Canadian Underwriter

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News Mergers and Aqcuisitions

ISO raises WTC insured loss estimate by US$3.7 billion

June 19, 2002 by Canadian Underwriter

The New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure,

News Mergers and Aqcuisitions

IBC calls on select committee to reform auto insurance in New Brunswick

June 13, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is urging the provincial government to make changes to auto insurance in New Brunswick. In its submission to the Select Committee on Private Passenger Automobile Insurance in Fredericton, IBC has provided various models for

News Mergers and Aqcuisitions

MPI wants no increase in auto rates despite net loss

June 12, 2002 by Canadian Underwriter

Manitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants

News Mergers and Aqcuisitions

CEOs say hard market is here to stay

June 5, 2002 by Canadian Underwriter

Anyone living under the impression that the current hard market will be short-lived may have pause to reconsider, members of an industry panel tell delegates at the 12th Annual Canadian Insurance Congress this week. Panelists agree it will take prolonged

News Mergers and Aqcuisitions

Auto costs still higher in Atlantic Canada: Insurance industry financial results

June 4, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has released its most recent auto insurance financial results figures for 2000 and 2001 in the Atlantic Region confirming the continuation of losses being incurred on automobile insurance. “Costs are still on the rise

News Mergers and Aqcuisitions

Allstate Canada and Pembridge ratings downgraded

June 3, 2002 by Canadian Underwriter

Rating agency A.M. Best is downgrading the “public data” financial strength rating of Allstate Insurance Company of Canada to B+ from B++. The rating of Markham-based affiliate Pembridge Insurance Company is also downgraded to B- from B+.The new “public data”

News Mergers and Aqcuisitions

Canadian insurers regain early profit momentum in 2002

May 23, 2002 by Canadian Underwriter

Canadian property and casualty insurers lifted net profit by 25% to $123 million for the first quarter of this year compared with the $99 million in profit posted at the end of March 2001. Despite this improvement to the bottom-line,

News Mergers and Aqcuisitions

SGI gets initial A- rating

May 22, 2002 by Canadian Underwriter

Rating agency A.M. Best has assigned an initial financial strength rating of A- (excellent) to Saskatchewans public insurer, Saskatchewan Government Insurance Canada (SGI Canada). A rating of B+ (very good) has also been given to SGI Canada Insurance Services Ltd.

News Mergers and Aqcuisitions

Auto insurance among FSCO priorities

May 7, 2002 by Canadian Underwriter

With the recent release of a discussion paper on its 2002 priorities, the Financial Services Commission of Ontario (FSCO) has put auto insurance on the agenda. But what exactly that auto reform will look like is still unclear.Although auto insurance

News Mergers and Aqcuisitions

Anderson calls on government to act on insurance issues

May 6, 2002 by Canadian Underwriter

On the brink of retirement after ten years as president of the Insurance Bureau of Canada, George Anderson took the opportunity recently to call on the government to act on insurance issues. At a luncheon hosted by the Insurance Institute

News Mergers and Aqcuisitions

Kingsway Q1 success driven by U.S. operations

May 2, 2002 by Canadian Underwriter

At its AGM in Toronto today, Kingsway Financial Services (TSE, NYSE: KFS) marked yet another record quarter, with net income rising 77% year-on-year for the first three months of 2002. Net income is at $16.3 million versus $9.2 million for

News Mergers and Aqcuisitions

Veteran Griffin to lead IBC

April 3, 2002 by Canadian Underwriter

Stan Griffin, formerly the head of the Facility Association, has been selected to replace retiring George Anderson as president and CEO of the Insurance Bureau of Canada (IBC).Griffin began with the IBC in 1975 and rose to the position of