquired risk management specialist CMW Insurance Services Ltd. located in Burnaby, British Columbia. Details of the transaction were not made public. CMW Insurance specializes in the risk areas of construction, property development,…

News InsuranceMergers and Aqcuisitions

Insurers battle against rising claims tide

June 12, 2001 by Canadian Underwriter

The Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of…

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New RIMS designation takes shape

June 11, 2001 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) has announced the formation of an advisory council to lead the development of its new “fellow” designation. Based on the Canadian-made Fellow of Risk Management, the new educational level promises to take a…

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Federal Bill C-8 a "done deal"

June 11, 2001 by Canadian Underwriter

Canada’s new federal financial services legislation under Bill C-8 entered the final stage of debate by the Senate following approval last week by the finance committee of the Senate. It is expected that the new legislation will be enacted by…

News InsuranceMergers and Aqcuisitions

Kingsway enters U.S. alliance and announces public offering

June 11, 2001 by Canadian Underwriter

Specialty risk insurer Kingsway Financial Services Inc. (TSE: KFS) has entered into an "alliance" with Texas-based auto insurer Reliant American Group Inc. "We see a lot of potential for the distribution of Reliant American’s commercial auto, garage liability and general…

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Canadians take legal action against Ford/Firestone (June 11, 2001)

June 11, 2001 by Canadian Underwriter

A Canadian class action lawsuit has been filed against auto manufacturer Ford and tire manufacturer Firestone for use of defective and unsafe products on Ford Explorer models. The action was initiated by Michelle Rambharos of Brampton following a vehicle accident…

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B.C. gets new minister for ICBC

June 8, 2001 by Canadian Underwriter

With the formal swearing in of B.C.’s Liberal government cabinet, a new finance minister takes the helm, and assumes responsibility for the province’s public insurance program. Gary Collins has been given the task of overseeing the Insurance Corporation of British…