Canadian Underwriter

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News Insurance

M&A activity set to pick up in 2004: Conning

April 28, 2004 by Canadian Underwriter

With 2003 ending in a flurry of high-profile insurance mergers, the stage is set for further m&a activity in 2004, says a new report by Conning & Co. 2003 had been expected to follow the two-year trend of low activity

News InsuranceMergers and Aqcuisitions

Quebec Justice Minister resigns

April 28, 2004 by Canadian Underwriter

Quebec’s Justice Minister, Marc Bellemare, has resigned his cabinet post, and will retire from political life.The news may signal a bright note for insurers, as Minister Bellemare was the lead force working to change Quebec’s auto insurance system. Bellemare wanted

News Insurance

Hub buys Washington construction specialty broker

April 27, 2004 by Canadian Underwriter

Hub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington,

News InsuranceMergers and Aqcuisitions

Plaintiffs’ lawyers decry proposed Alberta auto regs

April 27, 2004 by Canadian Underwriter

In a scathing press release, Alberta’s plaintiffs’ lawyers are lashing out at proposed changes to the province’s auto insurance system which would limit the right of those with minor injuries to collect “non-economic” damages.The Alberta Civil Trial Lawyers Association says

News Climate ChangeInsurance

Cat bond market grows 42% in 2003

April 27, 2004 by Canadian Underwriter

The global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions

News Insurance

Northbridge posts 92.8% combined ratio in first quarter

April 26, 2004 by Canadian Underwriter

Northbridge Financial Corp. (TSX: NB) posted underwriting profit of $20.3 million on a 92.8% combined ratio for the first quarter ending March 31, 2004. This more than doubles the underwriting profit of $10.1 million produced in first quarter 2003, when

News InsuranceMergers and Aqcuisitions

Pafco becomes stand-alone company

April 26, 2004 by Canadian Underwriter

Former Pembridge brand Pafco has received a federal charter to operate as a stand-alone company, although it will continue to target the high-risk or non-standard auto market as before. Pafco has also applied for provincial licenses in Ontario, New Brunswick

News Insurance

Adjusters granted “investigative body” status

April 26, 2004 by Canadian Underwriter

Retroactive to March 31, independent adjusters in Canada have been granted the status of “investigative bodies” under the federal privacy legislation.The status, announced by the Canadian Independent Adjusters Association (CIAA), allows independents leeway in the collection, use and disclosure of

News Insurance

Poor service holding commercial property carriers back: Allianz

April 25, 2004 by Canadian Underwriter

A new survey from Allianz Global Risks US Insurance Co. shows dissatisfaction with the level of service being provided by commercial property carriers. In its survey, Allianz finds that 90% of property brokers have recommended clients to change carriers on

News Insurance

Corporate scandals still on the minds of risk managers: Lloyd’s survey

April 25, 2004 by Canadian Underwriter

An overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk

News Insurance

B.C. brokers to offer insurance premium financing vehicle

April 25, 2004 by Canadian Underwriter

The Insurance Brokers Association of B.C. (IBABC) says its members will offer a new premium financing program to small businesses through a partnership with Scotiabank and technology firm GHR Systems Inc.IBABC executive director says the move is a response to

News Insurance

Commercial rates dropping: RIMS survey

April 22, 2004 by Canadian Underwriter

Commercial insurance buyers report falling rates in property and general liability lines, signs of a softening market, according to the first-quarter 2004 edition of the Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey.Property rates fell by 1.5%, RIMS members say,