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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

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Universal Star completes sale

June 25, 2001 by Canadian Underwriter

Lloyd’s intermediary Universal Star Ventures Corporation announces that the sale of the assets of subsidiary Ken Davies & Associates Insurance Services Inc. to Canadian Farm Insurance Services Inc. has been finalized. The sale had been announced in February, but did

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U.S. results show income slide

June 25, 2001 by Canadian Underwriter

Net income for the U.S. property and casualty industry in the first quarter of the year dropped 5.4% compared with the same quarter last year, according to the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers

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Tobacco litigation wars continue (June 21, 2001)

June 21, 2001 by Canadian Underwriter

The U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton.

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Calgary residents threaten property damage/personal injury claims in toxic dispute

June 21, 2001 by Canadian Underwriter

Residents of Lynnview Ridge, a neighborhood located in the southeast end of Calgary, Alberta, are demanding answers from the city with regard to an ongoing investigation into possible toxic contamination of the residential area. Soil tests released in mid-May of