Canadian Underwriter

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News Insurance

What’s new: In brief (May 10, 2004)

May 10, 2004 by Canadian Underwriter

The World Trade Center insurance trial verdict will have far-reaching implications for commercial clients, says Wood & Bender LLP. While the decision highlights the need to have insurance negotiations finalized prior to completing major business transactions, it has also spurred

News Insurance

Danier Leather to appeal $15 million shareholder suit

May 10, 2004 by Canadian Underwriter

Toronto-based Danier Leather says it will appeal an Ontario Superior Court verdict which could amount to a $15 million payout.The verdict stems from a 1998 initial public offering (IPO), which spawned a class action suit alleging the company and two

News Insurance

Asbestos litigation hits the skids

May 10, 2004 by Canadian Underwriter

Once more, legislation to tackle U.S. asbestos litigation has stalled, this time with negotiations breaking down on Senate bill S.2290. The bill would have established a trust fund to compensate victims of illness related to asbestos exposures, and is an

News Insurance

What’s new: In brief (May 09, 2004)

May 9, 2004 by Canadian Underwriter

Lloyd’s has received permission to expand in seven of the new European Union (EU) accession countries, including the Czech Republic, Poland and Hungary. The company now trades in 72 territories worldwide, including all 25 EU countries. Mississauga-based Kingsway Financial Services

News Climate ChangeInsurance

California wildfires spark regulator ire

May 9, 2004 by Canadian Underwriter

California’s insurance regulator and the state’s insurers are waging a war of words over last year’s firestorm, just as new fires rage in Riverside County.Insurance Commissioner John Garamendi announced his intention to push forward a “homeowners’ bill of rights” in

News Insurance

Hub continues U.S. expansion

May 9, 2004 by Canadian Underwriter

Broker network Hub International Ltd. has announced its second acquisition in the past two weeks, with the purchase of Lyman Insurance Agency Inc. and Conly-Lyman Insurance Agency Inc.The Wilmington-based agencies were purchased by “hub” brokerage C.J. McCarthy to expand the

News Insurance

Commercial industrial focus paying off for GCAN

May 9, 2004 by Canadian Underwriter

Toronto-based GCAN insurance company has seen its “A” (excellent) rating affirmed by A.M. Best, a sign of “the continuation of the good results we’ve had for five years”, says president Andy Henke.Henke says the company’s focus on commercial industrial risks

News InsuranceMergers and Aqcuisitions

Co-operators General reports fourth strong quarter in a row

May 6, 2004 by Canadian Underwriter

Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting its fourth straight quarter of strong results, with net income of $34.4 million for the quarter ending March 31, 2004.This compares with a net loss for $5.9 million for the

News InsuranceMergers and Aqcuisitions

“Solid start” to 2004 for Kingsway Financial

May 6, 2004 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX, NYSE: KFS) CEO Bill Star says the company has started 2004 off well, posting net income up 26% for the first quarter ending March 31.While net income rose to $30.8 million for the quarter, from

News Insurance

U.S. credit scoring study proceeds despite insurer opposition

May 6, 2004 by Canadian Underwriter

A study of credit scoring undertaken by several U.S. states is moving forward despite opposition from various insurer groups.The Property Casualty Insurers Association of America (PCI) confirms major personal lines carriers have already received initial calls from insurance departments this

News Climate ChangeInsurance

IBC and ICLR promote emergency preparedness

May 6, 2004 by Canadian Underwriter

Concurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore

News InsuranceMergers and Aqcuisitions

ICBC to reward safe driving communities

May 5, 2004 by Canadian Underwriter

The Insurance Corp. of B.C. is aiming to reduce auto accidents this month, issuing a challenge to communities. Between May 5 and 27, communities in various size categories which show the greatest reduction in car crashes can receive grants between