PIECING TOGETHER MONEY RISKS
September 1, 2000 Glenn McGillivray, head of corporate communication at Swiss ReinWith the globalization of business, companies are increasingly opening themselves up to exchange rate risk.
Coming THrough A Crisis
September 1, 2000 Vikki SpencerWhen a tornado ripped through Pine Lake, Alberta in July of this year, confusion was the order of the day. Local emergency authorities and the media swarmed around the devastated area trying to assist the victims. Insurers and adjusters were also there, providing swift service in getting the residents back on their feet
BAIG acquires U.S. aviation group
September 1, 2000 by Canadian UnderwriterU.K. insurer The British Aviation Insurance Group Ltd. (BAIG) has acquired U.S. specialty underwriter Associated Underwriters Inc. (AAU) for an undisclosed amount. BAIG focuses on global aviation risks while AAU acts as a syndicate manager in the aviation and satellite…
Kingsway builds on earnings recovery at half-year
September 1, 2000 by Canadian UnderwriterSpecialty insurer Kingsway Financial Services Inc. (TSE:KFS) reported net income of $10.4 million for the first six months of this year compared with $16.2 million achieved for the same period the year previous. Net earnings for the second quarter amounted…
BUSINESS DISRUPTION: Risk Management for SMEs
September 1, 2000 Sean van Zyl, EditorEstimates suggest that roughly 65% of Canadian small to medium size enterprises (SMEs) engaged in manufacturing currently do not have equipment breakdown coverage, according to research by the Boiler Insurance and Inspection Company of Canada (BI&I). Clearly the owners of…
MPI offers drivers a break
September 1, 2000 by Canadian UnderwriterManitoba’s drivers could see lower rates on their insurance next year as a result of a strong financial showing by the Manitoba Public Insurance Corporation (MPI) for the fiscal year ending February 29, 2000. MPI saw its net income rise…
Risk Management: DANGER OF THE CYBER DEEP
September 1, 2000 Vikki SpencerCounting the costs of risks associated with the rapid rise of computer technology is no simple task, say risk managers. But, recent surveys say “cyber risks” will be the next big challenge. Are today’s risk managers prepared to stay afloat in these dangerous waters, or will they be sitting ducks?
Empowering leadership in the “technology millennium”
August 1, 2000 Sean van Zyl, EditorReforming company management structures to deal with the rapidly evolving marketplaces of financial services formed the central focus of the International Insurance Association Inc.’s (IIA) 36th annual conference, which was recently held in Vancouver. The prime drivers of change impacting…
Rate Setting: is this a regulator’s job?
August 1, 2000 Bill Star, president of Kingsway General Insurance CompanyWhen reviewing the role of insurance commissioners in Canada and the U.S., one must wonder why they became involved in rate approvals. The original role of the insurance commissioner was apolitical, to make sure that companies were properly capitalized, were…
Co-operators suffers financial blues
July 1, 2000 by Canadian UnderwriterFollowing a dismal performance for the 1999 financial yearend, Canada’s largest private insurer Co-operators General Insurance Company reported significantly lower earnings for the first quarter of the current financial year. Net income for the first three months of this year…
Turning a slow corner: Canadian Insurance Congress 2000
July 1, 2000 Sean van Zyl, EditorThe 2000 Canadian Insurance Congress — which this year celebrated its tenth anniversary as Canada’s premier annual reinsurance/primary company CEO forum — drew together a strong cast of speakers from across the sectors of the North American property and casualty…
Kingsway acquires AXA fleet book
June 1, 2000 by Canadian UnderwriterInsurer AXA Canada has sold its book of commercial trucking business, consisting of ten vehicles and more, to specialty insurer Kingsway Financial Services Inc. The book is valued at about $23 million in annual premium. As part of the arrangement,…