Topic
Insurance
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…
Tornado rips through Quebec
June 20, 2001 by Canadian UnderwriterA tornado struck Quebec’s Lac-St-Jean area last night, causing damage to approximately 15 houses without any personal injuries resulting. St-Gedeon, which is located north of Quebec City, is reported to having suffered the most damage with downed power poles and…
Allstate sells European auto business
June 20, 2001 by Canadian UnderwriterU.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure…
Royal sells off life operations
June 19, 2001 by Canadian UnderwriterRoyal & SunAlliance has sold its Canadian life operations to Maritime Life Assurance Company, the Canadian arm of U.S. giant John Hancock Life. Maritime has agreed to purchase all outstanding shares of R&SA Life, with the cash purchase price estimated…
CG&B adds Brampton brokerage to stable
June 19, 2001 by Canadian UnderwriterToronto area insurance and financial services network CG&B Group Inc. has bought Brampton brokerage Kylie & Associates. The acquisition brings CG&B’s annual property & casualty premiums up to more than $80 million, states a company press release.While Kylie currently deals…