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IBC renews push for New Brunswick auto reform in face of election battle

May 1, 2003 by Canadian Underwriter

The insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic

News Insurance

Western Financial to repurchase shares

May 1, 2003 by Canadian Underwriter

Broker network Western Financial Group (TSX: WES), which also now has it own bank, has received approval to buy back up to 589,958 of its common shares. This represents 5% of the 11,799,163 issued and outstanding common shares.As well, the

News Insurance

Swiss Re to sell stake in PartnerRe

April 30, 2003 by Canadian Underwriter

Bermuda-based reinsurer PartnerRe (NYSE: PRE) has confirmed that Swiss Re intends to sell its stake in the company. In a press release, PartnerRe says it has received a notice from Swiss Re to exercise their rights under the terms of

News InsuranceMergers and Aqcuisitions

Star calls on insurers to tackle fraud together

April 30, 2003 by Canadian Underwriter

Insurers need to stand up to paralegals, tow truck operators, rehabilitation clinics and claimants who attempt to defraud the auto insurance system, Kingsway Financial Services CEO Bill Star told attendees at an industry luncheon today. At the Insurance Institute of

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Asbestos fund unlikely to boost ratings: Moody’s

April 29, 2003 by Canadian Underwriter

Despite movement towards legislative reform on asbestos litigation in the U.S., rating agency Moody’s says this will not likely help boost insurer ratings.Currently, the Senate is looking at an asbestos “fund”, reported to be some US$90 billion, that would be

News Insurance

Tillinghast study shows 30% hike in D&O pricing for U.S./Canada

April 28, 2003 by Canadian Underwriter

A study released by Tillinghast – Towers Perrin based on a survey of U.S. and Canadian corporations on the purchase of directors’ and officers’ (D&O) insurance indicates that pricing rose on average by 30% for 2003 covers despite an overall

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Crawford to handle “Centerpulse” class action

April 28, 2003 by Canadian Underwriter

Crawford Adjusters Canada reports it has been appointed to handle claims administration for the class action settlement of a recalled hip implant.The independent adjuster’s Montreal-based team, “Crawford Expertises Canada”, was appointed by a justice of the Quebec Superior Court to

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Aviva/CGU shores up Pilot’s reserves by $195 million for 2003

April 25, 2003 by Canadian Underwriter

The total reserve deficiencies at Pilot Insurance Co., a subsidiary of CGU Group Canada Ltd., have been pegged at about $195 million, according to a quarterly report on group business results released by U.K., London-based parent Aviva plc. The latest

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Anthony Clark charged with securities fraud

April 25, 2003 by Canadian Underwriter

Broker consolidator Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) has been charged with illegally inflating its share price by the Alberta Securities Commission (ASC).The announcement comes the same day the Calgary-based brokerage announced a share buy-back approved

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Early April storms south of the border cost insurers US$1.2 billion

April 25, 2003 by Canadian Underwriter

Winter and windstorms that hit 10 states between April 4 to 8 will cost insurers US$1.2 billion, suggest early estimates from the Property Claims Services Unit (PCS) of the Insurance Services Office (ISO).At this point, PCS expects insurers will see

News Insurance

CSIO role in future portal development uncertain

April 24, 2003 by Canadian Underwriter

At today’s agm for the Centre for Study of Insurance Operations (CSIO) attendees learned that the industry association is looking at different options for the development of future phases of its broker-insurer portal project.With the first phase of the portal,

News Insurance

Anthony Clark moves into U.S. marketplace

April 24, 2003 by Canadian Underwriter

Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF), is making its first inroads into the U.S. market. The Calgary-based broker consolidator has agreed to purchase all of the assets of an unnamed California brokerage.Purchase price for the deal,