Topic
Mergers and Aqcuisitions
Atlantic Task Force Rejects Concept of Public Auto
October 1, 2003 by Canadian UnderwriterA task force established by the premiers of Atlantic Canada has rejected implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly…
Hub Expands East-Coast U.S. Operations
October 1, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSX: HBG] has added two U.S. brokerages to its stable: Boston-based Commonwealth Insurance Agency Inc., and New Jersey-based Sondheim & Laughlin. Commonwealth will become part of Hub’s New England “C.J. McCarthy hub”. The new brokerage…
Kingsway Reveals $30 Million Reserve Shortfall
October 1, 2003 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as…
Kingsway reveals $30 million adverse reserve development
September 29, 2003 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as…
Kinesiologists unhappy with Bill-198 regulations
September 26, 2003 by Canadian UnderwriterThe Ontario Kinesiology Association (OKA) is speaking out against regulations in support of Ontario’s Bill-198 which they say will preclude their members from working on auto accident claims.The regulations, which come into force on October 2, are worded such that…
Nova Scotia report advocates lower auto rates and public education
September 24, 2003 by Canadian UnderwriterWhile pushing for limits on auto insurance rates in Nova Scotia, a new report also suggest the public needs to become more educated about how to shop for insurance.The provincial government’s “consumer advocate”, George Jordan, released his final report following…
Manitoba to offer loans for anti-theft device purchase
September 23, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI), the provincial government auto insurance program, says it will offer loans to drivers to purchase anti-theft devices.The loans will apply to aftermarket vehicle immobilizers meeting the Canadian standard for theft deterrence, which generally cost $240-$400. Drivers…
Personal lines rates up in U.S.
September 11, 2003 by Canadian UnderwriterBoth homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected…
IBC, Consumers’ Association at odds over auto insurance rates
September 11, 2003 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) and the Consumers’ Association of Canada (CAC) are engaging in a war of words over the cost of auto insurance, following the release of a study by the CAC suggesting rates in Ontario are…
Ontario auto battle heats up over public/private study
September 5, 2003 by Canadian UnderwriterAs Ontario heads into an early October election, auto insurance stands to be a key issue on the campaign trail. An early volley was thrown with the release of a study by The Fraser Institute, a conservative public policy organization…
Federation withdraws from Newfoundland on auto insurance proposals
September 4, 2003 by Canadian UnderwriterProposals by the Newfoundland government to change that province’s auto insurance system are the cause of Federation Insurance Co. of Canada’s decision to stop writing personal lines in that province, the company says.In a media release, the company says it…
Eves’ government announces additional auto insurance reforms
September 2, 2003 by Canadian UnderwriterAs expected, the Ontario government has formally proposed additional changes to the auto insurance system on the heels of implementation of Bill-198.Premier Ernie Eves today announced the program which includes a reduction in the premium tax from 3% to 2%,…