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News Mergers and Aqcuisitions

Court awards $280,500 to ICBC in auto theft case

November 8, 2004 by Canadian Underwriter

A civil action lawsuit brought by the Insurance Corp. of British Columbia (ICBC) against several parties involved in an auto theft ring has resulted in a jury awarding the crown insurer a total of $280,500 in damages. ICBC says it

News Mergers and Aqcuisitions

What’s new: In brief (November 08, 2004)

November 8, 2004 by Canadian Underwriter

Sovereign General Insurance Co. has named The Children’s Wish Foundation of Canada as its “charity of choice” for the next three years. With the commitment, the insurer will provide at least $600,000 in funding to the Foundation. The local offices

News Mergers and Aqcuisitions

Winterthur, Hub both sell Quebec personal lines operations

November 7, 2004 by Canadian Underwriter

Insurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines.Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on

News Mergers and Aqcuisitions

Co-operators warning consumers about bogus policies

November 7, 2004 by Canadian Underwriter

The Co-operators is warning that individuals may be selling fake auto insurance policies in New Brunswick and falsely claiming to represent the insurer.The policies are not valid and the individuals selling them do not hold licenses or represent the company,

News Mergers and Aqcuisitions

ICBC net income almost triples in first nine months of 2004

November 1, 2004 by Canadian Underwriter

The Insurance Corporation of B.C (ICBC) saw its net income almost triple in the first nine months ending September 30, 2004. The province’s public insurer saw net income rise to $317 million during the nine-month period, up from $112 million

News Mergers and Aqcuisitions

What’s new: In brief (October 31, 2004)

October 31, 2004 by Canadian Underwriter

The Supreme Court of Canada ruled that directors should not be held liable to creditors for decisions made in good faith prior to a bankruptcy, even if those decisions may have contributed to the company’s demise. In the case, in

News Mergers and Aqcuisitions

Co-operators General earnings up on underwriting gains

October 31, 2004 by Canadian Underwriter

Guelph-based Co-operators General Insurance Co. (TSX: CCS.PR.A) has posted higher earnings for the third quarter and nine months ending September 30, 2004 as a result of improved underwriting.The insurer netted income of $28.3 million ($1.34 per share) for the third

News CatastrophesMergers and Aqcuisitions

What’s new: In brief (October 25, 2004)

October 25, 2004 by Canadian Underwriter

Insurance Search Bureau of Canada (ISB) and CGI Group have signed an agreement for the reciprocal distribution of accident and occurrence police reports to create a North American-wide network for p&c insurers to retrieve these reports. The agreement allows insurers

News Mergers and Aqcuisitions

SGI withdraws rate increase request

October 22, 2004 by Canadian Underwriter

Saskatchewan Government Insurance has withdrawn its request to raise auto rates 10% next year for the province’s drivers.SGI says the decision comes after an external actuary’s audit predicting its “auto fund” will be in an improved position heading into next

News Mergers and Aqcuisitions

Ontario auto rates drop 8.75% in third quarter: FSCO

October 22, 2004 by Canadian Underwriter

The average rate on auto insurance dropped 8.75%, according to filings approved by the Financial Services Commission of Ontario (FSCO) for the first nine months of 2004.While the average decline in the third quarter alone was just under 2%, this

News Mergers and Aqcuisitions

Teen driving not viewed as problem: poll

October 21, 2004 by Canadian Underwriter

Although road accidents are the leading cause of death amongst young adults, a new poll is finding a surprisingly lack of concern about young driver safety.The poll, released by the Traffic Injury Research Foundation (TIRF) in Ottawa, finds that less

News Mergers and Aqcuisitions

Industry “much healthier” than in 2003: IBAO panel

October 21, 2004 by Canadian Underwriter

Reflecting on the situation facing Ontario insurers a year ago, company CEOs say the picture this year is a much healthier one.A panel of insurance company CEOs addressed the industry’s financial outlook as well as the lingering issue of public