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ING ratings affirmed on combined investment and underwriting strength

May 18, 2004 by Canadian Underwriter

The “A+” (excellent) financial strength rating of ING Canada Group has been affirmed by A.M. Best, on the back of strong underwriting and investment performance.ING Canada includes Belair Insurance Co., ING Insurance Co., ING Novex and Nordic Insurance Co. The

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Optimum General produces first-quarter profit

May 18, 2004 by Canadian Underwriter

Montreal-based Optimum General Inc. (TSX: OGI.A) is reporting net income of $259,000 ($0.02 per share) for the first quarter ending March 31, 2004, compared to a net loss of $291,000 ($0.02 per share) for the same period a year ago.Gross

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Alberta now promising 5% rate reduction

May 18, 2004 by Canadian Underwriter

The Alberta government is now promising drivers a minimum 5% rate reduction as a result of auto reforms being put in place. Earlier indications were that the average rollback would be 10%.The Alberta government release also indicates the 5% reduction

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What’s new: In brief (May 17, 2004)

May 17, 2004 by Canadian Underwriter

Reporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the

News InsuranceMergers and Aqcuisitions

Alberta auto to remain top focus for brokers in year ahead

May 17, 2004 by Canadian Underwriter

The lack of resolution to Alberta’s auto reform melee is going to keep brokers on their toes in the year ahead, it was noted at Monday’s annual general meeting of the Independent Insurance Brokers Association of Alberta (IIBAA).Dennis Gartner, assistant

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British brokers say soft market is coming

May 17, 2004 by Canadian Underwriter

More than half of brokers surveyed in a recent poll say the market is showing signs of softening, and an even greater number say growth in the coming year will come from increased marketshare rather than rates. The survey, published

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Paralegal regulation needs government funding: OBA

May 17, 2004 by Canadian Underwriter

The Ontario Bar Association (OBA) says while it supports the Law Society of Upper Canada’s (LSUC) regulation of paralegals, assurances are needed that government funding will be in place to support the regulatory system.“Critical to the success of this regulatory

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What’s new: In brief (May 16, 2004)

May 16, 2004 by Canadian Underwriter

Insurance Technology Advisors Ltd. (ITA) has been retained by two Canadian technology firms to conduct market research on p&c insurers Companies participating in the research will also receive an executive report on overall IT trends for the industry. The study

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Pilot on “strong financial footing”: Aviva CEO

May 16, 2004 by Canadian Underwriter

Despite recent charges stemming from reserve shortfalls at Pilot Insurance, the CEO of parent Aviva Canada says the company has completed a restructuring plan and is now on “strong financial footing”.Last week, the Financial Services Commission of Ontario (FSCO) confirmed

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Western Financial net income up 537% in first quarter

May 16, 2004 by Canadian Underwriter

Alberta-based broker network and bank Western Financial Group (TSX: WES) is reporting net income for the first quarter ending March 31, 2004 hit $784,000, a whopping 537% increase over a year ago, when the company reported income of $123,000. This

News InsuranceMergers and Aqcuisitions

Geer exits top spot at ICBC

May 16, 2004 by Canadian Underwriter

The Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.Geer took over top spot at the government insurer three years ago – originally serving as

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FSCO charges leave former Pilot CEO “surprised and disappointed”

May 13, 2004 by Canadian Underwriter

One of the men facing charges from Ontario’s insurance regulator says those allegations have left him “surprised and disappointed”. Stu Kistruck, former CEO of Pilot Insurance Co. says it is difficult at this time to comment on the charges he