DARWINISM: a new philosophy driving consolidation
April 1, 2001 Sean van Zyl, EditorIs big really better? Can companies operating in the new global order that would seem to be defining the rules of business governing the property and casualty insurance industry afford not to buy up or get out? These were pivotal issues debated by senior leaders of North American insurance companies at a “national leadership symposium” held in San Francisco and jointly sponsored by The Council of Insurance Agents and Brokers and investment banker Russell Miller Inc.
New Lloyd’s includes tough stance
March 1, 2001 by Canadian UnderwriterFollowing an announcement of a major market “modernization restructuring” toward the end of last year, Lloyd’s of London has adopted two tough stands to ensure a more speedy flow of premiums collected as well as tighten up on shoddy regulatory…
E-BUSINESS EQUALS E-FFICIENCY
March 1, 2001 Grace Webster of Royal & SunAllianceThe Internet has enabled service industries to transact business at greater speeds and across more territory than ever before. And yet, web-based technology remains largely under utilized by most property and casualty insurers and the independent broker network. The primary…
Hub raises U.S. stake
March 1, 2001 by Canadian UnderwriterBroker network consolidator Hub International Ltd. (TSE: HBG) has acquired a major U.S. brokerage, Kaye Group Inc. (Nasdaq: KAYE), for about US$118.6 million. The deal is subject to regulatory approval and the consent of KAYE shareholders, who will receive the…
Cross-Canada broker survey BRIDGING THE GAP
March 1, 2001 Vikki SpencerA time of sweeping change. This is no understatement of the current regulatory, market and distribution conditions in the insurance industry. For the country’s brokers, this time of change means refocusing lobby efforts, translating the hardening of rates to their…
TENSIONS OF A TIGHTENING MARKET
March 1, 2001 AxiomOne look at his rapidly reddening face and I could tell that our vice president was not enjoying himself. Worse than that, he seemed ready to explode. As the senior broker representative in the center of the conference room continued…
SETTING THE STANDARD: Regulators tackle the Internet
February 1, 2001 Lawrie Savage, president of Lawrie Savage & Associates Inc.As insurers dip their toes into the vast ocean of e-commerce, regulators are donning their lifeguard gear in an attempt to protect consumers and the industry itself from the potential dangers lurking there. At home and abroad, the as yet…
“Visions” vs. Reality
February 1, 2001 Sean van Zyl, EditorOnce again, CU’s annual focus on technological developments within the Canadian property and casualty insurance industry has come about…and guess what, after trying to figure out the various “half steps forward”, “six steps to the side”, minus a “quarter degree…
The secret behind CSR good talent
January 1, 2001 AxiomAs the company’s senior marketing representative, it was an annual ritual. Every January, I invited a group of my lead brokers to my house for an afternoon of wine tasting followed by a large and calorie-rich dinner. It was now…
RIBO adjusts to market change
January 1, 2001 by Canadian UnderwriterDarren Hamilton was elected the incoming president of the Registered Insurance Brokers of Ontario (RIBO) at the organization’s recently held annual general meeting. In his closing remarks, former president Art Despard acknowledged that Canada’s brokerage market is facing significant change,…
IBAO, pulling together
December 1, 2000 Vikki Spencer“All hands on deck” was the central message delivered at the recently held 80th annual Insurance Brokers Association of Ontario (IBAO) convention. Under the theme “Pulling Together”, the province’s independent brokers joined to discuss issues including education, e-commerce and the upcoming federal election. In the face of what one speaker called “blinding change”, brokers must band together to ensure their voice is heard by regulators, insurers and consumers.
CGU divests Insurance Co. PEI stake
December 1, 2000 by Canadian UnderwriterCGU Group Canada has sold its 75% stake in the Insurance Co. of Prince Edward Island (ICPEI) for $2.7 million. The deal, which is subject to regulatory approval, was struck with the Saskatchewan Government Insurance Co. (SGI). ICPEI’s other major…