Kingsway’s acquisition HI Holdings finalized
November 1, 2005 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS) recently closed its acquisition of HI Holdings, Inc. (HI) for approximately US$25 million. The transaction includes HI’s wholly owned Zephyr Insurance Company Inc. (Zephyr). HI and Zephyr were formed in 2000 by its current shareholders…
Protecting Individual and Commercial Policyholders
November 1, 2005 Jim Harries, Paul Kovacs, and Darrell LeadbetterOver the next year, the Property and Casualty Insurance Compensation Corporation (PACICC) will conduct a comprehensive review of the coverage and benefits it provides to policyholders in the rare circumstances of a member insurer becoming insolvent. PACICC protection currently applies…
Risky Business RIMS Canada Conference 2005
November 1, 2005 by Canadian UnderwriterCorporate board executives need to be active members of their companies’ risk management committees in order to properly manage the business risks they face, a RIMS Canada panel heard in September. Companies should also consider hiring a risk manager, if they haven’t done so already, because many risks are observable only by people who have witnessed the company’s behaviors over a long period of time.
What’s New: In brief
October 5, 2005 by Canadian UnderwriterCanada-specific software solutions developer PowerSoft and provider of technology solutions for the p&c insurance industry Applied Systems Canada have integrated PowerSoft’s PowerQuote rate comparison and sales tool with Applied Systems’ agency management systems, The Agency Manager (TAM) and TAMOnline. Making…
How’s your Wedge?
October 1, 2005 Randy Schwantz, President, The Wedge GroupNo, we’re not talking about your golf game, but rather an innovative, proven strategy for property and casualty insurance brokers – a strategy that challenges traditional sales methods. This novel approach can spell the difference between wasted time in go-nowhere proposals and successful growth in new sales.
Kingsway buys HI Holdings (October 01, 2005)
October 1, 2005 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS,NYSE:KFS) has announced that it has reached a definitive agreement to acquire HI Holdings, Inc. (HI), including HI’s wholly owned Zephyr Insurance Company Inc. HI and Zephyr were formed in 2000 by its current shareholders, including…
Katrina victims offered retroactive flood coverage
September 30, 2005 by Canadian UnderwriterWhile individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy…
Pethealth Inc. aids PETCO P.A.L.S. members
September 16, 2005 by Canadian UnderwriterPethealth Inc. (TSX VENTURE:PTZ), will be suspending insurance premium payments through January 1, 2006 for all PETCO P.A.L.S. members enrolled in a PetCare insurance plan and who live in Louisiana, Mississippi, or Alabama. “With a catastrophe of this magnitude we…
What’s New: In Brief (September 16, 2005)
September 16, 2005 by Canadian UnderwriterIntegro (Canada) Ltd. recently hired David Spratt as chief financial officer (CFO). Working out of the Company’s Toronto office, Spratt will be responsible for all aspects of finance, administration, human resources and compliance for Integro Canadian operations. Most recently Spratt…
Katrina damage estimate reaches $20-$35 billion
September 7, 2005 by Canadian UnderwriterEstimated insured losses from Hurricane Katrina’s direct impact have increased to $20-$35 billion, according to Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk. On the day of Katrina’s landfall on the Gulf…
Reciprocal Resurgence Canada’s Quiet Contribution to Alternative Risk
September 1, 2005 Craig HarrisTumultuous talk about alternative risk financing vehicles from securitization to catastrophe bonds and captives has lead to one conclusion – reciprocal insurance exchanges present Canada with the most compelling case. Will the flurry of activity around reciprocals fade away as the market continues to soften or can organizations make the commitment to share their risks?
Constructing the Niche
August 1, 2005 Doug McIntyre, CEO, and Mark Sylvia, executive vice president, Echelon General Insurance CompanyThe segmentation of products and markets has been quietly evolving in the insurance business over the past 30 years. Catalysts for change toward an increasingly segmented industry structure include competition, expense control and the specialization of business. As a direct result niche product markets were born, evolving into three unique categories – ancillary, affinity and surplus line products.