Canadian Underwriter

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News Mergers and Aqcuisitions

Optimum closes Atlantic offices

March 26, 2002 by Canadian Underwriter

Montreal-based insurer Optimum General is shutting down its Atlantic offices following unacceptable losses in the region’s auto market. The company will cease to write new business and stop renewing policies as of July 1, 2002. Current policies will be honored,

News Mergers and Aqcuisitions

IBC continues push for Newfoundland auto reform

March 21, 2002 by Canadian Underwriter

Despite a change in public attitudes towards tort reform in Newfoundland, the Insurance Bureau of Canada is continuing to push for changes to the auto insurance system there. In an address to the St. John’s Rotary Club, IBC regional vice

News Mergers and Aqcuisitions

Canadian insurers end 2001 on dismal financial note

March 13, 2002 by Canadian Underwriter

Canadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just

News Mergers and Aqcuisitions

McNaughton v. Co-operators could spawn class action landslide

March 8, 2002 by Canadian Underwriter

The victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a

News Mergers and Aqcuisitions

IBC calls for change in Nova Scotia

February 28, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the

News Mergers and Aqcuisitions

IBC auto cost study targets "soft tissue" claims

February 5, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has released an auto claims cost study conducted in Nova Scotia which shows that the vast majority of claims relate to "soft tissue" injuries, namely sprains and strains. The study was undertaken in response

News Mergers and Aqcuisitions

IBC makes pitch for Ontario health care reform

January 17, 2002 by Canadian Underwriter

The Insurance Bureau of Canada is calling for changes to the way insurers and rehabilitation service providers deal with each other, in light of the growing cost of auto-related injuries to the industry. In a submission to the Ontario Ministry

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ICN CEO attacks "false statements" suggesting that Newfoundland/Labrador insurance costs are lowest in Canada

December 11, 2001 by Canadian Underwriter

Insurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary

News Mergers and Aqcuisitions

Tax reform a key goal for IBC in 2002

December 5, 2001 by Canadian Underwriter

At the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this

News Mergers and Aqcuisitions

IBC prompts Newfoundland auto insurance reform

November 30, 2001 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government

News Mergers and Aqcuisitions

Ontario latest market for new auto glass insurer

November 28, 2001 by Canadian Underwriter

Innovative Insurance Corporation, a wholly-owned subsidiary of glass repair chain Autoglas Maintenance Inc, is officially set to sell its product in Ontario. The company already offers a stand alone auto glass insurance product with a $50 deductible in Alberta, Nova

News Mergers and Aqcuisitions

Former Canadian Airlines CEO to head up ICBC

November 22, 2001 by Canadian Underwriter

British Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia