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Nadia Romano
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On the Move (January 01, 2004)

January 1, 2004 by Canadian Underwriter

Sinclair-Cockburn Financial Group has named Nadia Romano as personal lines manager, capitalizing on more than 20 years of insurance industry experience, including two years on the firm’s senior management team. Adjuster Cunningham Lindsey Canada Ltd. announces vice president, operations Lorri

Henry Klecan Jr.,
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SCOR’s Ailing U.S. Ops Get Canadian Help

December 1, 2003 by Canadian Underwriter

Henry Klecan Jr., the president of SCOR Canada, has been given management control of the international group’s troubled U.S. operations. Describing the move south as a “secondment”, Klecan says he will remain fully involved with the Canadian operation whilst undertaking

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Letters to the Editor (December 01, 2003)

December 1, 2003 by Canadian Underwriter

The recent debate regarding automobile insurance rates in Nova Scotia has overshadowed the significant and positive impact that the industry has had in dealing with the huge volume of Hurricane Juan related claims. We recently wrote to the Nova Scotia

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Fairfax 3-Q Earnings Hit by Investment Declines

December 1, 2003 by Canadian Underwriter

Third quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million

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Optimum General Recovery Maintains Steam (December 01, 2003)

December 1, 2003 by Canadian Underwriter

Montreal-based Optimum General continued to climb back into the black in the third quarter ended September this year, posting a net profit of $411,000, equal to 4 a share for the period compared with a net loss of $743,000, or

2003/04 RIBO Board: (standing from left) Byron Moffitt, past president Art Langley, Barry Downs, Al Hawco, CEO Jeff Bear, Hassan Jaffer, president Rod Finlayson; (seated) secretary Elsie "Toots" Everley, Joanne Brown, Caroline Benedict, Gloria Shan, vice president Jack Baizana, treasurer Bonnie Warder.
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RIBO AGM Unveils Market Capacity Concerns

December 1, 2003 by Canadian Underwriter

The concern over brokers facing limited market availability was among the issues faced this past year by the Registered Insurance Brokers of Ontario (RIBO). At its recent AGM, the organization’s outgoing president Art Langley notes, “2003 has been a difficult

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St. Paul and Travelers Merge in Stock Deal

December 1, 2003 by Canadian Underwriter

The St. Paul Companies Inc. and Travelers Property Casualty Corp. recently announced a merger of the two companies to form a US$20 billion global operation based on net written premiums. The deal, which involves a trading of stock between the

Mark Yakabuski
Feature Mergers and Aqcuisitions

Ontario Government Gives Auto Insurers the Freeze

December 1, 2003 by Canadian Underwriter

New legislation introduced by the Ontario Liberal government to freeze auto insurance rates offers both “good news” and “bad news” for insurers, says the Insurance Bureau of Canada (IBC). While the IBC opposed the idea of formalizing the rate freeze,

Dennis Mahoney
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Aon Re Chief Cautious of Market’s Strength

December 1, 2003 by Canadian Underwriter

The global property and casualty insurance industry at both the primary and reinsurance levels faces significant challenges in the year ahead despite the overall increase in profitability brought on by the hard market, comments Dennis Mahoney, chairman of Aon Re

Doug Grahlman
Feature Mergers and Aqcuisitions

IBAO 2003 Convention: A Crises of Credibility

December 1, 2003 Vikki Spencer and Sean van Zyl

The recently held Insurance Brokers Association of Ontario (IBAO) annual convention hosted a panel of primary insurer CEOs who were put before the firing line of the 500-plus audience of mostly independent brokers who felt that the “hard market” has brought on an unnecessarily “hard attitude” by insurers in their relationship with the brokerage community. While defending the “strength” of company relations with brokers, the CEOs admit that some actions taken by insurers during the latest hard market in terms of cutting broker contracts and forcing “standard risks” into the non-standard market may have been overly severe – the cost being a loss of faith in insurance companies from brokers to consumers.

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Drilling Down for New Solutions

December 1, 2003 Craig Harris

The oil and gas industry was already facing steep insurance rate hikes and capacity concerns before the terrorist attacks of 9/11. More than two years after that event, it is still reeling from coverage restrictions, record-level deductibles and a massive spike in prices. However, the bigger players appear to have learnt their lesson of the insurance market’s pricing vagaries, and they have identified and created alternative risk transfer mechanisms.

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RSA Canada Combined Ratio Drops

December 1, 2003 by Canadian Underwriter

As parent company Royal & SunAlliance Group announced its overall losses had narrowed to 146 million pounds from 156 million pounds for the first nine months of 2003, the Canadian operation says its own financial results are improving. Despite losses