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News Mergers and Aqcuisitions

Canadian market set for interesting year in 2005: Cook

January 30, 2005 by Canadian Underwriter

2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking

News CatastrophesMergers and Aqcuisitions

What’s new: In brief (January 27, 2005)

January 27, 2005 by Canadian Underwriter

CGI and Insurance Search Bureau (ISB) have signed an agreement wherein CGI information products will be exclusively distributed to the p&c claims industry by ISB. ISB president Michael Damm says, “the fact that the information required in handling of a

News Mergers and Aqcuisitions

Industry preparing for release of 2004 yearend results: Yakabuski

January 26, 2005 by Canadian Underwriter

The insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of

News Mergers and Aqcuisitions

What’s new: In brief (January 25, 2005)

January 25, 2005 by Canadian Underwriter

Broker Aon says the introduction of the Airbus A380 will challenge the aviation liability market, and may cause liability limits to rise for the entire industry. Much like the introduction of Pan Am’s 747 some 35 years ago, the mammoth

News CatastrophesMergers and Aqcuisitions

What’s new: In brief (January 24, 2005)

January 24, 2005 by Canadian Underwriter

Aviva Canada says it will connect directly to the Centre for Study of Insurance Operations (CSIO) portal in 2005, but in the meantime will be guaranteeing quotes generated on the portal as of March 1. This applies to Aviva’s Pilot,

News Mergers and Aqcuisitions

ICBC application for no rate increase approved

January 23, 2005 by Canadian Underwriter

The Insurance Corp. of B.C. (ICBC) has gotten its wish and will not have to raise basic auto insurance rates in 2005. The B.C. Utilities Commission approved the public insurer’s rate application which had been submitted last July. The commission

News Mergers and Aqcuisitions

Kingsway latest to join portal

January 20, 2005 by Canadian Underwriter

Mississauga, Ontario-based Kingsway General Insurance Co. is the latest insurer to hop on the Centre for Study of Insurance Operations (CSIO) portal.Non-standard auto insurer Kingsway is the 30th company to take part in the web-based portal for broker-insurer interaction, a

News Mergers and Aqcuisitions

What’s new: In brief (January 19, 2005)

January 19, 2005 by Canadian Underwriter

The Insurance Institute for Highway Safety (IIHS) says if police in all U.S. states were allowed to stop drivers not wearing a seatbelt, 700 lives per year would probably be saved. Currently only 21 states and the District of Columbia

News Mergers and Aqcuisitions

Ontario auto rates drop in 2004, but further savings to come in 2005

January 18, 2005 by Canadian Underwriter

According to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005.FSCO calculates the average rate

News Mergers and Aqcuisitions

MPI reports net income of $81.5 million for first three quarters of 2004

January 17, 2005 by Canadian Underwriter

Manitoba Public Insurance (MPI) says for the first nine months ending November 30, 2004, it pulled in net income of $81.5 million, more than double the $38.7 million reported in the first nine months a year prior.Premiums written were up

News Mergers and Aqcuisitions

Newfoundland puts out call for participation in insurance hearings

January 16, 2005 by Canadian Underwriter

On the heels of publishing its claims study, Newfoundland’s Public Utilities Board (PUB) is asking for public input to a series of insurance hearings.The first hearings will deal with auto insurance, with the completion of the PUB’s study of closed

News Mergers and Aqcuisitions

What’s new: In brief (January 13, 2005)

January 13, 2005 by Canadian Underwriter

The U.S. Insurance Research Council (IRC) says auto injury fraud is adding about US$5 billion to claims costs per year, based on 2002 data. The study also found indications of fraud in 10% of all paid bodily injury claims, and