Canadian Underwriter

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News InsuranceMergers and Aqcuisitions

Nova Scotia rate freeze draws industry ire

May 6, 2003 by Canadian Underwriter

A bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of

News Insurance

E-L Financial net income up despite investment woes

May 5, 2003 by Canadian Underwriter

E-L Financial Corp. Ltd. (TSX: ELF), parent of The Dominion of Canada General Insurance Co. and Chieftain, reports net income for the first quarter ending March 31, 2003 was up to $11.1 million, or $2.89 per share, versus $9.4 million,

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Gerling Canada to be sold

May 5, 2003 by Canadian Underwriter

Rating agency A.M. Best has placed under review the financial strength rating of Gerling Canada Insurance Company (rated A-, excellent). The review follows news that the company’s German parent, Gerling Konzern Allgemeine, will sell the operation to a group of

News Insurance

Kingsway enjoys record underwriting profit for 1-Q

May 2, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) saw net income rise by 50% year-on-year to $24.4 million for the first quarter of the current financial year compared with the $16.3 million reported for the same period in 2002. This translates to

News Insurance

Hub earnings up 80% in Q1 2003

May 2, 2003 by Canadian Underwriter

Broker network Hub International Limited (NYSE, TSX: HBG) reports growth in both revenue and earnings, on the back of growth in Canada and rising contingent commissions, for the first quarter ending March 31, 2003.For the quarter, revenue was up 39%

News InsuranceMergers and Aqcuisitions

IBC renews push for New Brunswick auto reform in face of election battle

May 1, 2003 by Canadian Underwriter

The insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic

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Western Financial to repurchase shares

May 1, 2003 by Canadian Underwriter

Broker network Western Financial Group (TSX: WES), which also now has it own bank, has received approval to buy back up to 589,958 of its common shares. This represents 5% of the 11,799,163 issued and outstanding common shares.As well, the

News Insurance

Swiss Re to sell stake in PartnerRe

April 30, 2003 by Canadian Underwriter

Bermuda-based reinsurer PartnerRe (NYSE: PRE) has confirmed that Swiss Re intends to sell its stake in the company. In a press release, PartnerRe says it has received a notice from Swiss Re to exercise their rights under the terms of

News InsuranceMergers and Aqcuisitions

Star calls on insurers to tackle fraud together

April 30, 2003 by Canadian Underwriter

Insurers need to stand up to paralegals, tow truck operators, rehabilitation clinics and claimants who attempt to defraud the auto insurance system, Kingsway Financial Services CEO Bill Star told attendees at an industry luncheon today. At the Insurance Institute of

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Asbestos fund unlikely to boost ratings: Moody’s

April 29, 2003 by Canadian Underwriter

Despite movement towards legislative reform on asbestos litigation in the U.S., rating agency Moody’s says this will not likely help boost insurer ratings.Currently, the Senate is looking at an asbestos “fund”, reported to be some US$90 billion, that would be

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Tillinghast study shows 30% hike in D&O pricing for U.S./Canada

April 28, 2003 by Canadian Underwriter

A study released by Tillinghast – Towers Perrin based on a survey of U.S. and Canadian corporations on the purchase of directors’ and officers’ (D&O) insurance indicates that pricing rose on average by 30% for 2003 covers despite an overall

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Crawford to handle “Centerpulse” class action

April 28, 2003 by Canadian Underwriter

Crawford Adjusters Canada reports it has been appointed to handle claims administration for the class action settlement of a recalled hip implant.The independent adjuster’s Montreal-based team, “Crawford Expertises Canada”, was appointed by a justice of the Quebec Superior Court to