Topic Mergers and Aqcuisitions
Facility N.B. depopulation ahead of schedule
May 26, 2004 by Canadian UnderwriterThe Facility Association (FA) is celebrating early success in its goal to depopulate the New Brunswick pool for high-risk drivers, having reduced market share to 2.5% in just two months.“While the May numbers are early projections, I’m thrilled to see…
What’s new: In brief (May 25, 2004)
May 25, 2004 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) has introduced a new deductible payment plan which allows claimants to finance the payment of their deductible after an accident over a period of 10 months. While SGI does not charge interest, it will charge claimants…
Lloyd’s results highlight strong rebound
May 24, 2004 by Canadian UnderwriterOfficial results for 2003 from Lloyd’s for 2003 highlight the London market’s strong rebound since 9/11, and give evidence to overall industry trends of strong underwriting performance dragged by lingering liability issues from prior years.Lloyd’s is reporting net pre-tax profit…
Ontario Police Raid Busts Multi-Million Dollar Chop-Shop
May 19, 2004 by Canadian UnderwriterIndividuals arrested Sunday in Flamborough, Ontario, in a police raid of what is being reported as possibly one of the largest chop-shop operations in Ontario history, are said to have close ties to a Cambridge used auto parts shop accused…
IIBAA CEO Panel I: No more quarterly results
May 19, 2004 by Canadian UnderwriterIt has been confirmed that the Insurance Bureau of Canada (IBC) will no longer publicly release its quarterly financial data on insurers to anyone other than members. At the Independent Insurance Brokers of Alberta (IIBAA) conference, ING Canada CEO Claude…
IIBAA CEO Panel II: Industry needs to make auto reform work
May 19, 2004 by Canadian UnderwriterThe coming final plans for Alberta auto reform must be embraced by the industry and made to work, CEO speakers told the Independent Insurance Brokers Association of Alberta (IIBAA) conference.The new regulations, if handled properly by the industry, are a…
ING ratings affirmed on combined investment and underwriting strength
May 18, 2004 by Canadian UnderwriterThe “A+” (excellent) financial strength rating of ING Canada Group has been affirmed by A.M. Best, on the back of strong underwriting and investment performance.ING Canada includes Belair Insurance Co., ING Insurance Co., ING Novex and Nordic Insurance Co. The…
Alberta now promising 5% rate reduction
May 18, 2004 by Canadian UnderwriterThe Alberta government is now promising drivers a minimum 5% rate reduction as a result of auto reforms being put in place. Earlier indications were that the average rollback would be 10%.The Alberta government release also indicates the 5% reduction…
Alberta auto to remain top focus for brokers in year ahead
May 17, 2004 by Canadian UnderwriterThe lack of resolution to Alberta’s auto reform melee is going to keep brokers on their toes in the year ahead, it was noted at Monday’s annual general meeting of the Independent Insurance Brokers Association of Alberta (IIBAA).Dennis Gartner, assistant…
What’s new: In brief (May 17, 2004)
May 17, 2004 by Canadian UnderwriterReporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the…
What’s new: In brief (May 16, 2004)
May 16, 2004 by Canadian UnderwriterInsurance Technology Advisors Ltd. (ITA) has been retained by two Canadian technology firms to conduct market research on p&c insurers Companies participating in the research will also receive an executive report on overall IT trends for the industry. The study…
Geer exits top spot at ICBC
May 16, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.Geer took over top spot at the government insurer three years ago – originally serving as…