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St. George’s to file for bankruptcy to stay proceedings in sex abuse civil cases

March 8, 2005 by Canadian Underwriter

The Roman Catholic Episcopal Corp. of St. George’s in Newfoundland has filed a notice of intent to file a bankruptcy proposal. The filing would stay proceedings in civil actions against the diocese, including those filed since 1991 on behalf of

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What’s new: In brief (March 08, 2005)

March 8, 2005 by Canadian Underwriter

An Ontario Superior Court judge has turned down a move by several tobacco companies to recover legal costs from recent failed class action lawsuits filed by smokers in the province. The companies – Imperial Tobacco Ltd., Rothmans Benson & Hedges

News InsuranceMergers and Aqcuisitions

Consumers’ Association aims pen at public insurer

March 7, 2005 by Canadian Underwriter

Famous for its criticism of private insurers, the Consumers’ Association of Canada (CAC) is this time aiming its disapproval at B.C.’s public insurer.The CAC, which has stated on numerous occasions its preference for publicly-run auto insurance systems, says the Insurance

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Small cars fail crash test with SUVs: IIHS

March 7, 2005 by Canadian Underwriter

Fourteen of 16 small cars were rated poor in tests simulating a side impact crash with an SUV, says the U.S. Insurance Institute for Highway Safety (IIHS).Only the Chevrolet Cobalt and Toyota Corolla, which are equipped with optional side airbags

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Chemical and oil/gas industries represent key industrial risk: Munich Re

March 7, 2005 by Canadian Underwriter

In its latest Schadenspiegel publication, Munich Re looks at some of the most significant industrial disasters in history and finds significant exposure coming from the chemical and oil/gas sectors.Data from European countries shows the majority of industrial incidents reported come

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What’s new: In brief (March 07, 2005)

March 7, 2005 by Canadian Underwriter

Aviva Canada has officially launched its "Autograph" program in Ontario. The program allows drivers to monitor their driving habits (including speed and how far the car is driven) through a device attached to their car, and to submit this information

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Fairfax early to the gate on SOX compliance

March 6, 2005 by Canadian Underwriter

Toronto-based Fairfax is voluntarily meeting certain filing requirements under the U.S. Sarbanes-Oxley Act two years ahead of schedule.Part of the SOX requirements include filing a management report on internal financial reporting controls, as well as the report of an independent

News InsuranceMergers and Aqcuisitions

ICBC income approaches $400 million for 2004

March 6, 2005 by Canadian Underwriter

B.C.’s public auto insurer is posting net income of $389 million for 2004, well above the $225 million reported in 2003.The Insurance Corp. of B.C. (ICBC) reported written premiums up to $3.09 billion in 2004, up from $2.96 billion in

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Saskatchewan Wheat Pool secures cover for grain volume

March 6, 2005 by Canadian Underwriter

The Saskatchewan Wheat Pool is announcing a new insurance program for fiscal 2006 to cover grain volumes.The coverage, developed with reinsurance broker Aon Re Canada Inc., is intended to help earnings and cash flow stability in years of poor grain

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Aon to pay US$190 to settle three investigations

March 6, 2005 by Canadian Underwriter

Aon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three states into contingent commissions and business practices.The fund applies to policies incepted or renewed between January 1, 2001 and December 31, 2004,

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Canada the “right fit”, says Markel International CEO

March 3, 2005 by Canadian Underwriter

The Canadian market was “the right fit” to become the newest office established by Markel International, says the company’s CEO.Gerry Albanese says the decision to establish MINT Canadian Specialty Underwriters (MCSU) was based on several factors. “We like the location,”

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SEC extends SOX compliance date for foreign private issuers

March 3, 2005 by Canadian Underwriter

The U.S. Securities Exchange Commission (SEC) has extended the timeline for non-accelerated filers and foreign private issuers to comply with Sarbanes-Oxley (SOX).Originally, companies had to comply with Section 404 of SOX which requires management reports on the company’s internal control