Topic Mergers and Aqcuisitions
Quebec to see increases in auto insurance premiums
June 22, 2005 by Canadian UnderwriterThe government of Quebec will not approve any major hikes in public auto insurance premiums, like those recently proposed by the Socit de l’assurance automobile du Qubec (SAAQ), according to the province’s junior Transport Minister Julie Boulet. The SAAQ recommended…
What’s New: In brief (June 22, 2005)
June 22, 2005 by Canadian UnderwriterMarkel Insurance Co. of Canada recently introduced a new program to provide legal aid to Canadian truckers violating U.S. hours of service rules and other transport laws.The program Market LEGALink consists of a database of trucking-savvy U.S. attorneys who are…
Marijuana grow operations may lead to higher insurance rates
June 20, 2005 by Canadian UnderwriterA recent fire in Richmond, BC is likely a result of a marijuana grow-op. The incident sets precedence for the new pot grow-op bylaw, set to take effect July 1, requiring landlords to check their premises for grow-ops every three…
What’s New: In brief (June 20, 2005)
June 20, 2005 by Canadian UnderwriterCORRECTION NOTICE: Royal & Sun Alliance Insurance Group Plc. is not calling for bids as was stated in the news release published on June 20, 2005. A Royal & Sun representative says the Company has no plans to call for…
Deductible ruling reversed by Ontario court
June 16, 2005 by Canadian UnderwriterThe Appeal Court of Ontario has instigated the filing of numerous nationwide class-action suits with its recent ruling that an insurer should pay the full value of a destroyed vehicle if it keeps the remains for salvage value.This ruling means…
Bait Car program may save insurers money
June 16, 2005 by Canadian UnderwriterInsurers may soon see a decrease in auto theft claims as recent initiatives by B.C. police take flight, right along with criminals in the act. According to media reports, lower mainland B.C. police have implemented a fleet of ‘bait cars,’…
Tornadoes and tsunami’s threaten Canadian residents
June 15, 2005 by Canadian UnderwriterEnvironment Canada recently issued two tornado warnings for southwestern Ontario due to a report from a Ontario Provincial Police officer referencing a tornado touching down northeast of Fergus, Ontario and further reports that a tornado touched down in Elmvale.A funnel…
Auto insurers to pay $1 million for indirect auto claims
June 15, 2005 by Canadian UnderwriterTwo recent court rulings have ordered two insurance company’s Citadel General Assurance Co. and Lumbermens Mutual Casualty Co. to pay almost $1 million in damages for two unrelated lawsuits representing appeals for two incidents that both occurred in 1999. Citadel…
What’s New: In Brief (June 07, 2005)
June 7, 2005 by Canadian UnderwriterOntario’s Ministry of Transportation has launched a three-day truck and bus safety inspection blitz running from June 7 to 9, 2005. Inspection stations province wide are manned by provincial enforcement officers to inspect the condition of buses, trucks and trailers,…
What’s New: In brief (June 03, 2005)
June 3, 2005 by Canadian UnderwriterToyota Motor Co’s (TM.NYS) Prius petrol-electric hybrid sedan is facing investigation by the US regulatory authority, due to complaints of a sudden stalling of its engine. Preliminary evaluation of approximately 75,000 Prius models manufactured in 2004-2005 is being implemented by…
US personal lines sector softening, but outlook remains stable
June 2, 2005 by Canadian UnderwriterThe hard market that has dominating the US personal lines insurance sector is exhibiting a softening trend, a result of record catastrophe losses (about $27 billion) experienced in 2004. According to the report recently released by Standard & Poor’s Ratings…
What’s New: In brief (June 01, 2005)
June 1, 2005 by Canadian UnderwriterComputer Sciences Corporation (NYSE: CSC) recently announced that annual studies conducted by Celentm – global financial services information technology (IT) research and consulting firm identify CSC as a dominant provider of insurance software. This is the second consecutive year Celent’s…