Canadian Underwriter

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Insurance


News Insurance

Tiburon tops theft list again

November 6, 2002 by Canadian Underwriter

The third time is definitely not a charm for the Hyundai Tiburon which has ranked as the most stolen vehicle in Canada for the third straight year, according to Insurance Bureau of Canada (IBC) data.In its annual report “How Cars

News Insurance

Hub 3-Q earnings rocket amidst “unusual” stock trading

November 6, 2002 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) saw net income for the third quarter of this year rise by 59% to US$5.4 million compared with the US$3.4 million reported for the same period the previous year. Diluted earnings for

News Insurance

ICBC posts strong 3-Q earnings rebound

November 5, 2002 by Canadian Underwriter

Provincial crown insurer, the Insurance Corp. of British Columbia (ICBC), reported net income of $15 million for the third quarter of this year, a stark contrast to the $7 million loss made for the same period a year prior. ICBC’s

News Insurance

Scor head replaced in scramble to regain investor confidence

November 5, 2002 by Canadian Underwriter

Jacques Blondeau, the CEO of French reinsurer SCOR, has been replaced by Denis Kessler, the head of the French insurers’ association, the company announced following a director’s board meeting held Monday. The senior management switch came on the heels of

News Insurance

Aon put on “credit watch” by S&P despite improvement in results

November 4, 2002 by Canadian Underwriter

Rating agency Standard & Poor’s has placed its ratings on Aon Corp., including a “A- counter-party credit rating”, on “credit watch” with negative implications following an announcement by the Chicago-based corporate brokerage house that it plans to raise about US$1

News InsuranceMergers and Aqcuisitions

Insurers defend new Ontario auto insurance legislation

November 4, 2002 by Canadian Underwriter

Despite criticism this past week by opponents to the recent auto insurance legislation reform measures brought into place in Ontario, the Insurance Bureau of Canada (IBC) holds firm that the actions taken will provide long-term cost benefits for policyholders. “the

News InsuranceMergers and Aqcuisitions

Ontario auto rates jump in third quarter

November 1, 2002 by Canadian Underwriter

Applications by Ontario private passenger auto insurers for rate increases in the third quarter 2002 were up 8.33% on average, compared with average increases of 5.9% in the second quarter.At September 30, 2002, the average cost of auto insurance was

News Insurance

U.K. government withdraws airline terror coverage

November 1, 2002 by Canadian Underwriter

The U.K. government says it will not extend its insurance backstop coverage scheme for the airline industry against third-party terrorism and war liability risks beyond the recently past October 31 expiry date. The U.K. government believes that sufficient private sector

News Insurance

Scor on watch following dismal results

October 31, 2002 by Canadian Underwriter

Several ratings agencies have downgraded or placed Paris-based SCOR and its subsidiaries on watch following news the reinsurance giant would suffer big losses this year.SCOR announced it expects to lose EUR 250 million (Cdn$386 million) this year due to investment

News InsuranceMergers and Aqcuisitions

IBC applauds Ontario auto reform

October 30, 2002 by Canadian Underwriter

The much anticipated Ontario auto insurance reforms have now been put before the legislature and the industry’s lobby body is pleased.Reacting to the news that Ontario Finance Minister Janet Ecker has tabled legislation that will allow future changes to the

News Insurance

U.S. brokers concerned with insurer solvency

October 29, 2002 by Canadian Underwriter

The Commercial Insurance Market Index for the third quarter 2002 shows brokers and agents in the U.S. are worried about insurer solvency. In a poll, the Council of Insurance Agents and Brokers noted that 86% of respondents are concerned about

News Insurance

Gerling exits p&c reinsurance

October 28, 2002 by Canadian Underwriter

Not unexpectedly, Gerling Global has decided to stop writing new non-life reinsurance after being unable to find a buyer for the business. It will however complete existing contracts.The company’s life reinsurance business will continue under the title Gerling Life Reinsurance