Canadian Underwriter

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Robert Cooke named new IBC chair

December 6, 2002 by Canadian Underwriter

At the recently held Insurance Bureau of Canada (IBC) annual general meeting, outgoing chair George Cooke commended the bureau for the gains made over the past year in securing government dialogue on auto product reform countrywide. The greatest success has

News Insurance

Government works towards risk management program for farmers

December 5, 2002 by Canadian Underwriter

In the wake of devastatingly bad conditions, both drought and flood, damaging crops this year, governments are working towards a risk management program for the agriculture industry.This week, federal, provincial and territorial agriculture departments met to review proposals on the

News Insurance

U.S. tornadoes more costly than estimated

December 5, 2002 by Canadian Underwriter

A series of tornadoes and severe storms that hit several states early in November have been pegged to cost insurers US$460 million, according to the Property Claims Services division of the Insurance Services Office (ISO).This is considerably higher than earlier

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Capital crunch and cat claims still plague reinsurance market: S&P

December 5, 2002 by Canadian Underwriter

Despite hardening prices, the reinsurance industry continues to be dragged down by the lack of capital and prior years’ claims development, according to rating agency Standard & Poor’s.In its 2003 Global Reinsurance Outlook, S&P says that while some companies are

News Insurance

Markel and Royal reach agreement on trucking renewals

December 4, 2002 by Canadian Underwriter

With the recent disclosure that Royal & SunAlliance Canada would be reducing its long-haul trucking business, specialty insurer Markel says it will step in to offer coverage to clients.Through an agreement between the two insurers, Markel will become a market

News InsurancePersonal Lines

Auto insurance still topping IBC concerns

December 4, 2002 by Canadian Underwriter

Despite the introduction of new legislation to deal with some of the issues plaguing Ontario’s auto insurance market, and the decision not to open up B.C.’s auto market to competition, auto remains a top priority for the Insurance Bureau of

News Insurance

Consumer ombudservice launched

December 3, 2002 by Canadian Underwriter

The new financial institutions ombudservice is now up and running with the establishment of the Centre for the Financial Services OmbudsNetwork (CFSON). The center is the first step in the complaints process, with a free customer assistance and referral service.

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Western Financial granted bank charter

December 2, 2002 by Canadian Underwriter

Broker consolidator Western Financial Group (formerly Hi-Alta) has been incorporated as a bank by the federal Finance Ministry. Known as “Bank West”, the operation is expected to be up and running early in 2003, says Western Financial CEO Scott Tannas.

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Kingsway debenture sale expected to raise $77 million

December 2, 2002 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it will sell 8.25% unsecured senior debentures amounting to $78 million. The company filed a prospectus with Canadian regulators today based on an agreement with a syndicate of underwriters who will buy

News Insurance

Investments trouble insurer Q3 earnings: IBC

November 29, 2002 by Canadian Underwriter

Despite a declining underwriting loss for Canadian p&c insurers thus far in 2002, investment market declines are hitting balance sheets hard.In its quarterly “Perspectives” report, the Insurance Bureau of Canada (IBC) notes that in the last two quarters investment income

News Insurance

Pethealth expands U.S. presence

November 28, 2002 by Canadian Underwriter

Oakville, Ontario-based Pethealth Inc. has expanded its U.S. presence through two new distributors. The nation’s largest pet insurance provider has signed agreements with the U.S. largest union benefits provider, Union Privilege. Pethealth’s PetCare insurance program will be exclusively marketed to

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Continued income growth for Western Financial

November 28, 2002 by Canadian Underwriter

Western Financial Group (TSX: WES), formerly Hi-Alta Capital, experienced continued growth in the third quarter, with revenue and income up.For the three months ending September 30, 2002, revenue was $7.32 million, versus $6.31 million for the same period in 2001,