Canadian Underwriter

Topic Mergers and Aqcuisitions

News Mergers and Aqcuisitions

Atlantic premiers to look at public auto option

June 18, 2003 by Canadian Underwriter

Atlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met

News Mergers and Aqcuisitions

Insurers pleased with NB cap on minor injury claims

June 17, 2003 by Canadian Underwriter

Insurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key

News Mergers and Aqcuisitions

Consumer group wants public auto insurance in New Brunswick

June 16, 2003 by Canadian Underwriter

The Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a

News Mergers and Aqcuisitions

Economical subs downgraded on Ontario auto losses

June 12, 2003 by Canadian Underwriter

Rating agency A.M. Best has downgraded the public data ratings of several Economical Insurance Group subsidiaries. The ratings of Economical Mutual Insurance Company, Langdon Insurance Company and Perth Insurance Company have been lowered to B+ from B++. The rating of

News Mergers and Aqcuisitions

IBC poll shows support for limits on “pain and suffering” in Nova Scotia

June 11, 2003 by Canadian Underwriter

A new poll commissioned by the Insurance Bureau of Canada (IBC) suggests Nova Scotians would support limits on “pain and suffering” compensation for auto accident victims if it leads to lower premiums.The poll, which saw 1008 residents aged 16 or

News Mergers and Aqcuisitions

Insurance industry shows strengthened profitability for 1-Q

June 9, 2003 by Canadian Underwriter

Insurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to

News Mergers and Aqcuisitions

Auto theft stats on the rise: ICBC

May 20, 2003 by Canadian Underwriter

Auto theft statistics from 2002 show the crime is on the rise in B.C., says that province’s public insurer.The Insurance Corp. of B.C. (ICBC) says auto theft was up 7% last year, with 23,670 vehicles reported stolen. On top of

News Mergers and Aqcuisitions

Independent Nova Scotia report supports insurers’ auto pricing

May 15, 2003 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based

News Mergers and Aqcuisitions

Independent regulator to set ICBC rates

May 13, 2003 by Canadian Underwriter

New legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto

News Mergers and Aqcuisitions

ING to stay in Nova Scotia

May 12, 2003 by Canadian Underwriter

ING is the first insurer to publicly state it will continue to write auto insurance in Nova Scotia despite introduction of a bill to freeze rates for the next six months in that province.Recently the provincial government introduced Bill-45 which

News Mergers and Aqcuisitions

ICBC posts Q1 net income of $5 million

May 8, 2003 by Canadian Underwriter

The Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, is posting net income of $5 million for the first three months of 2003, compared to a loss of $30 million in the first quarter of 2002.Premiums were up

News Mergers and Aqcuisitions

Nova Scotia rate freeze draws industry ire

May 6, 2003 by Canadian Underwriter

A bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of