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Law firms merge to form Bay Street giant

July 5, 2001 by Canadian Underwriter

Law firms Gowling Lafleur Henderson LLP and Smith Lyons LLP have agreed to merge, forming the second largest practice in Canada. The new firm, operating under the Gowlings name, will have about 690 lawyers, second only to McCarthy Tetrault which

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Auto theft firm boasts 1,000 recoveries last year

July 5, 2001 by Canadian Underwriter

Boomerang Tracking Inc. (TSE: BMG) notes that during the past 12 months, through agreements with 32 insurance companies in Quebec and 14 in Ontario, the company’s vehicle tracking device has led to the recovery of over 1,000 vehicles valued at

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Kingsway amends rights offering allocation

July 4, 2001 by Canadian Underwriter

Kingsway Financial Services (TSE: KFS) has filed an amended rights offering prospectus with the Canadian securities regulator that now offers five million of the company’s common shares through the recently announced public offering. An additional 750,000 common shares have been

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Anthony Clarke seeks "poison pill" approval

July 4, 2001 by Canadian Underwriter

Calgary-based brokerage group Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) is looking to implement a shareholders’ rights plan that would enable the company to block hostile takeover bids. ACL shareholders will be asked to approve the rights plan at

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Co-operators Receives Approval to Sell 50% Interest in Echelon

July 4, 2001 by Canadian Underwriter

Co-operators General Insurance Company has obtained regulatory approval to sell 50% of its interest in Echelon Insurance, a wholly-owned subsidiary catering to the higher risk, “non-standard” auto insurance market. Under the terms of the sale agreement, EGI Investments Limited of

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IBAC stands behind CSIO (July 03, 2001)

July 3, 2001 by Canadian Underwriter

The Insurance Brokers Association of Canada (IBAC) today called on all broker-supporting insurers to support the industry’s attempt to develop a business-to-business, real-time Internet portal through the Centre for the Study of Insurance Operations (CSIO). The first development phase of

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Hub finalizes Kaye deal

July 3, 2001 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSE: HGB) says the previously announced acquisition of U.S.-based brokerage Kaye Group Inc. has been finalized. Kaye shareholders will receive US$14 a share in cash under the terms of the deal.As part of the transaction,

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Asbestosis claims could hamper Lloyd’s, rating agency worries

June 29, 2001 by Canadian Underwriter

Rating agency A.M. Best is continuing its "negative outlook" on Lloyd’s, despite affirming the insurance giant’s financial strength rating of A (excellent). The rating applies to business underwritten by all Lloyd’s syndicates and to policies underwritten since the 1993 year

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A.M. Best affirms rating for Wawanesa, downgrades Optimum

June 29, 2001 by Canadian Underwriter

Winnipeg mutual insurer Wawanesa’s financial strength rating of A+ (superior) has been affirmed by rating agency A.M. Best. The rating also applies to U.S. subsidiary Wawanesa General.The rating reflects Wawanesa’s strong capitalization and operating performances, as well as its long-standing

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IBC gains OSFI reprieve on discounting reporting (June 28, 2001)

June 28, 2001 by Canadian Underwriter

Property and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC).The new reporting

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Earthquake shakes Yukon residents

June 27, 2001 by Canadian Underwriter

An earthquake measuring 5.7 on the Richter Scale shook residents of Haines Junction and Burwash Landing which are located in Destruction Bay, the southwest section of the Yukon Territory during the early hours of yesterday morning. The shaker’s epicenter was

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New federal body to lead disaster strategy talks

June 26, 2001 by Canadian Underwriter

The newly-created Office of Critical Infrastructure Protection and Emergency Preparedness (OCIPEP) will lead consultations about to begin on developing a national disaster mitigation strategy. National Defence Minister Art Eggleton says the talks will center around reducing the risk and impact