Segment
P&C Companies
Tobacco litigation wars continue (June 21, 2001)
June 21, 2001 by Canadian UnderwriterThe U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton.…
Dominion president calls for B.C. auto insurance deregulation by 2003
June 18, 2001 by Canadian UnderwriterSpeaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase…
Hub expands U.S. presence
June 18, 2001 by Canadian UnderwriterFollowing on the heels of its purchase of U.S. brokerage Kaye Group Inc., Canadian-based Hub International has picked up J.P. Flanagan Corporation. The Chicago brokerage has satellite offices in Baltimore, Cleveland, Denver and New York, and last year had annual…
Two Vancouver-based HUB group companies merge
June 15, 2001 by Canadian UnderwriterThe executive management of brokerage Parsons Brown will be merged with that of the TOS Insurance Group, according to a new statement issued by the parent company, HUB International Ltd. (TSE: HBG). Both of the HUB companies are based in…
Fight against auto theft boosted at national level
June 15, 2001 by Canadian UnderwriterA national committee representing government and the private sector has been formed to battle the growing problem of vehicle theft. The new initiative, known as "Project 6116", is supported by the federal government as well as insurance industry organizations such…
Swiss Re report predicts explosive growth in risk securitization products
June 14, 2001 by Canadian UnderwriterA recently released Swiss Re Sigma report titled "Capital Market Innovation in the Insurance Industry" suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into…
Desjardins launch wireless customer service
June 14, 2001 by Canadian UnderwriterMembers of Quebec’s desjardins caisses have joined forces to introduce a wireless Internet service which will enable their clients to access information and perform transactions through cellular telephones. The movement announced the wireless technology today, in conjunction with developer Wysdom…
Ontario financial services superintendent resigns office
June 13, 2001 by Canadian UnderwriterOn the verge of the merger of the Financial Services Commission of Ontario (FSCO) with the Ontario Securities Commission (OSC) set to take place in the early fall of this year, former FSCO head Dina Palozzi has announced her early…
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…
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…