Topic Mergers and Aqcuisitions
FSCO publishes series of consumer brochures
February 23, 2005 by Canadian UnderwriterIn additional to its annual version of “Understanding Automobile Insurance”, the Financial Services Commission of Ontario (FSCO) has published a series of pamphlets to assist consumers in buying insurance and filing claims.“What to do After an Auto Accident” is intended…
Alberta to review auto premiums following 2004 industry earnings release
February 22, 2005 by Canadian UnderwriterAlberta’s Auto Insurance Rate Board is set to review auto insurance premiums “to determine if further reduction for drivers are recommended”, according to a press release from the office of the province’s finance minister, Shirley McClellan.While a formal review will…
Co-operators General profits soar on underwriting gains
February 17, 2005 by Canadian UnderwriterCo-operators General Insurance Co. (TSX: CCS.PR.A) is reporting net income tripled in 2004, to hit $139.49 million, or $6.54 per share. This compares to income of $44.04 million, or $1.78 per share, reported in 2003.For the fourth quarter of 2004,…
MPI uncovers $75,000 fraud
February 17, 2005 by Canadian UnderwriterManitoba Public Insurance (MPI) says a Winnipeg woman has been ordered to pay the government auto insurer more than $75,000 in restitution after being found guilty of fraud over $5,000.Forty-eight-year-old Roza Kantor also received an 18-month conditional sentence, handed down…
What’s new: In brief (February 15, 2005)
February 15, 2005 by Canadian UnderwriterThe Co-operators has teamed up with the Infant & Toddler Safety Association (ITSA) and the Ontario Ministry of Transportation to produce a “Booster Seat Guide” and DVD to educate the public on the use of child booster seats in vehicles.…
Kingsway earnings jump 54% in 2004
February 13, 2005 by Canadian UnderwriterInsurance giant Kingsway Financial Services (TSX, NYSE: KFS) saw its net income rise 54% to hit a record $131.0 million, or $2.32 per share, in 2004. The company had pulled in a previous record $85.3 million, or $1.63 per share,…
Fairfax 2004 earnings hit by hurricanes
February 13, 2005 by Canadian UnderwriterFairfax Financial Holdings (TSX, NYSE: FFH) is reporting a net loss of US$17.8 million, or US$2.16 per share, for 2004, heavily impacted by US$252.7 million in losses stemming from the four U.S. hurricanes in the third quarter of the year.…
U.S. auto rates expected to rise 1.5% in 2005: III
February 10, 2005 by Canadian UnderwriterThe Insurance Information Institute (III) says auto rates in the U.S. should increase 1.5% in 2005, the smallest increase in the last five years.The average auto premium per vehicle this year should be US$870, up US$13 over last year. In…
FSCO issues cease and desist against paralegal
February 9, 2005 by Canadian UnderwriterOntario’s insurance regulator has issued an interim cease and desist order against a St. Catherines-based paralegal alleged to have misappropriated client settlement funds.Calise & Associates Legal Services Inc. and Marcello Calise have been removed from the Financial Services Commission of…
Drivers recognize dangers of speeding but still admit to doing it: MPI
February 9, 2005 by Canadian UnderwriterWhile most drivers recognize the serious danger presented by speeding, many still admit to having committed the offense, according to a public opinion survey conducted by Manitoba Public Insurance (MPI). In a survey of 800 residents of the province, 70%…
What’s new: In brief (February 06, 2005)
February 6, 2005 by Canadian UnderwriterZurich Financial Services Group says it will pay Equitas US$547 million to commute policies purchased from Zurich’s Centre operation by Lloyd’s syndicates reinsured by Equitas. Zurich says the agreement ends Centre’s exposure to those syndicates. “This commutation represents significant progress…
What’s new: In brief (February 03, 2005)
February 3, 2005 by Canadian UnderwriterWestern Financial Group has successfully netted $22.25 million from its offering of subscription receipts. The offering was made in part to fund the company’s acquisition of Federated Life Insurance Co. and the subscription receipts can be redeemed for a share…