Canadian Underwriter

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News Insurance

Hub acquires U.S. midwest brokerage

January 2, 2003 by Canadian Underwriter

Broker consolidator Hub International Ltd (TSX, NYSE: HBG) has acquired Cincinnati-based Fifth Third Insurance Services Inc. from Fifth Third Bancorp, creating a midwest “hub”.Hub paid $37 million cash for the agency, which has annual revenue of US$25 million from its

News InsuranceMergers and Aqcuisitions

IBC disappointed with Newfoundland auto package

December 20, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is expressing dismay over the package of reforms to Newfoundland’s auto system introduced in Bill 28 this week. In a release, the IBC says the reforms will not help control the costs of auto

News Insurance

The troubled Royal & SunAlliance group names new CEO

December 20, 2002 by Canadian Underwriter

The U.K.-based Royal & SunAlliance Insurance Group plc has appointed Andy Haste as the new group CEO. Haste will take up his position from the beginning of April next year. Former CEO Bob Mendelsohn resigned earlier this year against a

News InsuranceMergers and Aqcuisitions

Industry claims satisfaction rate rises for 2002

December 19, 2002 by Canadian Underwriter

With the release of the 2002 Auto Claims Satisfaction survey from the Financial Services Commission of Ontario (FSCO), the industry saw its satisfaction level rise to 86%, its highest level since the survey’s introduction five years ago.Topping the survey was

News Insurance

U.S. winter storms produce US$360 million insured loss

December 19, 2002 by Canadian Underwriter

Storms that hit several U.S. states in early December have caused US$360 million in insured damage, according to estimates from the Property Claims Services (PCS) unit of the Insurance Services Office (ISO).All in all, it has been a relatively high

News Insurance

Newfoundland auto reform tabled with no tort reform

December 18, 2002 by Canadian Underwriter

Industry concerns over rising auto claims costs in Newfoundland received little response in new legislation tabled by Government Services and Lands Minister Walter Noel. Bill 28, which would amend the Automobile Insurance Act, Insurance Companies Act and Highway Traffic Act,

News Insurance

U.S. insurers regain profitability for first nine months

December 18, 2002 by Canadian Underwriter

U.S. insurers brought home a taxed profit of US$9.3 billion for the first nine months of this year compared to a net loss of US$2.6 billion reported for the same period a year ago. The turnaround largely resulted from higher

News Insurance

Fairfax restructures TIG; implications for Commonwealth

December 17, 2002 by Canadian Underwriter

Financial giant Fairfax Financial Holdings has restructured its Dallas-based TIG Insurance Group, a move which will impact B.C.’s Commonwealth Insurance Company and reinsurer Odyssey Re.Among the restructuring moves, TIG’s outstanding shares of Odyssey Re, Commonwealth and Ranger Insurance Company will

News Insurance

III analyst survey indicates inadequate U.S. returns for 2003

December 17, 2002 by Canadian Underwriter

A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the

News Insurance

IBC pleased with sanctions against “road racing”

December 16, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is pleased to see new controls to prevent “road racing” along with other road safety measures introduced in Bill 241, The Road Safety Act of 2002, by Ontario’s legislature. Transportation Minister Norm Sterling has

News InsuranceMergers and Aqcuisitions

Ontario Collision Repair Standards Act passes

December 16, 2002 by Canadian Underwriter

The act to place Ontario’s bodyshops under industry self-regulation was passed on the last night of the Ontario legislature’s sitting before Christmas break. The Collision Repair Standards Act of 2002 puts the collision, auto body and auto refinishing industries under

News Insurance

Australia moves forward on terror insurance pool

December 13, 2002 by Canadian Underwriter

The Australian government’s treasurer Peter Costello has put forward a bill before parliament that would see the creation of a government-backed terrorism reinsurance mechanism. The legislation would also ensure that terrorism cover is made available by insurers.The Terrorism Insurance Bill