Topic
Mergers and Aqcuisitions
Loss costs likely to outpace premium growth in 2005: A.M. Best
April 25, 2005 by Canadian UnderwriterDespite the strong results posted by the U.S. p&c insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best.The rating agency says the US$6.3 billion underwriting profit…
What’s new: In brief (April 25, 2005)
April 25, 2005 by Canadian UnderwriterRestoration network Disaster Kleenup International (Canada) Ltd. has launched a software pilot program with Symbility Solutions Inc. The pilot is to determine the effectiveness of Symbility’s software in estimating property claims. The 60-day test begins on June 1. “By removing…
IBC partners in young driver distraction study
April 24, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is teaming up with researchers at the University of Calgary to study the impact of cell phone use by novice drivers. IBC will sponsor the research project which includes two phases – a simulation…
Premiums falling in Ontario and Alberta, but not for the same reason
April 21, 2005 by Canadian UnderwriterAuto insurance rates are dropping in Ontario, and will soon fall further in Alberta, but for two very different reasons. While insurers have filed for rate reductions in Ontario amounting to a further 1.12% decrease in the first quarter of…
What’s new: In brief (April 21, 2005)
April 21, 2005 by Canadian UnderwriterFitch Ratings has revised the outlook on Gen Re parent Berkshire Hathaway to negative, but says General Re’s own rating is stable. The “AAA” rating on Berkshire Hathaway is in doubt based on what the rater calls “key person risk”…
Canada’s first private bank approved for owner of Millennium Insurance
April 17, 2005 by Canadian UnderwriterDon Wheaton, owner of a chain of General Motors dealerships across Western Canada, as well as Millennium Insurance, has been granted federal approval to start up Canada’s first private bank.The Office of the Superintendent of Financial Institutions (OSFI) and federal…
What’s new: In brief (April 14, 2005)
April 14, 2005 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) is increasing the income benefits to those most seriously injured in auto accidents prior to August 2002. The minimum income benefit will be based on the industrial average wage, current at just over $430 per week,…
SGI produces $42 million profit for 2004
April 13, 2005 by Canadian UnderwriterSaskatchewan’s public auto insurer has nearly doubled its profit in 2004, bringing in net income of $42 million, to record its most successful year ever.Saskatchewan Government Insurance (SGI) used a good portion of that money, $27 million, to pay a…
Abbotsford family agrees to pay ICBC $126,000
April 12, 2005 by Canadian UnderwriterAn Abbotsford, BC family found to have filed a claim on a staged accident has agreed to pay B.C.’s public auto insurer $126,000.The Insurance Corp. of B.C. was assessed $126,000 in punitive damages after a 2003 trial concluded that Deepak…
Facility Association sees significant improvement in 2004
April 12, 2005 by Canadian UnderwriterComing off a disastrous 2003, the Facility Association (FA) the industry’s risk sharing mechanism to cover high-risk drivers is reporting stronger results in 2004, with lower losses and reduced numbers of drivers in the system.At the FA’s annual general meeting…
What’s new: In brief (April 11, 2005)
April 11, 2005 by Canadian UnderwriterFormer AIG chairman and CEO Maurice Greenberg will refuse to testify to an investigation into his level of involvement in certain accounting practices, according to a statement from Greenberg’s lawyer David Boies. Boies says that because they were unable to…
Groupe Promutuel posts $36 million profit
April 10, 2005 by Canadian UnderwriterGroupe Promutuel, a group of Quebec-based mutual insurers, says its members posted combined net earnings of $36 million for 2004. Premium volume grew by 11% last year to reach $456 million, and member equity rose from $291 million in 2003…