News
Alberta auto to remain top focus for brokers in year ahead
May 17, 2004 by Canadian UnderwriterThe lack of resolution to Alberta’s auto reform melee is going to keep brokers on their toes in the year ahead, it was noted at Monday’s annual general meeting of the Independent Insurance Brokers Association of Alberta (IIBAA).Dennis Gartner, assistant…
What’s new: In brief (May 17, 2004)
May 17, 2004 by Canadian UnderwriterReporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the…
What’s new: In brief (May 16, 2004)
May 16, 2004 by Canadian UnderwriterInsurance 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…
Pilot on “strong financial footing”: Aviva CEO
May 16, 2004 by Canadian UnderwriterDespite 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…
Western Financial net income up 537% in first quarter
May 16, 2004 by Canadian UnderwriterAlberta-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…
Geer exits top spot at ICBC
May 16, 2004 by Canadian UnderwriterThe 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…
What’s new: In brief (May 13, 2004)
May 13, 2004 by Canadian UnderwriterFinancial 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…
Seven insurers face Hurricane Isabel class action suit
May 13, 2004 by Canadian UnderwriterA 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,…
Royal & SunAlliance Canadian results improving
May 13, 2004 by Canadian UnderwriterWith 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,…
FSCO charges leave former Pilot CEO “surprised and disappointed”
May 13, 2004 by Canadian UnderwriterOne 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…
FSCO lays charges against two former Pilot execs
May 12, 2004 by Canadian UnderwriterThe 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…
What’s new: In brief (May 12, 2004)
May 12, 2004 by Canadian UnderwriterAXA 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.…