Canadian risk managers push for government terrorism pool
March 14, 2002 by Canadian UnderwriterAs part of its lobby effort to persuade North American governments to back terrorism reinsurance, the Risk and Insurance Management Society (RIMS) recently asked Canadian members to comment on their views. Although confidential, the survey did show that Canadian RIMS…
Canadian insurers end 2001 on dismal financial note
March 13, 2002 by Canadian UnderwriterCanadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just…
McNaughton v. Co-operators could spawn class action landslide
March 8, 2002 by Canadian UnderwriterThe victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a…
Clarica-Sun Life merger goes through despite protests
March 7, 2002 by Canadian UnderwriterIn the face of public defiance by some key shareholders, the mega-merger of lifecos Clarica and Sun Life was passed by Clarica shareholders yesterday. The deal creates Canada’s largest life insurer, with $398.8 billion in assets under management and combined…
Optimum falls into net loss despite underwriting action (March 05, 2002)
March 5, 2002 by Canadian UnderwriterMontreal-based insurer Optimum General Inc. (TSE: OGI.A) which through five subsidiaries operates across Canada and parts of the U.S. posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for…
IBC calls for change in Nova Scotia
February 28, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the…
Kingsway aims to buy another U.S. insurer
February 27, 2002 by Canadian UnderwriterIn keeping with the recent success of its U.S. acquisitions, Mississauga-based Kingsway Financial Services (TSE, NYSE: KFS) is making an offer on American Country Holdings Inc.Kingsway, which owns several subsidiaries in the U.S. and Canada, is offering US$2.10 per share…
CGNU to adopt new name; cuts dividend
February 27, 2002 by Canadian UnderwriterU.K.-based CGNU says it is changing a few things, beginning with its name. The company, including its Canadian operations will be called Aviva, a name chosen to reflect the company’s international focus. Currently the company operates with 50 different names…
Hi-Alta raises $7 million with debenture sale
February 26, 2002 by Canadian UnderwriterBroker consolidator Hi-Alta (TSE: HIA) made the maximum amount possible from its recent release of debentures, bringing in $7 million in new capital. The offering of 9% convertible unsecured subordinated debentures was expected to bring in between $4 million and…
Court upholds $1 million punitive award against Pilot Insurance
February 22, 2002 by Canadian UnderwriterThe Supreme Court of Canada has restored a jury award of $1 million in punitive damages made against Pilot Insurance Co. The Whiten v. Pilot case has been closely watched by insurers due to the magnitude of the punitive award.A…
Kingsway continues to soar
February 21, 2002 by Canadian UnderwriterSpecialty insurer Kingsway Financial Services (TSE, NYSE: KFS) capped off a successful 2001 with record earnings and revenue in the fourth quarter, ending December 31. The company has been on a winning streak, in the face of disastrous results in…
Trade associations join in lobby group
February 19, 2002 by Canadian UnderwriterTrade associations representing the financial services will join together in a single lobby group, despite their differences on certain legislative issues. The Insurance Bureau of Canada (IBC), Canadian Bankers Association (CBA), Canadian Life & Health Insurance Association (CLHIA), Investment Dealers…