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Get Rid of Weak Insurers, Study Suggests

October 1, 2003 by Canadian Underwriter

A new U.S. study suggests regulators should cut financially unstable insurers off at the pass, rather than trying to “rehabilitate” them. Commissioned by the U.S. Council of Insurance Agents and Brokers (CIAB) and prepared by Stewart Economics Inc., the study

TIWA
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Views (October 01, 2003)

October 1, 2003 by Canadian Underwriter
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B.C. Forest Fires Cost Insurers $200 Million

October 1, 2003 by Canadian Underwriter

Insured losses from forest fires that swept through British Columbia in August are expected to total at least $200 million, says the Insurance Bureau of Canada (IBC). But this figure should not increase significantly, says IBC Pacific Region government relations

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Fairfax Renews Share Buyback to Boost Shareholder Value

October 1, 2003 by Canadian Underwriter

Fairfax Financial Holdings Ltd. (TSX: FFH) has renewed efforts to acquire its own issued subordinate voting shares in a bid to boost shareholder value in the company’s listed equity. Fairfax says that, pending regulatory approval, it will purchase about one

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Brand Success

October 1, 2003 Sean Hutchison, Fort Nocs Networks

For a company to uphold its corporate brand requires more than just integrating a consistent look and feel into every communication – it means embracing the concept of “brand critical”. By definition, mission critical refers to those elements of an

Feature Mergers and Aqcuisitions

Hub Expands East-Coast U.S. Operations

October 1, 2003 by Canadian Underwriter

Broker 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

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Feature Mergers and Aqcuisitions

Atlantic Task Force Rejects Concept of Public Auto

October 1, 2003 by Canadian Underwriter

A 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

Robert Hartwig
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U.S. Insurers Triple Net Earnings for 2003 Half-Year

October 1, 2003 by Canadian Underwriter

U.S. property and casualty insurers increased net taxed income for the first half of this year to US$14.5 billion – representing a 3.3 times rise on the US$4.4 billion reported for the same period last year, according to data released

Feature Mergers and Aqcuisitions

A “Mom & Pop” Perspective

October 1, 2003 Sean van Zyl, Editor

Taking over the presidency of the largest provincial independent brokerage association in the country shortly after what could be called a historic “landslide election” resulting in a new government for Ontario could be a daunting challenge for most people. That, however, is just the beginning of what may appear to the casual observer to be “overwhelming odds” as independent brokers continue to deal with the harsh realities of a “hard market” where insurance availability and pricing have become contentious political issues across Canada. For Doug Grahlman, who will take the helm of the Insurance Brokers Association of Ontario (IBAO) at the association’s annual convention to be held this month, the top priority on his agenda for the year ahead is “communication” – at both the government and consumer levels.

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Feature Mergers and Aqcuisitions

Managing Vehicle Theft

October 1, 2003 Serge Laporte, Boomerang Tracking Inc.

Automobile theft costs Canadians close to $1 billion every year. To combat this alarming trend, vehicle owners should adopt a more proactive technological approach to risk management – and the insurer must provide the incentive to do so. Automobile insurance

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Independent Adjusters: Finding Common Technology Ground

October 1, 2003 Fred Plant, a partner at Plant Hope Adjusters Ltd.

The independent adjusting profession is experiencing a period of transition, driven by market demands and legislative considerations. Notably, insurers are under increasing pressure to reduce claims and expense costs, which has added to the challenges before adjusters. And, while new claims handling technology offers cost reduction to both parties through better service and information, true efficiency will only come through cooperation.

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Liability Exposure South of the 49th Parallel

October 1, 2003 Mark Ram, president of Markel Insurance Co. of Canada

It is the largest product liability verdict so far this year – and one unheard of within Canada’s kinder legal system. A Florida jury this past August ordered a Wisconsin pool-pump manufacturer to pay US$104 million in compensatory damages to the family of a boy who sustained permanent brain damage after his arm became stuck in a pool drain three years ago. And the whopping $104 million is just the beginning. Further punitive damage awards are reported pending, as the pool pump company was allegedly aware of a manufacturing defect for years, yet did nothing.