A research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year,…
The loss ratio for U.S. reinsurers rose by 6% year-on-year to 85.7% for the six months ended June of this, according to the Reinsurance Association of America (RAA). The RAA’s latest quarterly survey, which is based on the financial returns…
Specialty insurer Kingsway Financial Services is expanding its U.S. presence through a partnership with The Vision Insurance Group. Kingsway will underwrite non-standard auto policies for Vision in Virginia, Indiana, Arkansas, Ohio and Kentucky, through Kingsway subsidiary Lincoln General.Vision, a privately…
The Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold…
The Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.“We agree the recommendations will guard…
Zurich Financial Services Group is changing its Canadian identity to Zurich North America Canada. The operations are now included in Zurich’s North America Corporate Business Division, although they will continue to offer personal life and p&c insurance products, as well…
Broker consolidator Vector Intermediaries (CDNX: VTE) is seeing its results continue to improve, if modestly, through the first half of 2001. Operating results were the best in Vector’s history and operating margins continue to improve, the company states in a…
Insurance market Lloyd’s of London is predicting that loss for the last two years will exceed 2 billion pounds (US$3 billion). Because Lloyd’s reports its results three years in arrears, it must estimate losses in the interim. For 1999, the…
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including…
With the seven-year term of current superintendent John Palmer coming to a close, Nicholas LePan is set to become the government’s top watchdog of financial institutions. Formerly deputy superintendent, Le Pan will become head of the Office of the Superintendent…
Canadian-based insurance technology vendor CGI Group Inc. (NYSE: GIB; TSE: GIB.A) announces it has inked a 10-year deal with California-based Fireman’s Fund Insurance Company, a subsidiary of Allianz.The deal, which CGI predicts is worth between US $350 million to US$400…
A previously announced deal to sell the remaining insurance properties of troubled Queensway Financial Holdings has run aground. In a press release, Queensway announces that the deal to sell its U.S. insurance companies to Argonaut Group “has been terminated”. Reasons…