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IBC poll shows support for limits on “pain and suffering” in Nova Scotia

June 11, 2003 by Canadian Underwriter

A new poll commissioned by the Insurance Bureau of Canada (IBC) suggests Nova Scotians would support limits on “pain and suffering” compensation for auto accident victims if it leads to lower premiums.The poll, which saw 1008 residents aged 16 or

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RIMS takes tort reform message to Washington

June 11, 2003 by Canadian Underwriter

The association representing risk managers headed to Capital Hill this week to discuss the need for tort reform in the U.S.In the fifth annual “RIMS on the Hill”, Risk and Insurance Management Society leaders are meeting with legislators on a

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Loyalist posts profit in first quarter

June 10, 2003 by Canadian Underwriter

Ancaster, Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) posted net income of $91,621 ($0.005 per share) for the first quarter ending March 31, 2003, despite recognition of a $281,757 on share dilution from the reduction of its ownership in

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U.S. reinsurer profits up

June 10, 2003 by Canadian Underwriter

U.S. reinsurers are reporting strong results in the first quarter of 2003, says the Reinsurance Association of America (RAA).In its underwriting report for 29 member insurers, the RAA says net written premiums were up to US$8.5 billion from US$6.7 billion

News InsuranceMergers and Aqcuisitions

Insurance industry shows strengthened profitability for 1-Q

June 9, 2003 by Canadian Underwriter

Insurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to

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Fairfax CEO Watsa buys back company shares

June 6, 2003 by Canadian Underwriter

Prem Watsa, CEO of Fairfax Financial Holdings (TSE: FFH), says he plans to acquire through the public market up to 250,000 subordinate voting shares of Fairfax, which based on the current trading price of the company’s common stock, the purchase(s)

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Crawford expands Quebec operations

June 6, 2003 by Canadian Underwriter

Adjusting firm Crawford Adjusters Canada has opened two new offices in Quebec and hired six new members who were previously employed by rival firm Les Expertises. The new offices will provide services to the Laurentian and Lanaudiere regions, as well

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Rating agency affirms strength of Munich Re

June 5, 2003 by Canadian Underwriter

Rating agency A.M. Best says it will maintain the “A-Double-Plus (Superior)” rating given to Munich Re and its operating subsidiaries, despite the 238 million loss reported by the group for the first quarter of this year. A.M. Best believes that

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Global reinsurance outlook grim: S&P

June 2, 2003 by Canadian Underwriter

A negative outlook persists for the global reinsurance industry, says rating agency Standard & Poor’s. In it’s “Global Reinsurance Outlook”, S&P notes that despite rising premiums, long-tail losses, investment declines and the decision by some companies to exit reinsurance continue

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Facility expecting significant losses in 2003

June 2, 2003 by Canadian Underwriter

The industry’s pool for high-risk drivers is expecting to post significant losses this fiscal year, particularly in Ontario. The Facility Association (FA) residual market stands to lose $313.9 million for the fiscal year, which runs from November 1, 2002 to

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2003 sets record for digital attacks

May 30, 2003 by Canadian Underwriter

Not yet mid-way through the year, 2003 has already set the record for digital attacks, and those attacks are becoming more dangerous, says digital security firm mi2g.As of May 25, 87,903 overt digital attacks were verified worldwide, while the previous

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Willis capitalizes on rebuilding of Iraq

May 30, 2003 by Canadian Underwriter

Insurance broker Willis says it is forming a special unit to capitalize on the risk market created by the rebuilding of Iraq following its invasion by U.S.-led forces.The company says more than US$10 billion in reconstruction projects are expected to