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What’s new: In brief (May 16, 2004)

May 16, 2004 by Canadian Underwriter

Insurance Technology Advisors Ltd. (ITA) has been retained by two Canadian technology firms to conduct market research on p&c insurers Companies participating in the research will also receive an executive report on overall IT trends for the industry. The study…

News Insurance

Pilot on “strong financial footing”: Aviva CEO

May 16, 2004 by Canadian Underwriter

Despite recent charges stemming from reserve shortfalls at Pilot Insurance, the CEO of parent Aviva Canada says the company has completed a restructuring plan and is now on “strong financial footing”.Last week, the Financial Services Commission of Ontario (FSCO) confirmed…

News Insurance

Western Financial net income up 537% in first quarter

May 16, 2004 by Canadian Underwriter

Alberta-based broker network and bank Western Financial Group (TSX: WES) is reporting net income for the first quarter ending March 31, 2004 hit $784,000, a whopping 537% increase over a year ago, when the company reported income of $123,000. This…

News InsuranceMergers and Aqcuisitions

Geer exits top spot at ICBC

May 16, 2004 by Canadian Underwriter

The Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.Geer took over top spot at the government insurer three years ago – originally serving as…

News Insurance

What’s new: In brief (May 13, 2004)

May 13, 2004 by Canadian Underwriter

Financial services giant ING is posting net profit of $1.9 billion for the first quarter of this year, up from $268 million a year ago, driven mainly by growth in its banking business. The insurance division posted operating profit of…

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Seven insurers face Hurricane Isabel class action suit

May 13, 2004 by Canadian Underwriter

A class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs,…

News Insurance

Royal & SunAlliance Canadian results improving

May 13, 2004 by Canadian Underwriter

With the release of U.K.-based Royal & SunAlliance’s first quarter 2004 results, the company is reporting improvement in its Canadian operations.Remedial action at the Canadian operation has led to a seven-point improvement in the combined ratio since first quarter 2003,…

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FSCO charges leave former Pilot CEO “surprised and disappointed”

May 13, 2004 by Canadian Underwriter

One of the men facing charges from Ontario’s insurance regulator says those allegations have left him “surprised and disappointed”. Stu Kistruck, former CEO of Pilot Insurance Co. says it is difficult at this time to comment on the charges he…

News InsuranceMergers and Aqcuisitions

FSCO lays charges against two former Pilot execs

May 12, 2004 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) confirms that charges have been laid against two former executives of Pilot Insurance Co. for allegedly providing the regulator with false information. Former Pilot CEO Stuart Kistruck and CFO Colin Simpson face two…

News Insurance

What’s new: In brief (May 12, 2004)

May 12, 2004 by Canadian Underwriter

AXA Canada Inc’s subsidiaries have seen their financial strength ratings affirmed by A.M. Best. AXA Assurances and AXA Assurances Agricoles are affirmed at “A+” (excellent) with a stable outlook. AXA Pacific is affirmed at “A” (excellent with a stable outlook.…

News Insurance

PACICC to meet insolvency threat head-on

May 12, 2004 by Canadian Underwriter

In an era of insurer financial instability, the Property & Casualty Insurance Compensation Corp. (PACICC) is ready to step beyond its role as a compensation mechanism for policyholders of defunct insurers, to take a more proactive approach to insolvency.While 2003…

News Insurance

Airlines see rates fall in first quarter 2004

May 12, 2004 by Canadian Underwriter

The average premiums facing the aviation industry dropped by 14% during the first quarter of 2004, says a new report by London-based Aon Ltd. While just 7% of the market renews in the first quarter, Aon says those airlines report…