Canadian Underwriter

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News Insurance

Optimum General boosts earnings in 2004

February 28, 2005 by Canadian Underwriter

Montreal-based Optimum General Inc. (TSX: OGI.SV.A) saw strong improvement in its results for year ending December 31, 2004, with earnings almost double that produced in 2003.2004 net income was $3.6 million, or $0.31 per share, up from income of $2

News InsuranceMergers and Aqcuisitions

Saskatchewan introduces graduated licensing

February 28, 2005 by Canadian Underwriter

All new drivers in Saskatchewan will be subject to a new graduated licensing system as of September 1, 2005, says the province’s public insurer.Saskatchewan Government Insurance (SGI) says the program has three stages learner, novice 1 and novice 2 which

News Insurance

Western Financial now official parent of Federated Life

February 28, 2005 by Canadian Underwriter

The sale of Fairfax’s Federated Life to Western Financial Group is now complete, with the company’s name to be changed to Western Life Assurance Co. Western Financial purchased the life insurer from Fairfax’s Northbridge Financial Corp. for $20 million, with

News Insurance

What’s new: In brief (February 28, 2005)

February 28, 2005 by Canadian Underwriter

Bermuda-based RenaissanceRe Holdings Ltd. says it has received a subpoena from the U.S. Securities Exchange Commission (SEC) in connection with the SEC’s investigation of “non-traditional” insurance products. As well, the SEC is seeking further information on RenRe’s recent announcement that

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s new: In brief (February 27, 2005)

February 27, 2005 by Canadian Underwriter

ICBC says two Abbotsford residents have pleaded guilty to charges of providing false information to the public auto insurer. Harminder Singh Ghuman was fined $2,000 and Kesar Singh Sidhu was fined $1,500 for filing fraudulent claims following a collision in

News Insurance

Reliance settles with Pennsylvania regulator

February 27, 2005 by Canadian Underwriter

Reliance Insurance Group, which was placed in liquidation in the U.S. in 2001, has made a settlement with Pennsylvania Insurance Commissioner Diane Koken. Koken filed suit against the parent Reliance Group Holdings’ CEO Saul Steinberg and other directors and officers

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New IBAC TV campaign includes brokers’ personal stories

February 27, 2005 by Canadian Underwriter

A new media campaign already underway for the Insurance Brokers Association of Canada (IBAC) includes television vignettes featuring independent brokers talking about the value they bring to consumers.IBAC spokesperson Janine Cavin says that as part of its media buy, the

News Insurance

B.C. tourism operators launch insurance and risk management program

February 27, 2005 by Canadian Underwriter

In response to rising premiums and availability issues, B.C.’s tourism operators have some new tools to improve their risk profile and hopefully receive lower rates, but also to provide coverage in specific sectors.The province’s Council of Tourism Associations has put

News Insurance

Spitzer announces tenth guilty plea in commission scandal

February 24, 2005 by Canadian Underwriter

New York Attorney General Eliot Spitzer has announced another guilty plea on the part of a Marsh executive to charges of fraud and bid-rigging of insurance contracts.The woman, who is a former managing director at Marsh, pleaded guilty in New

News Insurance

Court case proves need for non-rescindable cover: Saddington

February 24, 2005 by Canadian Underwriter

News today that Chubb Insurance Co. was seeking to rescind US$40 million in coverage for directors and officers of Nortel Network Corp. highlights the need for companies to purchase non-rescindable cover, says Scott Saddington, chief underwriting officer for Executive Risk

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Dominion parent posts significant earnings growth for 2004

February 24, 2005 by Canadian Underwriter

E-L Financial Corp. Ltd. (TSX: ELF), parent of Dominion of Canada General Insurance Co. , has posted net income o f$129.9 million, or $31.93 per share, for 2004. This is more than double the 2003 net income of $46.9 million,

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What’s new: In brief (February 24, 2005)

February 24, 2005 by Canadian Underwriter

Florida is the second state this week to introduce legislation to prioritize asbestos and silica lawsuits. Republican representative Joe Pickens has put forward House Bill 1019 which would require claimants to meet specific medical criteria in order to have their