Canadian Underwriter

Topic
Mergers and Aqcuisitions


News InsuranceMergers and Aqcuisitions

Economical subs downgraded on Ontario auto losses

June 12, 2003 by Canadian Underwriter

Rating agency A.M. Best has downgraded the public data ratings of several Economical Insurance Group subsidiaries. The ratings of Economical Mutual Insurance Company, Langdon Insurance Company and Perth Insurance Company have been lowered to B+ from B++. The rating of

News InsuranceMergers and Aqcuisitions

IBC poll shows support for limits on “pain and suffering” in Nova Scotia

June 11, 2003 by Canadian Underwriter

A new poll commissioned by the Insurance Bureau of Canada (IBC) suggests Nova Scotians would support limits on “pain and suffering” compensation for auto accident victims if it leads to lower premiums.The poll, which saw 1008 residents aged 16 or

News InsuranceMergers and Aqcuisitions

Insurance industry shows strengthened profitability for 1-Q

June 9, 2003 by Canadian Underwriter

Insurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to

David Keen
Feature Mergers and Aqcuisitions

“Kick-Starting” Competition in B.C.

June 1, 2003 Sean van Zyl, Editor

This year’s annual general meeting and conference of the Insurance Brokers Association of British Columbia (IBABC), which was recently held in Victoria, focused on implementation of increased competition in the province’s optional auto insurance marketplace. Also included in the association’s top priorities in the year ahead is facilitating increased underwriting capacity in commercial lines, where the province’s brokers have most experienced the effect of the “hard market” cycle.

Feature Mergers and Aqcuisitions

Profile: Keeping the Pot Tasty

June 1, 2003 Sean van Zyl, Editor

While not many insurers writing auto in Ontario would agree that Bill-59 – the Automobile Insurance Rate Stability Act – was the answer to their prayers in bringing about effective reform to a longstanding problematic product, not all would share their perspective. Rob Sampson, a member of provincial parliament (MPP) and the driving force behind the latest auto insurance product reform initiatives packaged under Bill-198, believes that legislative measures introduced in 1996 under Bill-59 achieved its purpose in stabilizing pricing and enticing insurers back into the marketplace. The current legislation, which will soon be publicized as regulations, is an extension of what Bill-59 set out to do, Sampson says. In this respect, the current market environment is not unlike that of 1996 when insurers’ appetite for taking on business had waned, he observes, which the latest reforms are aimed at bringing insurance companies back to the table.

Rick Evans
Feature Mergers and Aqcuisitions

2003 Canadian Insurance Congress: Finding Direction

June 1, 2003 Sean van Zyl, Editor

The ongoing bleeding in the auto markets across nearly all provinces of Canada, coupled with the devastating impact of the investment environment on insurers’ income statement and balance-sheets, served as core issues of discussion at this year’s Canadian Insurance Congress. With the auto loss damage having spread from companies income returns to cause capital deterioration – which recently saw a senior management shakeout at a leading personal lines carrier – speakers and attendees at the congress meeting speculated to whether this may just be the start of a long line of casualties and ultimate consolidation of the Canadian property and casualty insurance industry as insurers try to find direction.

Feature Mergers and Aqcuisitions

Bedeviled Cycle…

June 1, 2003 Sean van Zyl, Editor

While industry watchers eagerly await the release of insurers’ preliminary financial data for the first quarter of this year, the “bad taste” of last year’s dismal numbers continue to linger – with approximately 80% of insurance companies having now submitted

Feature Mergers and Aqcuisitions

Independent Regulator to Set ICBC Rates

June 1, 2003 by Canadian Underwriter

The “Insurance Corporation Amendment Act”, which was recently introduced by British Columbia’s legislature will see the creation of a new body that will set price rate controls for crown insurer, the Insurance Corp. of B.C. (ICBC) on basic auto insurance.

Bob Carter
Feature Mergers and Aqcuisitions

Ontario Auto Losses Remain Under Spotlight

June 1, 2003 by Canadian Underwriter

As insurers await Bill-198 regulations, substantial problems remain within Ontario’s auto insurance system, says Mark Yakabuski the Ontario regional vice president of the Insurance Bureau of Canada (IBC). He recently spoke at the annual meeting of the Canadian Insurance Accountants

News InsuranceMergers and Aqcuisitions

Auto theft stats on the rise: ICBC

May 20, 2003 by Canadian Underwriter

Auto theft statistics from 2002 show the crime is on the rise in B.C., says that province’s public insurer.The Insurance Corp. of B.C. (ICBC) says auto theft was up 7% last year, with 23,670 vehicles reported stolen. On top of

News InsuranceMergers and Aqcuisitions

Independent Nova Scotia report supports insurers’ auto pricing

May 15, 2003 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based

News InsuranceMergers and Aqcuisitions

Independent regulator to set ICBC rates

May 13, 2003 by Canadian Underwriter

New legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto