Canadian Underwriter

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Insurance


News Insurance

Winterthur Canadian head moves to Kingsway

August 2, 2001 by Canadian Underwriter

Kingsway Financial Services Inc. announces that Frank Amodeo, former head of Winterthur International’s Canadian office, has joined the specialty auto insurer as its vice president.Amodeo was vice president and manager of multi-national operations for Winterthur’s Canadian branch, located in Toronto.

News Insurance

E-L Financial’s half-year earnings fall on lower insurance revenues

July 31, 2001 by Canadian Underwriter

Canadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates

News Insurance

Swiss Re to acquire U.S. reinsurance operation

July 30, 2001 by Canadian Underwriter

Swiss Re announced today that it will acquire Lincoln National Corporation’s reinsurance operation, Lincoln Re, headquartered in Fort Wayne, Indiana, for US$2 billion. Swiss Re will integrate Lincoln’s reinsurance operations into the Swiss Re North American Life & Health unit.In

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Winterthur sale complete under new terms

July 27, 2001 by Canadian Underwriter

Bermuda-based XL Capital has finalized its purchase of the Wintherur International operations of Credit Suisse Group. The all-cash deal, valued at US$405 million, is slightly less than originally announced because of the exclusion of "certain parts of the business agreed

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ICBC downsize possible precursor of deregulation

July 26, 2001 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) says it will cut up to 800 jobs by the end of the year, in a move that some observers expect is in preparation for competition in the provincial auto insurance market.The government-run

News Insurance

Groupama U.K. operations on the block

July 26, 2001 by Canadian Underwriter

Following the sale of its North and South American reinsurance operations, Groupama has now put its U.K. insurance subsidiary up for bids. Earlier this year the French mutual, also known as Caise Centrale des Assurances Mutuelles Agricoles, announced the sale

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Guy Carpenter study links reinsurance and capital management

July 25, 2001 by Canadian Underwriter

Reinsurance will play an key role in capital management for insurers, says a new study from international reinsurance intermediary Guy Carpenter. The study, based on a seminar on capital management, notes that insurance companies need to manage capital more effectively

News Insurance

New insurance marketplace helps computers “talk”

July 25, 2001 by Canadian Underwriter

A new Internet insurance marketplace is up and running, created by Riskebiz Internet Services Inc. The new site will provide links to web related services for insurers, brokers, adjusters and other insurance professionals. The new site uses UDDI, a set

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Cellular vehicle tracking system thwarts thieves

July 24, 2001 by Canadian Underwriter

Approximately $700,000 worth of stolen goods was recently recovered by Quebec police following the theft of three vehicles which had been equipped with cellular-based tracking systems (manufactured by Boomerang Tracking Inc.).The theft of all three vehicles occurred separately on the

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U.S. insurers suffer heavy cat toll for second quarter

July 20, 2001 by Canadian Underwriter

Property and casualty insurers incurred US$4.4 billion in catastrophe-related property losses for the second quarter to end June this year, according to the Insurance Service’s Office (ISO).The nine catastrophic events, of which two storms generated more than US$1 billion in

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Liberals install new ICBC board (July 19, 2001)

July 19, 2001 by Canadian Underwriter

The newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board

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RBC sells off Louisiana subsidiary

July 18, 2001 by Canadian Underwriter

Royal Bank of Canada (TSE, NYSE: RY) has announced the sale of Louisiana-based State National Fire Insurance Company to an undisclosed Louisiana company. Royal Bank had acquired State National Fire as part of its buyout of Liberty Life and Liberty