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What’s new: In brief (May 20, 2004)

May 20, 2004 by Canadian Underwriter

French reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in

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Odyssey Re rating set for upgrade; Fairmont Specialty receives initial review

May 20, 2004 by Canadian Underwriter

Two Fairfax operations are under the eye of rating agencies, with one set for possible upgrade.Odyssey Re’s operations may see its financial strength rating upgraded by Moody’s Investors Service on the back of strong first quarter results. Moody’s says it

News InsuranceMergers and Aqcuisitions

IIBAA CEO Panel II: Industry needs to make auto reform work

May 19, 2004 by Canadian Underwriter

The coming final plans for Alberta auto reform must be embraced by the industry and made to work, CEO speakers told the Independent Insurance Brokers Association of Alberta (IIBAA) conference.The new regulations, if handled properly by the industry, are a

News Insurance

Desjardins Group insurance ops earnings up in first quarter

May 19, 2004 by Canadian Underwriter

Quebec-based financial services company Desjardins Group is reporting its general insurance division, Desjardins General Insurance Group, posted strong net earnings of $13.6 million for the first quarter ending March 31, 2004. This is up from $4.7 million the year prior.

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Ontario Police Raid Busts Multi-Million Dollar Chop-Shop

May 19, 2004 by Canadian Underwriter

Individuals arrested Sunday in Flamborough, Ontario, in a police raid of what is being reported as possibly one of the largest chop-shop operations in Ontario history, are said to have close ties to a Cambridge used auto parts shop accused

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Anthony Clark prepares for share buy-back

May 19, 2004 by Canadian Underwriter

Alberta-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) says it has received approval to buy-back up to 397,758, or 5%, of its issued and outstanding common shares. The shares, which can be bought between May 20, 2004 and May

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IIBAA CEO Panel I: No more quarterly results

May 19, 2004 by Canadian Underwriter

It has been confirmed that the Insurance Bureau of Canada (IBC) will no longer publicly release its quarterly financial data on insurers to anyone other than members. At the Independent Insurance Brokers of Alberta (IIBAA) conference, ING Canada CEO Claude

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ING ratings affirmed on combined investment and underwriting strength

May 18, 2004 by Canadian Underwriter

The “A+” (excellent) financial strength rating of ING Canada Group has been affirmed by A.M. Best, on the back of strong underwriting and investment performance.ING Canada includes Belair Insurance Co., ING Insurance Co., ING Novex and Nordic Insurance Co. The

News Insurance

Optimum General produces first-quarter profit

May 18, 2004 by Canadian Underwriter

Montreal-based Optimum General Inc. (TSX: OGI.A) is reporting net income of $259,000 ($0.02 per share) for the first quarter ending March 31, 2004, compared to a net loss of $291,000 ($0.02 per share) for the same period a year ago.Gross

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Alberta now promising 5% rate reduction

May 18, 2004 by Canadian Underwriter

The Alberta government is now promising drivers a minimum 5% rate reduction as a result of auto reforms being put in place. Earlier indications were that the average rollback would be 10%.The Alberta government release also indicates the 5% reduction

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What’s new: In brief (May 18, 2004)

May 18, 2004 by Canadian Underwriter

Two Illinois trials are keeping broker contingent commissions in the spotlight in the U.S., the Wall Street Journal reports. WSJ says the two cases, one involving a local government and another a fair organizer, highlight that the issue of contingent

News InsuranceMergers and Aqcuisitions

What’s new: In brief (May 17, 2004)

May 17, 2004 by Canadian Underwriter

Reporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the