Segment
P&C Companies
Insurers chop jobs at U.S. offices
December 6, 2001 by Canadian UnderwriterIn the wake of dreadful third quarter results, two insurers have announced big job cuts at U.S. locations. CNA Financial says it will trim 1,850 employees, a whopping 10% of its workforce. And ING is announcing 1,600 job cuts, representing…
OSFI proposes late filing penalty regulation
December 6, 2001 by Canadian UnderwriterIn response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has put out proposed regulations for its “late and erroneous filings” penalties framework.The proposed regulation,…
IAO to work with U.S.-based ISO on products
December 6, 2001 by Canadian UnderwriterMarkham-based Insurers’ Advisory Organization (IAO) is teaming up with the U.S. Insurance Services Office to create and sell products in both countries. IAO, which is part of the UAB Group, will market ISO forms, rules and loss costs to Canadian…
Tax reform a key goal for IBC in 2002
December 5, 2001 by Canadian UnderwriterAt the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this…
Insurers tally Enron losses
December 4, 2001 by Canadian UnderwriterWith the failure of U.S. energy giant Enron, insurers are now tallying their exposure to the dying corporation. Among those affected is Chubb, which is estimating its exposure provisionally at US$220 million, pretax. This comes from surety bonds, which act…
OSFI to wind up Reliance Canadian operations
December 4, 2001 by Canadian UnderwriterFollowing the insolvency of Pennsylvania-based parent Reliance, the company’s Canadian branch operation will be shut down by the Office of the Superintendent of Financial Services (OSFI). OSFI had frozen the Canadian operation’s assets in August, 2000, and directed it to…
Facility voices opposition to Newfoundland auto plans
December 3, 2001 by Canadian UnderwriterIn a response to the Newfoundland government’s consultation paper on auto insurance reform, the Facility Association (FA) has come out strongly against several proposed changes to its operation in that province.The plan calls for the government to control the membership…
IBC prompts Newfoundland auto insurance reform
November 30, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government…
Anthony Clark posts increased revenue
November 29, 2001 by Canadian UnderwriterCalgary-based Anthony Clark International Insurance Brokers (TSE:ACL) is posting increased revenue for the six months ending September 30, up 14% over the same period last year. Revenues grew to $2,183,277 from $1,913,449.The broker consolidator is also reporting earnings before tax…
Insurers’ investment performance plummets in 3-Q
November 23, 2001 by Canadian UnderwriterCanadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for…
ING and Zurich form Canadian alliance in asset swap deal
November 22, 2001 by Canadian UnderwriterING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks…
Broker consolidator Hub produces healthy 3-Q revenue and earnings gain
November 16, 2001 by Canadian UnderwriterBroker network consolidator Hub International Ltd. (TSE: HBG) increased net earnings for the third quarter of this year by 71% to $3.2 million compared with $1.9 million made for the same period a year prior. Earnings on a fully diluted…