Topic Mergers and Aqcuisitions
Ontario Liberals release “customized” auto policy plans
August 9, 2004 by Canadian UnderwriterThe Ontario Liberal government has released a discussion paper outlining its plans for a new auto insurance system which would include “customized coverages” for accident benefits (AB).The Ministry of Finance has posted the discussion paper on its website and is…
National guidelines on salvage air bags released
August 9, 2004 by Canadian UnderwriterThe Canadian Council of Motor Transport Administrators (CCMTA) has released its guidelines for salvage air bags, according to a press release from John Norris of the Hamilton District Autobody Repair Association (HARA).The release notes that some public insurers in Western…
Kingsway net income jumps 22% on investment gains
August 8, 2004 by Canadian UnderwriterMississauga-based Kingsway Financial Services (NYSE, TSX: KFS) saw net income rise for the second quarter ending June 30, 2004 by 22% to $33.3 million, compared to $27.3 million for the same period a year earlier. This translates to earnings per…
Benchmark report highlights auto challenges: Baker
August 8, 2004 by Canadian UnderwriterThe first release of the MSA Benchmark Report on Canadian p&c insurers highlights the struggles being experienced by auto writers compared to commercial insurance carriers.The report’s author, MSA Research Inc.president Joel Baker, says that despite a return on equity of…
ICBC net income doubles in first half of 2004
August 5, 2004 by Canadian UnderwriterNet income for B.C.’s public auto insurer more than doubled in the first half of 2004, to $166.8 million from $77.4 million a year earlier.Investment income paid a key role in the growth, rising to $215.4 million for the first…
IBC voices insurer concerns over Bill-30
August 5, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) says Newfoundland’s Bill-30 is a “short-term fix” that does little to relieve the pressure on auto insurers and their customers in the province.Bill-30 was signed into law earlier this week, despite opposition from insurers…
Newfoundland auto reforms proclaimed despite industry opposition
August 3, 2004 by Canadian UnderwriterDespite notice from several insurers that they would withdraw from the province of Newfoundland’s auto insurance market due to the passage of Bill-30, the auto reform measures have been proclaimed.The bill was proclaimed on August 1, although this was not…
What’s new: In brief (August 03, 2004)
August 3, 2004 by Canadian UnderwriterPafco Insurance has commenced writing business as a stand-alone company in Ontario and New Brunswick as of Tuesday. The brand used to fall under the Pembridge mantle, but Pembridge CEO Bob Tisdale explains the separate Pafco licenses are intended to…
E-L Financial results improve on general insurance gains
August 2, 2004 by Canadian UnderwriterResults for Toronto-based E-L Financial Corp. (TSX: ELF) were much improved over 2003 for the first six months of 2004, largely on the back of gains in the general insurance segment. E-L is the parent of the Dominion of Canada…
Modest improvement for U.K. insurers in 2003
July 29, 2004 by Canadian UnderwriterU.K. non-life insurers posted modest underwriting gains in 2003, according to statistics from A.M. Best.Returns filed with the rater indicate an industry combined ratio of 94%, down from 98% for 2002. A.M. Best says, however, that results have probably peaked,…
Property crime rises in 2003: StatsCan
July 28, 2004 by Canadian UnderwriterProperty crime, including vehicle thefts and break-ins were on the rise in 2003, according to figures from Statistics Canada.StatsCan data shows the national property crime rate rose 4% in 2003, despite hitting a 20-year low in 2002. The 2003 rates…
Paralegal rules come into effect in September: FSCO
July 27, 2004 by Canadian UnderwriterStatutory accident benefits (SABS) representatives will face new rules coming into effect September 1, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those…