IBAO 2001 Convention: Rates Back to the Future
December 1, 2001 Vikki SpencerAs Ontario’s brokers gathered in Toronto for the annual Insurance Brokers Association of Ontario Convention, the challenges and opportunities of the hardening insurance market were on everyone’s minds. Just how far will the tide turn, and how will reinsurance price hikes trickle down to brokers’ clients? All of this comes as Ontario’s brokers prepare for immense regulatory changes and the emergence of new technological tools to their trade.
ING and Zurich enter asset swap deal and alliance
December 1, 2001 by Canadian UnderwriterING Canada has acquired Zurich North America Canada’s personal lines book of business as well as its commercial business valued at less than $50 million through an integrated cash and “asset swap” deal. In total, ING acquired about $540 million…
Insurers stung in third quarter by falling investments
December 1, 2001 by Canadian UnderwriterCanadian property and casualty insurers produced a record-low return on equity (ROE) of 1.8% for the first nine months of this year against the 7.4% return achieved a year previous, according to the latest quarterly Perspective financial report released by…
Back Stop…or “Stopped”
December 1, 2001 Sean van Zyl, EditorWith the deadline for yearend reinsurance renewals rapidly drawing near, a political game of “chicken” appears to be in play between insurers, reinsurers and the federal government. The Insurance Bureau of Canada (IBC) established a special task group following the…
Kingsway reports record quarter
December 1, 2001 by Canadian UnderwriterSpecialty insurer Kingsway (TSE: KFS) reported record earnings and revenue for the third quarter 2001. Unlike many insurers who have seen abysmal results due to September 11 losses, Kingsway posted net income of $14.3 million, a 47% increase over the…
Hi-Alta achieves healthy 3-Q profit gain
November 30, 2001 by Canadian UnderwriterBroker network consolidator Hi-Alta Capital Inc.’s (TSE: HIA) revenue for the first nine months of this year rose by 19% to $17.3 million compared with the $14.5 million reported for the same period in 2000. Net earnings for the latest…
IBC prompts Newfoundland auto insurance reform
November 30, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government…
Consolidation to follow terrorist attacks, says PWC
November 28, 2001 by Canadian UnderwriterFollowing the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a)…
B.F. Lorenzetti buys Vancouver firm (November 27, 2001)
November 27, 2001 by Canadian UnderwriterMontreal-based B.F. Lorenzetti (BFL) is set to buy majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted the commercial brokerage offices in Halifax and Quebec city.BFL says the acquisition…
Lloyd’s WTC exposure hits $2.8 billion
November 27, 2001 by Canadian UnderwriterLloyd’s of London says its net exposure from the September 11 terrorist attacks is now estimated at US$2.8 billion. This is an increase of 45% over an early estimate of US$1.9 billion.The revised estimate is the result of new property…
Insurers’ investment performance plummets in 3-Q
November 23, 2001 by Canadian UnderwriterCanadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for…
ING and Zurich form Canadian alliance in asset swap deal
November 22, 2001 by Canadian UnderwriterING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks…