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Ratings on eight Canadian companies downgraded: A.M. Best

June 17, 2003 by Canadian Underwriter

In releasing public data ratings on 44 Canadian p&c companies, eight faced downgrades, while only two saw their ratings go up, states New Jersey-based A.M. Best.Public data ratings are based on more limited information than interactive ratings, but does take

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U.S commercial reserves deficient by US$20 billion

June 16, 2003 by Canadian Underwriter

A new study suggests reserves in U.S. commercial lines could be deficient by as much as US$20 billion. The report, by investment bank Cochran, Caronia Securities LLC, says reserves for 1997 to 2001 could be deficient by US$13-$20 billion. This

News InsuranceMergers and Aqcuisitions

Consumer group wants public auto insurance in New Brunswick

June 16, 2003 by Canadian Underwriter

The Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a

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Goran posts almost $30 million loss for 2002

June 16, 2003 by Canadian Underwriter

Toronto-based specialty insurer Goran Capital Inc. (OTCBB: GNCNF; TSX: GNC) for 2002 reported a net loss $29.7 million, or $5.51 per share, a slight improvement over the loss of $34.1 million, or $5.99 per share, reported in 2001. It is

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Hub private debt placement complete

June 13, 2003 by Canadian Underwriter

The previously announced private debt placement by Hub International Ltd. (TSX, NYSE: HBG) has been completed. The US$65 million in principal of unsecured senior notes were sold in the U.S. to private institutional buyers.“Net proceeds of the sale of the

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Insurers to increase IT spending in 2003

June 13, 2003 by Canadian Underwriter

Despite market pressures, North American insurers will spend 2% more on information technology (IT) in 2003, says a new report from Forrester Research’s Giga Information Group.The survey of insurance chief information officers (CIOs) shows that improving employee efficiency, agent efficiency

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U.S. House passes class action reform

June 13, 2003 by Canadian Underwriter

The U.S. House of Representatives has passed the “Class Action Fairness Act of 2003 (HR 1115) by a vote of 253 to 170.The bill has been well received by the insurance industry as a means to streamline the class action

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Loss development leads to Desjardins p&c downgrade

June 12, 2003 by Canadian Underwriter

The p&c subsidiaries of Desjardins Group have had their public data rating downgraded by rating agency A.M. Best. The subsidiaries of the Quebec-based insurer include Assurances Generales des Caisses Desjardins Inc., Personal General Insurance Inc. and The Personal Insurance Company.Assurances

News InsuranceMergers and Aqcuisitions

Economical subs downgraded on Ontario auto losses

June 12, 2003 by Canadian Underwriter

Rating agency A.M. Best has downgraded the public data ratings of several Economical Insurance Group subsidiaries. The ratings of Economical Mutual Insurance Company, Langdon Insurance Company and Perth Insurance Company have been lowered to B+ from B++. The rating of

News InsuranceMergers and Aqcuisitions

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