Canadian Underwriter

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Insurance


News Insurance

Markel opens up online submissions to market

July 22, 2003 by Canadian Underwriter

Toronto-based Markel Insurance Company of Canada is opening up its online submission process to the competition. Much like U.S.-based Progressive’s move to offer online quotes by its competitors, Markel will allow brokers to make submissions to any of its competitors

News Insurance

Claudette insured losses rise to cat level

July 21, 2003 by Canadian Underwriter

Early damage estimates from Hurricane Claudette which made landfall in Texas last week and resulted in at least two deaths and property losses across 15 counties has thus far produced insured losses of around US$17 million, according to Texas-based Southwestern

News Insurance

Lloyd’s gets “thumbs up” from A.M. Best

July 18, 2003 by Canadian Underwriter

In affirming the “A-” (excellent) rating of Lloyd’s of London, rating agency A.M. Best says the outlook for the world’s oldest insurance market remains stable.Strong capitalization, stable investment returns and a new focus on risk management are all factors leading

News InsuranceMergers and Aqcuisitions

IBC points to flaws in consumer group study of auto insurance

July 18, 2003 by Canadian Underwriter

Responding to a study on auto insurance released by the Consumers’ Association of Canada (CAC), the Insurance Bureau of Canada (IBC) says consumers will be misled by the findings.The study compares auto insurance rates in Nova Scotia to those in

News Insurance

U.S. Senate considers federal insurance regulation

July 17, 2003 by Canadian Underwriter

If Canadian insurers have complaints over the confusion between federal and provincial regulation of insurers, their U.S. counterparts may soon follow suit.U.S. Senator Ernest Fritz Hollings of South Carolina has introduced a bill, (S. 1373, the “Insurance Consumers Protection Act

News Insurance

Goran paints bleak picture moving forward

July 17, 2003 by Canadian Underwriter

Although Goran Capital Inc. (TSE; GNC, NYSE: GNCN), managed to cut its losses in almost half for the first quarter ending March 31, 2003, the bleeding has not stopped for the Toronto-based company.Net loss for the quarter is $3.6 million,

News Insurance

MPI net income up on investment gains, lower claims

July 16, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI) is reporting net income of $29.3 million for the first quarter ending May 31, 2003. This is a significant increase over net income of $6.4 million for the first quarter 2002.Claims costs and investment gains both

News Insurance

ICBC to get $862,000 damages from staged accident ring

July 16, 2003 by Canadian Underwriter

B.C.’s public insurer has been awarded compensatory and punitive damages to the tune of $643,000 from defendants involved in a stage accident ring by a provincial Supreme Court jury. This is on top of $219,000 recovered in pre-trial settlements by

News Insurance

Insurers unhappy with U.S. asbestos bill

July 15, 2003 by Canadian Underwriter

A U.S. Senate bill to reform asbestos litigation is meeting with displeasure from insurers.The Senate Judiciary Committee’s S.1125, the “Fairness in Asbestos Injury Resolution (“FAIR”) Act of 2003″, includes amendments that would create a asbestos liability trust fund and ban

News InsuranceMergers and Aqcuisitions

Ontario auto rates jump 8.5% in second quarter 2003

July 15, 2003 by Canadian Underwriter

Ontario auto insurance rates went up an average 8.48% in the second quarter of 2003, based on rate applications approved by the Financial Services Commission of Ontario (FSCO).These changes came into effect prior to the implementation of regulations tied to

News Insurance

Underwriters exercise Kingsway over allotment option

July 15, 2003 by Canadian Underwriter

Underwriters have exercised their over allotment option to purchase 610,000 common shares of Kingsawy Financial Services (NYSE, TSX: KFS) following a public offering that closed earlier this month.The syndicate of underwriters, led by Scotia Capital Inc., purchased the shares for

News Insurance

Hanover Re sees little impact from Sphere Drake decision

July 15, 2003 by Canadian Underwriter

A decision in favor of Fairfax’s Sphere Drake should not materially impact Germany’s Hanover Re, the reinsurer says.The decision, against brokers and underwriting agents who the court says fraudulently exposed Sphere Drake to U.S. workers’ compensation carve out business, means