Canadian Insurance Congress 2001: A CULTURAL CRISES
July 1, 2001 Sean van Zyl, Editor“We haven’t seen [adverse financial] conditions such as this in the last 50 years,” says the Insurance Bureau of Canada’s (IBC) chief economist Paul Kovacs. As one of the opening speakers at this year’s Canadian Insurance Congress, Kovacs points out…
Stock Insurers: Setting the Pace
July 1, 2001 Vikki SpencerWith the recent introduction of new insurance-related stocks on the American market, and the movement of Canadian stock companies onto exchanges south of the border, it would seem insurers are playing in the equities market spotlight. Speculation that the downfall of the technology sector could spur a return to more tried and true performers is coupled with recognition that hardening rates will bring a return to confidence in the insurance sector. But who among the Canadian players will come out on top? CU asks analysts and public company management what the key to stock market success will be.
CG&B adds Brampton brokerage to stable
June 19, 2001 by Canadian UnderwriterToronto area insurance and financial services network CG&B Group Inc. has bought Brampton brokerage Kylie & Associates. The acquisition brings CG&B’s annual property & casualty premiums up to more than $80 million, states a company press release.While Kylie currently deals…
Hub expands U.S. presence
June 18, 2001 by Canadian UnderwriterFollowing on the heels of its purchase of U.S. brokerage Kaye Group Inc., Canadian-based Hub International has picked up J.P. Flanagan Corporation. The Chicago brokerage has satellite offices in Baltimore, Cleveland, Denver and New York, and last year had annual…
Two Vancouver-based HUB group companies merge
June 15, 2001 by Canadian UnderwriterThe executive management of brokerage Parsons Brown will be merged with that of the TOS Insurance Group, according to a new statement issued by the parent company, HUB International Ltd. (TSE: HBG). Both of the HUB companies are based in…
Desjardins raises capital for acquisitional expansion
June 13, 2001 by Canadian UnderwriterLe Mouvement des caisses Desjardins plans to raise US$ 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…
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,…
Broker goes for online charity insurance programs
June 8, 2001 by Canadian UnderwriterAn Ontario-based insurance brokerage, Phoenix-Eastern Insurance Brokers Inc., has launched an online range of insurance covers aimed at non-profit associations and charities. Accessible through the Internet, the new service known as CAIP Comprehensive Associations Insurance Program will provide instant quotes…
the “EX GRATIA” payment
June 1, 2001 Linden Rees, president of Insurers Security Services Inc.The “supply and demand” forces that at various points of the insurance pricing cycle dictate the influence of relations between insurers and brokers has resulted in what many would regard as being “questionable practices” being brought into the marketplace over the years. Perhaps the most questionable of all is the “ex gratia” claim payment, a practice which seems to be becoming increasingly prevalent as the mega insurers fight to secure volume business of the broker networks.
Hub boosts earnings, declares dividend
June 1, 2001 by Canadian UnderwriterListed broker consolidator Hub International Ltd. (TSE: HBG) lifted net earnings by 7% to $3.9 million for the first quarter of this year compared with the $3.6 million posted for the same period in 2000. This translated to earnings of…
“REASONABLE RATE INCREASES SUPPORTED”
May 1, 2001 Sean van Zyl, EditorThe recent Insurance Brokers Association of Ontario (IBAO) annual general meeting and mid-year conference drew focus to several political, technological, regulatory and pricing developments taking hold within the province’s property and casualty insurance industry. Among the issues discussed included a consensus that insurer premium increases planned for this year will have to be supported by the brokerage community.
Hutchison exits Equisure
May 1, 2001 by Canadian UnderwriterDespite reports that it would be “business as usual” following ING’s takeover of Equisure Financial Network last September, the board and CEO of the broker network have packed their bags. Equisure chair and CEO George Hutchison announced his intention to…