The Political Lobbying War Heats UP
March 1, 2000 Sean van ZylControl over the distribution of insurance products is once again back on the property and casualty insurance industry’s radar screen as the federal government’s proposed white paper on financial services competition is set to go forward before parliament for legislative…
Undercurrents
March 1, 2000 Sean van Zyl, EditorThe friendly bout gloves seem to have been removed in the latest acquisitional match of industry consolidation, namely the less-than-friendly bid made by listed Equisure Financial Network in the beginning of this year for its public-traded rival, Canada Brokerlink Inc.…
Developing niche lines of business: The garage sale closed
March 1, 2000 by Lowell ConnWhen the “garage sale” begins and market players undercut one another, nowhere is the reverberations felt any stronger than the specialty lines business. Niche operators want the message to be clear: “Stay out of out of our business”. More to…
Liberty Mutual joins aftermarket fray
March 1, 2000 by Canadian UnderwriterOnly days after class action suits were started in Quebec against insurers AXA Canada and ING Canada, Liberty Mutual General Insurance in Canada became the next victim of the aftermarkets parts legal fever sweeping North America. With its American parent…
Perils of Punitive Awards
March 1, 2000 Bill Blakeney and Anil VarmaConsumer suspicion of insurance companies has reached the point that it is now part of American pop culture to view them as commonplace in the U.S., as are awards of punitive damages.
U.S. Insurers look beyond the ratio
March 1, 2000 Lowell Conn & Sean van ZylU.S. insurers are fortifying themselves for lower profitability and a higher operating ratio in the coming year, a survey revealed at the 2000 Property & Casualty Insurance Joint Industry Forum recently in New York City. Industry chiefs insist that, despite heightened merger and acquisition in the year ahead, the overcapitalized insurance environment could soon be swept away by an abundance of cost-absorptive changes.
Regulators circling THE ADJUSTERS
March 1, 2000 Lowell ConnHarmonization efforts on the east coast have not gone unnoticed by regulators nationwide, with most provincial legislators carefully watching Insurance Act rewrites across the country in an effort for more standardized rules and regulations. Most recently, the regulatory sights have…
Brokerlink finds white knight in Allianz
March 1, 2000 by Canadian UnderwriterT he battle being waged for control of Calgary-based broker consolidator Canada Brokerlink took a dramatic turn toward the end of last month when Allianz Canada stepped to the table with a superior counter offer worth around $42 million. The…
Second quarter mergers escalate global scene
March 1, 2000 by Canadian UnderwriterIn a move that has escalated global primary company consolidation, CGU Group and Norwich Union announced they will merge their operations. The new company, CGNU, will form the UK’s largest insurance group and feature worldwide premium income and retail investment…
News (March 01, 2000)
March 1, 2000 by Canadian UnderwriterJim Ball, president of the Insurance Brokers Association of Canada, has announced that board approval was received for the Association to join the World Federation of Insurance Intermediaries (WFII). The WFII is a non-profit federation that promotes the interests of…
On The Move (February 01, 2000)
February 1, 2000 by Canadian UnderwriterQueensway Financial Holdings Limited has announced the appointment of Glenn Gibson as chief financial officer of Queensway replacing Cathy Wilson. Gibson brings more than 17 years of financial management to his new role. Chubb & Son vice president John Owens,…
After market parts litigation hits Canada
February 1, 2000 by Canadian UnderwriterInsurance companies in Canada are feeling the impact of the late 1999 U.S. aftermarket parts class action trial that resulted in a $1.18 billion award against State Farm Insurance. The insurer was found to have failed to perform its obligation…