Tsunami disaster leads to calls for early warning system
January 3, 2005 by Canadian UnderwriterCountries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0…
Western Financial to Make Public Offering
January 1, 2005 by Canadian UnderwriterAlberta-based broker network Western Financial Group says it has filed a prospectus with Canadian securities regulators to offer subscription receipts. The offering would apply to all provinces. The receipts will entitle holders to purchase one common share of Western stock…
Western Financial to make public offering
December 20, 2004 by Canadian UnderwriterAlberta-based broker network Western Financial Group says it has filed a prospectus with Canadian securities regulators to offer subscription receipts. The offering would apply to all provinces.The receipts will entitle holders to purchase one common share of Western stock (TSX:…
E-L p&c Ops Continue to Shine in Third Quarter
December 1, 2004 by Canadian UnderwriterThe general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), including Dominion of Canada General, continued to produce strong results contributing to overall net income of $83.3 million ($20.73 per share) in the third quarter ending September 30, 2004,…
Insurers need to plan reactions to rising interest rates: E&Y
November 22, 2004 by Canadian UnderwriterThe movement by the U.S. Federal Reserve to gradually increase interest rates means that insurers must plan now how they will react to this trend, says Ernst & Young LLP in its fourth quarter outlook on the insurance industry.E&Y’s “insurance…
What’s new: In brief (November 04, 2004)
November 4, 2004 by Canadian UnderwriterBermuda-based ACE Ltd. announces it has fired two employees and suspended three more as a result of internal investigations sparked by the U.S. probe of broker compensation practices. ACE Casualty Risk president Geoffrey Gregory and his staffer Patricia Abrams have…
E-L Financial general insurance ops continue to shine in third quarter
November 2, 2004 by Canadian UnderwriterThe general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), which include Dominion of Canada General and Chieftain, continued to produce strong results contributing to the parent’s overall success in the third quarter ending September 30, 2004.Overall, E-L Financial…
Liability explosion a global headache: Swiss Re
November 1, 2004 by Canadian UnderwriterWhile much has been written about the explosion of liability claims in the U.S., the trend has taken on global proportions, according to a new sigma study released by Swiss Re.In “The economic of liability losses”, the U.S. does come…
What’s new: In brief (October 12, 2004)
October 12, 2004 by Canadian UnderwriterRBC Insurance is extending the capabilities of its sales force to banking products. The company says in a statement, it can now allow its “career sales force” to offer clients “enhanced access” to RBC Royal Bank personal banking and lending…
Restoring Broker Image
October 1, 2004 Sean van Zyl, EditorAfter two years of extremely difficult market conditions, independent brokers in Ontario are hopeful of a period of stability. However, the immediate future will not be a period of “easy sailing” as brokers tackle the delicate task of rebuilding consumer…
Commission Controversy Calling for Clarity on Broker Compensation
October 1, 2004 Craig HarrisWho gets paid what? In the wake of investigations of sales practices in the mutual fund, investment banking and security industries, several U.S. state regulators and class action specialists now have compensation agreements between insurance companies and brokers in their crosshairs. The key buzzwords are “conflict of interest” and “disclosure” when it comes to contingent commissions and other “market service” arrangements. Is this an issue destined to move north across the border?
Wawanesa Mutual rating affirmed on “superior capitalization”
September 30, 2004 by Canadian UnderwriterA.M. Best was bullish on Winnipeg-based Wawanesa Mutual Insurance Co., affirming its “A+” (superior) rating, and that of its U.S. subsidiaries, Wawanesa General Insurance Co. and Wawanesa Mutual (U.S. branch), with both ratings carrying stable outlooks.In its report, A.M. Best…