Consolidator Hi-Alta has “winning” first-half 2001
August 30, 2001 by Canadian UnderwriterBroker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including…
Liberty International files suit against animator
August 28, 2001 by Canadian UnderwriterInsurer Liberty International Canada is filing suit against beleaguered Canadian animation company Cinar. The suit, to the tune of $900,000, was filed in Quebec Superior Court.Cinar has come under fire recently, facing allegations of tax fraud and heavy financial losses.…
Industry’s ROE slips again on rising claims (August 27, 2001)
August 27, 2001 by Canadian UnderwriterCanada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70%…
Crawford acquires Edmonton-based adjuster
August 10, 2001 by Canadian UnderwriterClaims management group Crawford Adjusters Canada has acquired Edmonton-based Leonard, Hirst & Miller Adjusters (LH&M) for an undisclosed amount. The firm boosts Crawford’s position in Alberta to nine offices and over 100 employees. LH&M is described as a multi-line adjusting…
Rough start to 2001 for Optimum General
August 10, 2001 by Canadian UnderwriterQuebec-based Optimum General (TSE: OGI.A) reports weak second-quarter results, despite the company’s moves to respond to poor returns in the past. Gross written premiums and net earned premiums fell, while the company’s combined ratio continues to rise. At the beginning…
St. Paul acquisition of London Guarantee secures Canadian positioning
August 3, 2001 by Canadian UnderwriterMinnesota-based The St. Paul Companies (NYSE: SPC) has purchased specialty liability underwriter London Guarantee Insurance Co. from the Great West Lifeco Inc. (TSE: GWO) for about $125 million.London Guarantee is ranked second as market leader in underwriting surety business and…
Economical reshapes acquired Hartford operation
August 2, 2001 by Canadian UnderwriterThe Economical Insurance Group has completed restructuring of Hartford Insurance Co. of Canada which was acquired at the beginning of this year. The acquisition was given approval by regulators in late April.The Hartford Canadian operation has been renamed Langdon Insurance…
Royal & Sun to invest in Canadian operations, says CEO
August 2, 2001 by Canadian UnderwriterIn releasing its first-half 2001 results, U.K.-based Royal & SunAlliance (RSA) says the release of capital from its life operations will be fed into growing its property and casualty business in several countries, including Canada. RSA CEO Bob Mendelsohn says…
London & Midland sells affinity business
August 2, 2001 by Canadian UnderwriterCitigroup Inc. Canadian subsidiary, London & Midland General, is selling part of its affinity business to Canada Life Assurance Company. Canada Life annouces it will take over London & Midland’s “non-affiliate” affinity business, which is expected to bring in over…
Winterthur Canadian head moves to Kingsway
August 2, 2001 by Canadian UnderwriterKingsway Financial Services Inc. announces that Frank Amodeo, former head of Winterthur International’s Canadian office, has joined the specialty auto insurer as its vice president.Amodeo was vice president and manager of multi-national operations for Winterthur’s Canadian branch, located in Toronto.…
E-L Financial’s half-year earnings fall on lower insurance revenues
July 31, 2001 by Canadian UnderwriterCanadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates…
RBC sells off Louisiana subsidiary
July 18, 2001 by Canadian UnderwriterRoyal Bank of Canada (TSE, NYSE: RY) has announced the sale of Louisiana-based State National Fire Insurance Company to an undisclosed Louisiana company. Royal Bank had acquired State National Fire as part of its buyout of Liberty Life and Liberty…