Topic
Insurance
Canadian small businesses stung by insurance rates, says poll
October 15, 2003 by Canadian UnderwriterA new poll suggests insurance rate increases are the number one negative force affecting small business. The poll, done for CIBC by Decima Research, shows that 55% of Canada’s small business have been hit with rising insurance rates, while just…
U.S. cat losses hit US$2.9 billion in Q3
October 15, 2003 by Canadian UnderwriterU.S. catastrophe losses for the third quarter 2003 have risen a whopping 300% over the same period last year, says the Property Claim Services (PCS) unit of the Insurance Services Office (ISO). In the three-month period, cat losses hit US$2.9…
Grain Insurance acquires Regina-based MGA
October 14, 2003 by Canadian UnderwriterGrain Insurance and Guarantee Co. has acquired managing general agent (MGA) L E Yingst Co. Ltd. which is based in Regina, Saskatchewan. Although the terms of the transaction have not been disclosed, the deal takes effect from the beginning of…
Hub continues acquisition binge with Garnet Health buy
October 10, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSX, NYSE: HBG) made its fourth acquisition in less than a month, with the purchase of New Hampshire-based Garnet Health Systems Corp. and Garnet Insurance Services, LLC. The deal was made for an undisclosed amount…
Co-op Re rating withdrawn as company winds up
October 9, 2003 by Canadian UnderwriterRating agency A.M. Best has withdrawn the rating of Ireland-based Co-operators of Canada Reinsurance International Ltd., assigning it an NR-3 rating in light of the decision to wind up its operations by the end of the year. Co-op Re’s assets…
A&E reserves remain inadequate: A.M. Best
October 8, 2003 by Canadian UnderwriterThe U.S. p&c industry remains under-funded for potential future asbestos and environmental (A&E) claims, says a new study by A.M. Best. Commercial insurers, and to a lesser extent reinsurers, are under-reserved by almost 40%, the rating agency predicts. Thus far,…
IBC survey shows mixed support for Quebec reforms
October 8, 2003 by Canadian UnderwriterA new survey by the Insurance Bureau of Canada suggests Quebec’s drivers may not be quite so pleased with possible reforms to their auto insurance system.The survey comes as Quebec’s government considers changes to its auto insurance system such as…
Hub acquires west-coast U.S. brokerage
October 7, 2003 by Canadian UnderwriterHub International Ltd. (TSX: HBG) has acquired Davis Bodie Insurance Services Inc. based in Thousand Oaks, CA for an undisclosed cash amount. The brokerage, which generates about US$600,000 in annual revenue, will form part of the broker network consolidator’s Hub…
Atlantic task force rejects public auto
October 6, 2003 by Canadian UnderwriterA task force established by Atlantic Canada’s premiers has come out against implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly…
MPI half-year results highlight investment improvement
October 6, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI) says it is on track for strong results in 2003, with net income coming in at $39.2 million for the first-half ending August 31. This is up from $26.1 million reported during the same period last…
Hub makes two U.S. acquisitions
October 3, 2003 by Canadian UnderwriterBroker consolidator Hub International has added two US brokerages to its stable. Boston-based Commonwealth Insurance Agency Inc. will become part of New England “hub” C.J. McCarthy, bringing about US$300,000 in annual revenue. The brokerage specializes in homeowners coverage in Massachusetts,…
Coachman downgraded, negative outlook on other SGI subs
October 3, 2003 by Canadian UnderwriterRating agency A.M. Best has downgraded the status of Ontario-based Coachman Insurance Co., and placed a negative outlook on other subsidiaries of Saskatchewan General Insurance (SGI).Overall, the rate has affirmed the A- (excellent) financial strength rating of SGI Canada with…