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Colorado fire damage estimated at US$75 million

June 14, 2002 by Canadian Underwriter

Wildfires running through Colorado’s Iron Mountain, near Canon City, recently are estimated to have caused US$75 million in insured damages, says the Rocky Mountain Insurance Information Association.In a press release, the association notes that the number is based on a

News Insurance

Facility wants consistent rate filing in New Brunswick

June 13, 2002 by Canadian Underwriter

In it submission to the New Brunswick select committee on auto insurance, the Facility Association is asking that it be subject to the same “file and use” rate system as the rest of the industry. Although 1997 legislation in New

News InsuranceMergers and Aqcuisitions

IBC calls on select committee to reform auto insurance in New Brunswick

June 13, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is urging the provincial government to make changes to auto insurance in New Brunswick. In its submission to the Select Committee on Private Passenger Automobile Insurance in Fredericton, IBC has provided various models for

News InsuranceMergers and Aqcuisitions

MPI wants no increase in auto rates despite net loss

June 12, 2002 by Canadian Underwriter

Manitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants

News Insurance

Democrats put terrorism reinsurance bill on the table

June 11, 2002 by Canadian Underwriter

Democrats in the U.S. Senate have pushed a bill to create government-backed terrorism reinsurance onto the agenda. Bypassing the committee phase, Senator Christopher Dodd, co-sponsored by Senators Harry Reid, Paul Sarbanes and Charles Schumer, have moved the bill onto the

News Insurance

B.C. marine insurance requirements concern tourism industry

June 10, 2002 by Canadian Underwriter

New requirements for marine insurance proposed by the B.C. government are coming under fire from the province’s tourism operators. The Council of Tourism Associations is concerned that the new requirements may not respect “the unique nature” or individual marine-based adventure

News Insurance

Vector Q1 results show continued improvement despite net loss

June 7, 2002 by Canadian Underwriter

Broker consolidator Vector Intermediaries (TSX: VTE) is seeing continued operating improvement in the first quarter ending March 31, 2002. Earnings before interest, taxes and amortization were $165,462 versus $148,272 for the first quarter 2001.The result is consistent earnings per share

News Insurance

Kingsway to offer $75 million in shares

June 7, 2002 by Canadian Underwriter

Toronto-based Kingsway Financial Services (TSE: KFS, NYSE: KFS) has announced it hopes to offer $75 million in common shares, with a 15% overallotment on both the U.S. and Canadian markets.A prospectus has been filed with the Canadian securities regulator, and

News Insurance

Airline cover extended to new flyers

June 6, 2002 by Canadian Underwriter

Canadian Transport Minister David Collenette says new entrants into the airline industry will enjoy the same war-risk coverage currently being extended by the government to existing companies. The temporary cover is for third-party war-risk liability and was introduced after insurers

News Insurance

Poor operating results see Gore Mutual downgraded by A.M. Best

June 6, 2002 by Canadian Underwriter

Rating agency A.M. Best has downgraded the financial strength rating of Ontario’s Gore Mutual Insurance Company to B+ from B++ on the back of deteriorating operating results and its heavy concentration of business in the troubled Ontario market. “For the

News Insurance

Quebec moves to create “super regulator”

June 6, 2002 by Canadian Underwriter

Quebec’s insurers could soon find themselves under the umbrella of a “super regulator” which would also oversee securities, deposit-taking institutions and other financial services.The new regulator, proposed in Bill 107, would enforce the Insurance Act and Automobile Insurance Acts in

News InsuranceMergers and Aqcuisitions

CEOs say hard market is here to stay

June 5, 2002 by Canadian Underwriter

Anyone living under the impression that the current hard market will be short-lived may have pause to reconsider, members of an industry panel tell delegates at the 12th Annual Canadian Insurance Congress this week. Panelists agree it will take prolonged