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III puts tornado losses at US$290 million

November 15, 2002 by Canadian Underwriter

Tornadoes and windstorms sweeping across several U.S. states earlier this week could cost insurers US$290 million, says the Insurance Information Institute (III).The figure comes from preliminary survey data provided by AIR Worldwide, a subsidiary of the Insurance Services Office (ISO),

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Insurers focus on fraud and misconduct: KPMG survey

November 14, 2002 by Canadian Underwriter

Insurers are ahead of the rest of corporate Canada when it comes to managing fraud and misconduct, according to a survey from KPMG Forensic.Among the insurance industry’s responses to the survey, 100% said fraud risks are the responsibility of the

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Scor loses “A” rating from Moody’s

November 14, 2002 by Canadian Underwriter

Amidst expectations of a large yearend loss for French reinsurer SCOR, rating agency Moody’s has taken away the company’s “A” rating.Moody’s has downgraded SCOR to Baa1 from A1 in terms of financial strength. Its senior debt is also downgraded to

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CGI acquires UAB for $53 million

November 13, 2002 by Canadian Underwriter

Business IT solutions provider CGI Group Inc. (TSX: GIB.A) has signed an agreement to acquire claims specialist Underwriters Adjustment Bureau Ltd. (UAB) for $53 million. The deal is expected to close by the beginning of next year.UAB generates about $100

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Odyssey Re 3-Q results boosted by capital gains

November 13, 2002 by Canadian Underwriter

Odyssey Re Holdings Inc.’s (TSX: ORH) net taxed income for the third quarter of this year came in at US$87.8 million, equivalent to US135c a share. Net taxed income for the first nine months of 2002 amounted to US$176.9 million

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Two more additions to Hub network

November 12, 2002 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) has been on a buying spree as of late, with a half dozen acquisitions since the beginning of September. The latest purchases add brokerages in Los Angeles and Massachusetts to the stable.Last

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Lindsey Morden revenue up in third quarter 2002

November 12, 2002 by Canadian Underwriter

Adjuster Lindsey Morden (TSX: LM), which operate in Canada as Cunningham Lindsey, saw increased revenue for the quarter ending September 30, 2002. Revenue was up to $117 million for the third quarter, compared to $105 million for the same period

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Fairfax rebounds in third quarter

November 11, 2002 by Canadian Underwriter

Slumping Fairfax Financial Holdings (TSE, NYSE: FFH) showed signs of a turnaround in the third quarter 2002, with the largest quarterly profit in the company’s history.After posting a loss of $458.3 million for the quarter ending September 30, 2001, the

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Legislation sets timetable for UV project

November 11, 2002 by Canadian Underwriter

Among the changes included in last week’s introduction of Bill 198 in the Ontario legislature is a countdown for the industry’s Uninsured Vehicles project.Through changes to the province’s Compulsory Automobile Insurance and Highway Traffic acts which stand to be passed

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Kingsway earnings up for third quarter (November 08, 2002)

November 8, 2002 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX, NYSE: KFS) is reporting a record increase in earnings per share for the quarter ending September 30, 2002. The company’s net income for the third quarter increased 51% to $21.7 million from $14.3 million during

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Hub to buy Sun Life mutual fund operation

November 8, 2002 by Canadian Underwriter

Broker consolidator Hub International (TSX, NYSE: HBG) has signed a letter of intent to purchase Sun Life Financial Advisory Services Inc. which sells mutual funds in Canada. These operations would be merged with Hub’s existing mutual fund arm, Hub Capital

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Big changes for RSA, including Canadian ops

November 8, 2002 by Canadian Underwriter

Royal & SunAlliance is making some sweeping changes in light of continued financial troubles. The company has announced results of a financial review that will see it exiting under-performing lines of business. The group says it will continue to focus