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Royal SunAlliance Canadian arm improves, but hampered by FA losses

March 12, 2004 by Canadian Underwriter

With the release of Royal & SunAlliance Insurance Group’s results, the Canadian operations are posting improved operating results, however Facility Association (FA) losses are hampering the effect of prince increases and reduced exposures.Overall, the parent company is reporting a pre-tax

News InsuranceMergers and Aqcuisitions

Reinsurers continue to expect downgrades: S&P

March 12, 2004 by Canadian Underwriter

Reinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative

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U.S. Chamber survey identifies worst states for tort

March 12, 2004 by Canadian Underwriter

Mississippi has again taken on the dubious honor of being the worst state in which to defend a liability case, says the annual “State Liability Systems Ranking Study” released by the U.S. Chamber of Commerce “institute for legal reform”. West

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Brokers applaud removal of towing cap

March 11, 2004 by Canadian Underwriter

Ontario’s brokers are “extremely pleased” with the decision to remove the cap on towing and storage costs that had been part of a package of reforms to the province’s auto insurance system.Insurance Brokers Association of Ontario (IBAO) CEO Bob Carter

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Global aviation market “precarious”: Aon

March 11, 2004 by Canadian Underwriter

A new report by international broker Aon suggests the global aviation market is facing a very uncertain future with premiums falling last year.Aviation losses were down in 2003 to the lowest level in history in 2003, and rates fell by

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Insurers break through 10% ROE for 2003

March 11, 2004 by Canadian Underwriter

Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full year return reflects a nine percentage point improvement

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Lindsey Morden hands off U.S. TPA business

March 10, 2004 by Canadian Underwriter

Fairfax’s Lindsey Morden Group has agreed to sell its U.S. third-party administration (TPA) businesses, which include RSKCo Services and Cunningham Lindsey Claims Management Inc. (CMI). The new owner, Broadspire Services Inc., says the two companies will be merged into its

News InsuranceMergers and Aqcuisitions

Ontario cap on tow truck claims to be dropped

March 10, 2004 by Canadian Underwriter

Expectations are that the $300 cap on vehicle towing and storage costs to be in force in Ontario by mid-April will now be dropped. The Collision Industry Action Group (CIAG) says that sources close to Michael Colle, parliamentary assistance responsible

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ICBC comes down on fraudulent license operation

March 10, 2004 by Canadian Underwriter

The Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, says two arrests have been made as part of an ongoing investigation of fraudulent driver licenses. ICBC has also launched a civil suit against the owner of a Richmond,

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Insurers need to take action on ERM: PWC report

March 9, 2004 by Canadian Underwriter

Insurers are doing a lot of thinking about enterprise-wide risk management (ERM) programs, but not taking enough action, suggests a new study by PriceWaterhouseCoopers. Insurers see the value in ERM in meeting their financial goals, the study shows, but also

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Cybercrime and fraud on the rise in Canada: PWC study

March 9, 2004 by Canadian Underwriter

Economic crime, and cybercrime in particular, are on the rise, says a new survey by PriceWaterhouseCoopers LLP. The consulting firm says more than one-third of companies report being a victim of fraud in the last two years, a figure much

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Kingsway in $150 million credit facility; responds to rating action

March 9, 2004 by Canadian Underwriter

Insurance giant Kingsway Financial Services says it has entered into a new revolving credit facility with a syndicate of three banks for $150 million. The new facility replaces two existing credit facilities, the company notes. The banks involved include CIBC,