Topic
Insurance
IBAC stands behind CSIO (July 03, 2001)
July 3, 2001 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) today called on all broker-supporting insurers to support the industry’s attempt to develop a business-to-business, real-time Internet portal through the Centre for the Study of Insurance Operations (CSIO). The first development phase of…
Hub finalizes Kaye deal
July 3, 2001 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSE: HGB) says the previously announced acquisition of U.S.-based brokerage Kaye Group Inc. has been finalized. Kaye shareholders will receive US$14 a share in cash under the terms of the deal.As part of the transaction,…
Asbestosis claims could hamper Lloyd’s, rating agency worries
June 29, 2001 by Canadian UnderwriterRating agency A.M. Best is continuing its "negative outlook" on Lloyd’s, despite affirming the insurance giant’s financial strength rating of A (excellent). The rating applies to business underwritten by all Lloyd’s syndicates and to policies underwritten since the 1993 year…
A.M. Best affirms rating for Wawanesa, downgrades Optimum
June 29, 2001 by Canadian UnderwriterWinnipeg mutual insurer Wawanesa’s financial strength rating of A+ (superior) has been affirmed by rating agency A.M. Best. The rating also applies to U.S. subsidiary Wawanesa General.The rating reflects Wawanesa’s strong capitalization and operating performances, as well as its long-standing…
IBC gains OSFI reprieve on discounting reporting (June 28, 2001)
June 28, 2001 by Canadian UnderwriterProperty and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC).The new reporting…
Earthquake shakes Yukon residents
June 27, 2001 by Canadian UnderwriterAn earthquake measuring 5.7 on the Richter Scale shook residents of Haines Junction and Burwash Landing which are located in Destruction Bay, the southwest section of the Yukon Territory during the early hours of yesterday morning. The shaker’s epicenter was…
New federal body to lead disaster strategy talks
June 26, 2001 by Canadian UnderwriterThe newly-created Office of Critical Infrastructure Protection and Emergency Preparedness (OCIPEP) will lead consultations about to begin on developing a national disaster mitigation strategy. National Defence Minister Art Eggleton says the talks will center around reducing the risk and impact…
Universal Star completes sale
June 25, 2001 by Canadian UnderwriterLloyd’s intermediary Universal Star Ventures Corporation announces that the sale of the assets of subsidiary Ken Davies & Associates Insurance Services Inc. to Canadian Farm Insurance Services Inc. has been finalized. The sale had been announced in February, but did…
U.S. results show income slide
June 25, 2001 by Canadian UnderwriterNet income for the U.S. property and casualty industry in the first quarter of the year dropped 5.4% compared with the same quarter last year, according to the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers…
Tobacco litigation wars continue (June 21, 2001)
June 21, 2001 by Canadian UnderwriterThe U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton.…
Calgary residents threaten property damage/personal injury claims in toxic dispute
June 21, 2001 by Canadian UnderwriterResidents of Lynnview Ridge, a neighborhood located in the southeast end of Calgary, Alberta, are demanding answers from the city with regard to an ongoing investigation into possible toxic contamination of the residential area. Soil tests released in mid-May of…
A.M. Best issues "excellent ratings"
June 20, 2001 by Canadian UnderwriterRating agency A.M. Best has issued a financial strength rating of "A" (excellent) for CGU Insurance Co. of Canada and a rating of "A-" (excellent) to group subsidiaries Scottish & York Insurance Co., and Traders General Insurance Co. The rating…