Manitoba Public Insurance (MPI) says it is “on target” for the first six months of its fiscal year. The province’s public auto insurer posted net income of $40.8 million for the first-half ending August 31, 2004, up from $39.2 million…
While parent company Saskatchewan Government Insurance (SGI) says its “A-” (excellent) rating affirmed by A.M. Best, its Ontario subsidiary Coachman Insurance Co. was downgraded to “B-” (fair) from “B”. SGI’s other subsidiaries, SGI Canada Insurance Services Ltd. (SCISL) and The…
A.M. Best was bullish on Winnipeg-based Wawanesa Mutual Insurance Co., affirming its “A+” (superior) rating, and that of its U.S. subsidiaries, Wawanesa General Insurance Co. and Wawanesa Mutual (U.S. branch), with both ratings carrying stable outlooks.In its report, A.M. Best…
In its new focus on auto theft and injury rings, the Insurance Bureau of Canada (IBC) is trying to highlight that insurance fraud and theft are far from “victimless” crimes. Speaking at the Annual Toronto Fraud Forum, co-hosted by the…
Calgary-based Canada Brokerlink Inc. has set up a website to speak out about the new Alberta auto insurance system. The site, www.albertaautoinsurance.ca, is a response to what Canada Brokerlink president Jon Ouellete says is an “extremely political and not very…
The Newfoundland government has selected a trial lawyer to act as consumer advocate in its hearings on insurance issues before the Public Utilities Board (PUB).Tom Johnson, a partner in O’Dea Earle Law Offices, will speak on behalf of consumers at…
State Farm Insurance Companies has donated $6,500 to the Peterborough Area Relief Fund to help victims of the July floods. State Farm also notes that it has paid out more than $8.5 million in claims in the Peterborough area, with…
Western Financial Group has named Jim Dinning as chair of the board, to replace James A. Robb. Dinning had been vice chair of the board, and company CEO Scott Tannas says the change is in anticipation opportunities the company is…
A survey of risk managers by the U.K.’s Association of Insurance & Risk Managers (AIRMIC) finds 21% have registered as insurance intermediaries under the new European Union Insurance Mediation Directive. The directive, which will be enforced by the U.K. Financial…
Although it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best.In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for…
Fitch Ratings says even with the back-to-back landfall of hurricanes Charley and Frances, most insurers will be protected because of their spread of risk geographically and by line of business, as well as the presence of public-sponsored entities which will…
Rating software vendor Compu-Quote is releasing its Alberta update for its AutoRater to respond to new legislation coming into effect October 1. Senior vice president James Nickelo says the new “premium grid” being implemented in the province may actually bring…