Topic Mergers and Aqcuisitions
US commercial and personal lines given stable outlook: S&P
June 14, 2004 by Canadian UnderwriterAt long last, the U.S. commercial lines sector has seen its outlook revised by rating agency Standard & Poor’s to stable, in line with the personal lines outlook.S&P points to a “delicate balance” between earnings growth and legacy reserving issues…
“Rest up” program launched in New Brunswick
June 10, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is taking its “Rest up! Save your neck” program to New Brunswick this summer, with university students across the province educating drivers on proper headrest adjustment.“Rest up” is the IBC’s newest safety initiative, and…
What’s new: In brief (June 08, 2004)
June 8, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) confirms the release of a final framework to replace the designated assessment center (DAC) system will be delayed as the earlier proposed expert assessor network (EAN) goes back to the drawing board. FSCO…
EAN had “a lot of weaknesses”: IBC
June 7, 2004 by Canadian UnderwriterThe Ontario government’s proposal for an “expert assessor network” (EAN) has “a lot of weaknesses” according to feedback from the insurance industry.The proposal has been sent back to the drawing board, it was confirmed Friday by the office of Mike…
What’s new: In brief (June 07, 2004)
June 7, 2004 by Canadian UnderwriterAnthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided…
EAN proposal under revision
June 6, 2004 by Canadian UnderwriterThe Ontario Liberals’ proposal of an expert assessor network (EAN) to replace the designated assessment center (DAC) system is going back to the drawing board following consultations.The proposal is facing revisions, confirms Arthur Lofsky, special assistant to Mike Colle, parliamentary…
Canadian p&c industry turning fortunes around
June 3, 2004 by Canadian UnderwriterIn the face of a difficult operating environment, the Canadian p&c industry is beginning to show signs of a turn around, says Standard & Poor’s director Donald Chu.Chu made the comments as part of a presentation to the Canadian Insurance…
Auto insurance reforms paying off for consumers: IBC
June 1, 2004 by Canadian UnderwriterIn its most recent quarterly “Perspective” report, the Insurance Bureau of Canada notes auto insurance premiums have dropped significantly in all private market provinces from their 2003 peaks, with the exception of Newfoundland.Topping the list is PEI, where premiums are…
What’s new: In brief (June 01, 2004)
June 1, 2004 by Canadian UnderwriterRating errors could cost U.S. auto insurers as much as US$13 billion annually, says a report from QPC. In fact, in an audit of 12 million policies from 10 insurers over the past two years, QPC estimates the rating error…
Newfoundland legislation prompts Dominion withdrawal
May 31, 2004 by Canadian UnderwriterCiting auto insurance reforms tabled by the Newfoundland government last week, The Dominion of Canada is the first insurer to signal it will leave the province.In a statement, CEO George Cooke says, “We are deeply offended by the punitive insurance…
“Driving lessons” begin well before the age of 16: survey
May 31, 2004 by Canadian UnderwriterDriving instructors want parents to act as good role models to their children, long before those children are ready to get behind the wheel, according to a new survey by “I Promise Program” executive director Gary Direnfeld. “It is difficult…
Final Alberta reform package promises overall 20% rate savings
May 28, 2004 by Canadian UnderwriterAfter months of wrangling, a final package of auto reforms has been released in Alberta, with a promised rate savings of 20% overall, the government says. The reforms are to be implemented by September, with the province’s Standing Policy Committee…