Canadian Underwriter

Mergers and Aqcuisitions

News InsuranceMergers and Aqcuisitions

Insurers gashed in 2-Q by tumbling investment returns

August 23, 2002 by Canadian Underwriter

Canadian property and casualty insurers produced a net profit for the second quarter of this year of $192 million, reflecting a 30% drop compared with the $275 million reported for the same period the year previous. The industry’s net earnings

News InsuranceMergers and Aqcuisitions

ICBC president resigns

August 19, 2002 by Canadian Underwriter

Just a few short months after taking the post, new Insurance Corporation of British Columbia (ICBC) president Kevin Benson is resigning. In a press release, the public insurance notes that Benson is leaving “to pursue a unique opportunity in Ontario”,

News InsuranceMergers and Aqcuisitions

Optimum General still waiting for turnaround

August 14, 2002 by Canadian Underwriter

Tough times continue for Montreal-based Optimum General (TSX: OGI.A), which posted a net loss of $2.3 million for the quarter ending June 30, 2002. This compares with a net loss of $709,000 for the second quarter of 2001. The resulting

News InsuranceMergers and Aqcuisitions

East-coasters call for government resolve on insurance pricing

July 26, 2002 by Canadian Underwriter

A market research study just released by the Insurance Bureau of Canada (IBC) of the Atlantic provinces suggests that the majority of personal auto insurance buyers believe that the provincial governments have a responsibility to deal with premium rate hikes.

News InsuranceMergers and Aqcuisitions

Kingsway gains FSCO approval for auto changes

July 12, 2002 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE: KFS) has gained approval from the Financial Services Commission of Ontario (FSCO) to eliminate certain classes of personal auto business and implement an across-the-board 8.5% increase in rates. The rate adjustments take effect from the

News InsuranceMergers and Aqcuisitions

Sept. 11 losses not solely to blame for U.S. insurer woes, study shows

July 10, 2002 by Canadian Underwriter

Losses stemming from the September 11 terrorist are not the only thing to blame for the terrible performance by U.S. insurers last years, says a report from Florida-based Weiss Ratings Inc. But an overall leap in claims costs is certainly

News InsuranceMergers and Aqcuisitions

Quebec auto theft ring apprehended

June 21, 2002 by Canadian Underwriter

Members of an auto theft ring operating from Berthierville, Quebec were apprehended by the authorities after a stolen vehicle equipped with a Boomerang Tracking System was traced to their hideout. The police recovered 10 stolen vehicles as well as various

News InsuranceMergers and Aqcuisitions

ISO raises WTC insured loss estimate by US$3.7 billion

June 19, 2002 by Canadian Underwriter

The New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure,

News InsuranceMergers and Aqcuisitions

IBC calls on select committee to reform auto insurance in New Brunswick

June 13, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is urging the provincial government to make changes to auto insurance in New Brunswick. In its submission to the Select Committee on Private Passenger Automobile Insurance in Fredericton, IBC has provided various models for

News InsuranceMergers and Aqcuisitions

MPI wants no increase in auto rates despite net loss

June 12, 2002 by Canadian Underwriter

Manitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants

News InsuranceMergers and Aqcuisitions

CEOs say hard market is here to stay

June 5, 2002 by Canadian Underwriter

Anyone living under the impression that the current hard market will be short-lived may have pause to reconsider, members of an industry panel tell delegates at the 12th Annual Canadian Insurance Congress this week. Panelists agree it will take prolonged

News InsuranceMergers and Aqcuisitions

Auto costs still higher in Atlantic Canada: Insurance industry financial results

June 4, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has released its most recent auto insurance financial results figures for 2000 and 2001 in the Atlantic Region confirming the continuation of losses being incurred on automobile insurance. “Costs are still on the rise