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Louisiana insurers to pay US$22 million for Tropical Storm Bill

August 20, 2003 by Canadian Underwriter

The price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance

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Pethealth in the red despite revenue growth

August 19, 2003 by Canadian Underwriter

Despite almost doubling its revenue in the second quarter ending June 30, 2003, Oakville-based pet insurer Pethealth Inc. (TSX: PTZ) reported a net loss for the period of $743,093, or $0.01 per share. While this represents an improvement over the

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Optimum General back in the black on strong Q2 2003

August 19, 2003 by Canadian Underwriter

As of June 30, 2003, Montreal-based Optimum General Inc. (TSX: OGI.A) is out of the red, posting net income of $492,000, or $0.04 per share for the first half of this year. This is a vast improvement over the loss

News InsuranceMergers and Aqcuisitions

ICBC net income up on expense reduction and real estate sale

August 18, 2003 by Canadian Underwriter

The Insurance Corp.of B.C. (ICBC) is reporting net income of $77 million for the six months ending June 30, 2003, largely on the back of reduced expenses, rate hikes and the sale of certain real estate. This represents a significant

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Simmons to retire as Royal & SunAlliance Canada head

August 18, 2003 by Canadian Underwriter

Royal & SunAlliance Canada confirms that president and CEO Larry Simmons will retire. No effective date has been given, as Simmons will stay on until a replacement is found, says RSA Canada communications director Sally Turney.Simmons took over the top

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Modest insurance impact from blackout expected

August 15, 2003 by Canadian Underwriter

Impact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border are reporting.“It’s very, very difficult to say [what insured losses will

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Hub withdraws from Near North purchase

August 15, 2003 by Canadian Underwriter

Broker consolidator Hub International Ltd. is the latest to withdraw from talks to buy the brokerage operations troubled Near North National Group.Chicago-based Near North has been trying to sell its assets as the company and its former CEO, Michael Segal,

News InsuranceMergers and Aqcuisitions

PEI adds “pain and suffering” cap, but proposes stricter regulation

August 13, 2003 by Canadian Underwriter

Reacting to news that the government of Prince Edward Island intends to join other province’s in implementing a $2,500 cap on “pain and suffering” awards for auto accident victims, insurers are holding back on the celebration. While the cap is

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Western Financial on target for 2003

August 12, 2003 by Canadian Underwriter

Broker consolidator Western Financial Group (TSX: WES) says that losses from its bank start-up have been lees than budgeted for, and the company is on target to achieve its projected $1.6-$2 million net income for 2003.For the second quarter ending

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Goran Florida sub faces possible suspension

August 12, 2003 by Canadian Underwriter

Florida’s Office of Insurance Regulation is considering the suspension of one of Toronto-based Goran Capital Inc.’s subsidiaries. An administrative law judge in Florida has said the regulator can suspend Superior Insurance Company’s (Superior Insurance) authority to write business for up

News InsuranceMergers and Aqcuisitions

Kingsway ROE jumps to 18.2% in second quarter

August 11, 2003 by Canadian Underwriter

Reporting record results for the second-quarter and first half of 2003, Kingsway Financial Service Inc. (TSE, NYSE: KFS) says its annualized return on equity of 18.2% for the quarter, versus 11.8% for Q2 2002.Net income for the quarter grew 68%

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S&P continues negative outlook on reinsurance industry

August 11, 2003 by Canadian Underwriter

Rating agency Standard & Poor’s (S&P) says the downward pressure continues on ratings for North American reinsurers, despite premium increases. Overall, S&P is continuing its “negative outlook” for the sector, for the sixth consecutive year.A negative outlook implies downgrades should