Canadian Underwriter

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Insurance


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Competition review panel calls on government to remove ban on cross-pillar mergers

June 27, 2008 by Canadian Underwriter

The Competition Policy Review Panel is calling on the federal minister of finance to “remove the de facto prohibition on bank, insurance and cross-pillar mergers of large financial institutions, subject to regulatory safeguards, enforced and administered by the Office of

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Insurer not exempt from paying medical benefits that may be available through social assistance

June 27, 2008 by Canadian Underwriter

An insurer cannot be exempted from paying supplemental medical benefits for long-term care under s.75.13 of the Statutory Accident Benefits Schedule (SABS) if those same benefits are “reasonably available” through an application for social assistance under Regulation 832 of the

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Fitch Ratings calls for improved “fair value” disclosure

June 27, 2008 by Canadian Underwriter

Fitch Ratings is looking for improved “fair value” disclosure for assets whose measurement is relatively subjective so-called ‘Level 2’ assets the ratings agency said recently in a special report.“The need for better fair value disclosures is an important part of

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What’s New: In Brief (June 27, 2008)

June 27, 2008 by Canadian Underwriter

Gore Mutual Insurance Company’s foundation has donated Cdn$500,000 to the Cambridge Memorial Hospital, one of the largest donations the hospital’s foundation has ever received.Gore Mutual requested its donation be used to improve treatment at Cambridge Memorial Hospital’s endoscopy unit.The donation

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Direct writers predicted to erode market share of independent channel in Canada (June 26, 2008)

June 26, 2008 by Canadian Underwriter

Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked

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Direct writers predicted to erode market share of independent channel in Canada (June 26, 2008)

June 26, 2008 by Canadian Underwriter

Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (June 26, 2008)

June 26, 2008 by Canadian Underwriter

The Windsor-Essex Regional Chamber of Commerce has named Windsor CARSTAR Collision the 2008 Service Company of the Year. The Chamber’s annual business excellence awards honour those who go above and beyond establishing successful businesses; they also recognize people who contribute

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U.S. P&C net income falls nearly 50%

June 26, 2008 by Canadian Underwriter

The U.S. property and casualty industry’s net income fell 49.3% in 2008 Q1, from US$16.2 billion in 2007 Q1 to US$8.2 billion this year. Reflecting the declines in net income, the P&C industry’s annualized rate of return on average policyholders’

News InsuranceMergers and Aqcuisitions

Declining premium growth, diminished auto returns cited as obstacles for 2008

June 26, 2008 by Canadian Underwriter

Lack of premium growth nationwide and diminished results in the Ontario auto segment have constrained results for Canadian property and casualty insurers in the past year, according to a recent report published by Standard & Poor’s Ratings Services. Although 2007

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EGI rights offering anticipated to gross over $20 million

June 25, 2008 by Canadian Underwriter

EGI Financial Holdings Inc. has announced it is conducting a rights offering that is expected to result in gross proceeds of approximately Cdn$20.1 million. The company says the proceeds will be used for general corporate purposes, which could include financing

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Canada’s insurance market has Cdn$11 billion in excess capital

June 25, 2008 by Canadian Underwriter

Canada’s insurance market has Cdn$11 billion in excess capacity, enough to underwrite another replica of Canada, which could fuel a soft market well into 2012.Joel Baker, president of MSA Research, made the above observation and prediction as a panelist at

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What’s New: In Brief (June 25, 2008)

June 25, 2008 by Canadian Underwriter

More than 3,000 people are injured and 116 people are killed, on average, in nearly 5,000 alcohol-related crashed in British Columbia each year, according to ICBC. The public auto insurer says these stats translate into more than Cdn$140 million in