Canadian Underwriter

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Insurance


News Insurance

Danyluk named broker association CEO

January 22, 2003 by Canadian Underwriter

Long-time insurance broker Dan Danyluk has been named the new CEO of the Insurance Brokers Association of Canada (IBAC). The position is newly created, replacing the former executive director’s role at the national association representing property and casualty insurance brokers.Danyluk

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Western Financial ready to open banking arm

January 22, 2003 by Canadian Underwriter

Broker consolidator Western Financial Group says it is ready to roll into the business of banking with the announcement that the federal regulator has given it an “Order to Commence and Carry on Business”. The order is the last hurdle

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ERC parent launches capital initiative on ERC losses

January 21, 2003 by Canadian Underwriter

General Electric, parent of Employers Reinsurance Corp. (ERC), says is will launch a US$5 billion global financing initiative.The move is in response to expected lower earnings in 2002, mainly due to losses in the company’s insurance operations.At then end of

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Share price volatility rocks Fairfax

January 21, 2003 by Canadian Underwriter

Prem Watsa, the CEO of Fairfax Financial Holdings Ltd (TSX: FFH), has spoken out against recent volatility in the company’s share price which was sparked by the release of an investment research report that suggested that the group may be

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ICBC to implement fee for “no show” road tests

January 21, 2003 by Canadian Underwriter

The Insurance Corp. of British Columbia (ICBC) says it will begin charging a $25 “no show” fee for drivers who do not show up for scheduled road tests, or provide adequate notice of cancellation. The fee comes into effect from

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U.S. market continues to grow for Lloyd’s

January 20, 2003 by Canadian Underwriter

In his first speech as new chairman of Lloyd’s Lord Peter Levene says that the U.S. remains the largest market for Lloyd’s of London. In 2002, the U.S. market for Lloyd’s grew 15%, to US$8.2 billion, now accounting for as

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Guarantee Co. completes U.S. acquisition

January 20, 2003 by Canadian Underwriter

Montreal-based The Guarantee Company of North America (GCNA) has completed the acquisition of Mid-State Surety Corp. of Grosse Point Farms, Michigan.GCNA is already Canada’s largest issuer of surety and fidelity bonds and hopes the acquisition will expand its U.S. markets.Mid-State

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Uncertain future for U.S. commercial lines: Fitch

January 17, 2003 by Canadian Underwriter

Rating and research firm Fitch Ratings says that in the U.S. at least, commercial lines is looking at a much more uncertain future than personal lines. Reinsurance prospects are also challenged, Fitch reports in “Review & Outlook: 2002/2003” for the

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MPI sees difficult Q3, but strong nine-month results

January 16, 2003 by Canadian Underwriter

Government-run Manitoba Public Insurance (MPI) is reporting solid results for the third quarter 2002, but is casting doubts about the future.While net income was up for the nine-month period ending November 30, 2002, to $23 million from just over $11

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U.S. p&c reserve deficiency doubled in last year: Conning

January 16, 2003 by Canadian Underwriter

A new study from Conning Research & Consulting Inc. suggests that despite rate increases, the U.S. p&c industry continues to see deteriorating results and reserve deficiencies.In the past year, the industry’s reserve deficiency has actually doubled, and offers inadequate protection

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Optimum Group further increases interest in Optimum General

January 15, 2003 by Canadian Underwriter

Following on a mid-December share purchase, Optimum Group Inc. has once more increased its stake in troubled Optimum General Inc. (TSX: OGI.A). Through U.S. subsidiary Optimum Re, the group has purchased 275,000 class A subordinate voting shares. The transactions were

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GE consolidates risk management and asset protection arms

January 15, 2003 by Canadian Underwriter

GE Commercial Insurance, part of GE Employers Reinsurance Corp., says it will combine its Industrial Risk Insurers (IRI) and Global Asset Protection (GAP) Services companies under the IRI banner.IRI will now provide both insurance capacity and loss prevention services. GAP