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Bush urges Congress to formulate single terrorism insurance bill

June 20, 2002 by Canadian Underwriter

U.S. president George Bush called on Congress to act swiftly in packaging legislation that would allow for the passing of a single terrorism insurance bill guaranteeing government and insurance industry coverage for businesses against catastrophic terrorist attacks.This call came on

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ISO raises WTC insured loss estimate by US$3.7 billion

June 19, 2002 by Canadian Underwriter

The New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure,

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Hub International Announces Pricing Of Initial U.S. Offering

June 18, 2002 by Canadian Underwriter

Hub International Limited (NYSE: HBG and TSX: HBG) has announced that its initial U.S. public offering of 6,000,000 common shares has been priced at US$14 per share. Hub International has also granted the Underwriters an option to purchase up to

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XL Capital Ltd Announces Plans to Integrate Le Mans Re

June 17, 2002 by Canadian Underwriter

XL Capital Ltd (NYSE: XL), today announced that it plans to integrate its reinsurance operations following the ratification in January this year of XL’s previously announced acquisition of a 67% majority shareholding in Le Mans Re. Le Mans Re is

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Kingsway pulls share offering

June 17, 2002 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE: KFS) has withdrawn its previously announced $75 million public share offering. The company’s CEO Bill Star says the decision to terminate the offering was made primarily in response to under-performing value of the share price

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Airlines gain Vermont captive license for terrorism exposures

June 14, 2002 by Canadian Underwriter

North American airlines have succeeded in gaining a license to operate a risk retention pool from Vermont’s "onshore" captive domicile. The "Equitime" pool will provide its airline members with cover against terrorism and war related third-party risks. European airlines are

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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

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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

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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

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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

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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

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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