News
Desjardins raises capital for acquisitional expansion
June 13, 2001 by Canadian UnderwriterLe 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…
Co-operators hits loss rut again (June 13, 2001)
June 13, 2001 by Canadian UnderwriterFollowing 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…
Alberta homeowners covered for "living expense" following fire evacuation
June 13, 2001 by Canadian UnderwriterHomeowners 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…
Assurex acquires B.C. brokerage
June 12, 2001 by Canadian UnderwriterOhio, 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,…
Insurers battle against rising claims tide
June 12, 2001 by Canadian UnderwriterThe 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…
New RIMS designation takes shape
June 11, 2001 by Canadian UnderwriterThe 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…
Federal Bill C-8 a "done deal"
June 11, 2001 by Canadian UnderwriterCanada’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…
Kingsway enters U.S. alliance and announces public offering
June 11, 2001 by Canadian UnderwriterSpecialty 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…
Canadians take legal action against Ford/Firestone (June 11, 2001)
June 11, 2001 by Canadian UnderwriterA 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…
B.C. gets new minister for ICBC
June 8, 2001 by Canadian UnderwriterWith 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…
Zurich, Manulife join forces
June 8, 2001 by Canadian UnderwriterZurich Canada and Manulife Financial are teaming up to cross-sell insurance products to small business owners. The national alliance will see Zurich’s brokers refer clients to Manulife for group life and health insurance, with Manulife returning the favor with potential…
Insurer pushes ahead with own broker website
June 8, 2001 by Canadian UnderwriterChubb Insurance Co. of Canada has launched a broker-supporting website focused on personal lines. Following a successful trial run of the site in December 2000, the company says the service will go live in Ontario now, while brokers in other…