Topic Mergers and Aqcuisitions
Groupe Promutuel posts $36 million profit
April 10, 2005 by Canadian UnderwriterGroupe Promutuel, a group of Quebec-based mutual insurers, says its members posted combined net earnings of $36 million for 2004. Premium volume grew by 11% last year to reach $456 million, and member equity rose from $291 million in 2003…
FSCO publishes consumer guides on homeowners’ insurance
April 10, 2005 by Canadian UnderwriterOntario’s insurance regulator has published a series of guides on homeowners’ insurance, including one which talks specifically about insurer concerns regarding older homes.The Financial Services Commission of Ontario (FSCO) notes that buyers of older homes need to be aware of…
No hikes for Torontonians affected by transit strike: IBC
April 6, 2005 by Canadian UnderwriterResidents of Toronto who may be forced to drive or car-pool temporarily as a result of the possible public transit strike will not have to buy additional insurance, the Insurance Bureau of Canada says.The Toronto Transit Commission strike, which has…
What’s new: In brief (April 05, 2005)
April 5, 2005 by Canadian UnderwriterGE Insurance Solutions Corp. (formerly called Employers Re) has been downgraded by Standard & Poor’s to financial strength “A” from “A+”, and counterparty credit rating “BBB+” from “A-“. The move follows a review of the group’s poor operating performance over…
ICBC says fraud program saved $70 million in claims
April 5, 2005 by Canadian UnderwriterB.C.’s public auto insurer says its program to uncover fraudulent claims resulted in $70 million in savings in 2004.The Insurance Corp. of B.C. (ICBC) says these savings include denied claims, money recovered and its estimate of savings generated through fraud…
What’s new: In brief (March 31, 2005)
March 31, 2005 by Canadian UnderwriterThe Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair…
TD Meloche Monnex refunds drivers for underwriting error
March 30, 2005 by Canadian UnderwriterTD Meloche Monnex announced Wednesday it would reimburse some Ontario auto insurance clients for a rating error dating back to 1999.About 155,000 policyholders will receive an average reimbursement for the five-year period of $68, which includes both premium, sales tax…
Alberta AIRB says mandated rate reductions not needed
March 28, 2005 by Canadian UnderwriterThe Alberta government says insurers are voluntarily filing reduced rates for private passenger auto insurance, making it unnecessary for reductions to be mandated.Insurers representing about 50% of the market have already filed for reductions of between 4%-7% with the province’s…
What’s new: In brief (March 28, 2005)
March 28, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued a bulletin highlighting changes to excluded driver endorsements, which applies to policies issued or renewed as of June 1. The endorsement has been revised to include “strengthened wording to deter excluded…
Alberta auto changes allow for public insurers to enter province
March 22, 2005 by Canadian UnderwriterNew reforms tabled in the Alberta legislature would see public insurers allowed to sell auto insurance in the province.Bill 34, the Insurance Amendment Act, 2005 was introduced by Peace River MLA Frank Oberle on Monday.We are following through on a…
Small cars, SUVs top driver-death rates in crashes: IIHS
March 15, 2005 by Canadian UnderwriterIn a new “Status Report” by the Insurance Institute for Highway Safety (IIHS), small cars and small to mid-size SUVs ranked as the worst in terms of driver death rates in crashes. The two-door, two-wheel-drive Chevrolet Blazer tops the list…
Pethealth loss narrows on 60% revenue increase for 2004
March 14, 2005 by Canadian UnderwriterOakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture: PTZ) saw its annual net loss narrow to $422,540, or $0.01 per share last year, a 79% improvement over the loss of $1.99 million, or $0.01 per share, posted in 2003.Revenue was…