Topic Mergers and Aqcuisitions
MPI study highlights motorcycle risk
October 11, 2004 by Canadian UnderwriterDespite rising premiums for motorcyclists in Manitoba, other drivers continue to subsidize this high-risk group, according to a new survey released by that province’s public insurer.Analysis of claims figures shows that for motorcyclists to pay premiums consistent with their share…
MPI posts $40.8 million income in first-half 2004
October 5, 2004 by Canadian UnderwriterManitoba Public Insurance (MPI) says it is “on target” for the first six months of its fiscal year. The province’s public auto insurer posted net income of $40.8 million for the first-half ending August 31, 2004, up from $39.2 million…
Coachman downgraded despite SGI ratings affirmation: A.M. Best
October 3, 2004 by Canadian UnderwriterWhile parent company Saskatchewan Government Insurance (SGI) says its “A-” (excellent) rating affirmed by A.M. Best, its Ontario subsidiary Coachman Insurance Co. was downgraded to “B-” (fair) from “B”. SGI’s other subsidiaries, SGI Canada Insurance Services Ltd. (SCISL) and The…
Wawanesa Mutual rating affirmed on “superior capitalization”
September 30, 2004 by Canadian UnderwriterA.M. Best was bullish on Winnipeg-based Wawanesa Mutual Insurance Co., affirming its “A+” (superior) rating, and that of its U.S. subsidiaries, Wawanesa General Insurance Co. and Wawanesa Mutual (U.S. branch), with both ratings carrying stable outlooks.In its report, A.M. Best…
IBC highlights “victims” of auto theft: Fraud Forum
September 28, 2004 by Canadian UnderwriterIn its new focus on auto theft and injury rings, the Insurance Bureau of Canada (IBC) is trying to highlight that insurance fraud and theft are far from “victimless” crimes. Speaking at the Annual Toronto Fraud Forum, co-hosted by the…
Alberta broker speaks out against auto reform
September 27, 2004 by Canadian UnderwriterCalgary-based Canada Brokerlink Inc. has set up a website to speak out about the new Alberta auto insurance system. The site, www.albertaautoinsurance.ca, is a response to what Canada Brokerlink president Jon Ouellete says is an “extremely political and not very…
Trial lawyer chosen as consumer advocate in Newfoundland
September 27, 2004 by Canadian UnderwriterThe Newfoundland government has selected a trial lawyer to act as consumer advocate in its hearings on insurance issues before the Public Utilities Board (PUB).Tom Johnson, a partner in O’Dea Earle Law Offices, will speak on behalf of consumers at…
What’s new: In brief (September 26, 2004)
September 26, 2004 by Canadian UnderwriterState Farm Insurance Companies has donated $6,500 to the Peterborough Area Relief Fund to help victims of the July floods. State Farm also notes that it has paid out more than $8.5 million in claims in the Peterborough area, with…
What’s new: In brief (September 22, 2004)
September 22, 2004 by Canadian UnderwriterWestern Financial Group has named Jim Dinning as chair of the board, to replace James A. Robb. Dinning had been vice chair of the board, and company CEO Scott Tannas says the change is in anticipation opportunities the company is…
What’s new: In brief (September 19, 2004)
September 19, 2004 by Canadian UnderwriterA survey of risk managers by the U.K.’s Association of Insurance & Risk Managers (AIRMIC) finds 21% have registered as insurance intermediaries under the new European Union Insurance Mediation Directive. The directive, which will be enforced by the U.K. Financial…
Canadian auto results picking up steam: A.M. Best
September 16, 2004 by Canadian UnderwriterAlthough it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best.In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for…
What’s new: In brief (September 12, 2004)
September 12, 2004 by Canadian UnderwriterFitch Ratings says even with the back-to-back landfall of hurricanes Charley and Frances, most insurers will be protected because of their spread of risk geographically and by line of business, as well as the presence of public-sponsored entities which will…