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New Brunswick reforms working, says Co-operators

October 29, 2003 by Canadian Underwriter

Reforms to limit compensation for minor injuries are paying off in New Brunswick, says Co-operators General Insurance Co., one of the province’s largest insurers.The company made the statement in a release to announce that 9,00 cheques are being sent to

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Insurers want Nova Scotia auto reforms delayed

October 28, 2003 by Canadian Underwriter

On the heels of the passage of Nova Scotia’s Bill 1, which would reform the province’s auto insurance system, insurers and brokers are scrambling to have the legislation delayed. The bill, in its present form, contains amendments that would roll

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Insurers unfazed by Ontario rate freeze

October 23, 2003 by Canadian Underwriter

An auto insurance rate freeze announced by the brand new Ontario Liberal government today is not unexpected, says the Insurance Bureau of Canada (IBC). Insurers are prepared to cooperate with the rate freeze, but hope to work with the new

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Reserve costs, dollar blues dampen Kingsway’s 3-Q earnings

October 22, 2003 by Canadian Underwriter

Specialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to

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IBC survey shows mixed support for Quebec reforms

October 8, 2003 by Canadian Underwriter

A new survey by the Insurance Bureau of Canada suggests Quebec’s drivers may not be quite so pleased with possible reforms to their auto insurance system.The survey comes as Quebec’s government considers changes to its auto insurance system such as

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Atlantic task force rejects public auto

October 6, 2003 by Canadian Underwriter

A task force established by Atlantic Canada’s premiers has come out against implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly

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Hub makes two U.S. acquisitions

October 3, 2003 by Canadian Underwriter

Broker consolidator Hub International has added two US brokerages to its stable. Boston-based Commonwealth Insurance Agency Inc. will become part of New England “hub” C.J. McCarthy, bringing about US$300,000 in annual revenue. The brokerage specializes in homeowners coverage in Massachusetts,

News Mergers and Aqcuisitions

Kingsway reveals $30 million adverse reserve development

September 29, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as

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Kinesiologists unhappy with Bill-198 regulations

September 26, 2003 by Canadian Underwriter

The Ontario Kinesiology Association (OKA) is speaking out against regulations in support of Ontario’s Bill-198 which they say will preclude their members from working on auto accident claims.The regulations, which come into force on October 2, are worded such that

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Nova Scotia report advocates lower auto rates and public education

September 24, 2003 by Canadian Underwriter

While pushing for limits on auto insurance rates in Nova Scotia, a new report also suggest the public needs to become more educated about how to shop for insurance.The provincial government’s “consumer advocate”, George Jordan, released his final report following

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Manitoba to offer loans for anti-theft device purchase

September 23, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI), the provincial government auto insurance program, says it will offer loans to drivers to purchase anti-theft devices.The loans will apply to aftermarket vehicle immobilizers meeting the Canadian standard for theft deterrence, which generally cost $240-$400. Drivers

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Personal lines rates up in U.S.

September 11, 2003 by Canadian Underwriter

Both homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected