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News InsuranceMergers and Aqcuisitions

MPI reports net income of $81.5 million for first three quarters of 2004

January 17, 2005 by Canadian Underwriter

Manitoba Public Insurance (MPI) says for the first nine months ending November 30, 2004, it pulled in net income of $81.5 million, more than double the $38.7 million reported in the first nine months a year prior.Premiums written were up

News Insurance

Loyalist working to meet TSX requirements

January 17, 2005 by Canadian Underwriter

Ontario-based Loyalist Insurance Group says it is working to meet requirements of the Toronto Stock Exchange as the company is to be reinstated on the TXS Venture Exchange later this week.The company had been delisted in November for failing to

News Insurance

What’s new: In brief (January 17, 2005)

January 17, 2005 by Canadian Underwriter

Toronto-based conglomerate Onex says it has sold its U.S. insurance brokerage operation, InsLogic. While the buyer was not disclosed, Onex says it received $22 million for the Tennessee-based provider of private-label brokerage services. InsLogic provides insurance services for auto manufacturers

News Climate ChangeInsurance

What’s new: In brief (January 16, 2005)

January 16, 2005 by Canadian Underwriter

The Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA) says 43 new captives were formed in the domicile in 2004. The forms were varied, with 29 pure captives, 8 risk retention groups (RRGs), and also industrial insureds, sponsored, association

News InsuranceMergers and Aqcuisitions

Newfoundland puts out call for participation in insurance hearings

January 16, 2005 by Canadian Underwriter

On the heels of publishing its claims study, Newfoundland’s Public Utilities Board (PUB) is asking for public input to a series of insurance hearings.The first hearings will deal with auto insurance, with the completion of the PUB’s study of closed

News Insurance

Industry leaders say “more to come” from insurance investigations

January 16, 2005 by Canadian Underwriter

Insurance industry leaders expect the investigation into market practices will only expand in 2005, according to results of a survey conducted by the U.S. Insurance Information Institute (III).The III asked attendees at last week’s P/C Industry Joint Industry Forum in

News Insurance

Market turn marked by discipline: Willis

January 16, 2005 by Canadian Underwriter

In its annual “Marketplace Realities” report, broker Willis finds despite price softening in “virtually all market segments”, underwriting discipline remains intact.Despite the past year being marked by catastrophes, including the Atlantic hurricane season and December 26 Asian tsunami, market capacity

News InsuranceMergers and Aqcuisitions

What’s new: In brief (January 13, 2005)

January 13, 2005 by Canadian Underwriter

The U.S. Insurance Research Council (IRC) says auto injury fraud is adding about US$5 billion to claims costs per year, based on 2002 data. The study also found indications of fraud in 10% of all paid bodily injury claims, and

News Climate ChangeInsurance

Levene touts need for “early warning system for both natural and corporate disasters

January 13, 2005 by Canadian Underwriter

2004 was marked by a series of “disasters” for the insurance industry not just natural catastrophes like the Atlantic hurricanes, but also corporate catastrophe in the form the investigations into broker compensation and non-traditional insurance products. In light of this,

News Climate ChangeInsurance

Insurers to pay US$85 million for “Christmas” storm in Ohio

January 13, 2005 by Canadian Underwriter

Although far overshadowed by the December 26th Indian Ocean tsunami, Ohio experienced severe weather just before the Christmas holiday, and the price tag for insurers is likely to top US$85 million.The Ohio Insurance Institute (OII) says the US$85 million is

News Insurance

Commercial auto on the right path, but not likely to stay there: Conning

January 13, 2005 by Canadian Underwriter

Writers of commercial auto insurance have effected a massive turnaround since 1999, posting strong results last year, but this upward trend is unlikely to last past 2004, says a new study by Conning Research.In 1999, commercial auto writers posted a

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Fairfax buys run-off French reinsurer

January 12, 2005 by Canadian Underwriter

Fairfax Financial Holdings is buying a French reinsurance operation which was placed in run-off last November.Fairfax’s Compagnie Transcontinentale de Reassurance Holding (CTRH) has purchased Markel Corp.’s Corifrance (Compagnie de Reassurance d’Ile-de-France) and its French holding company, Terra Nova SAS.Fairfax is