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News Mergers and Aqcuisitions

ING adds voice against public auto for New Brunswick

April 8, 2004 by Canadian Underwriter

Responding to the recent release of a report on potential public auto in New Brunswick, ING Insurance says if product reforms were achieved in the province, private insurers could provide a cheaper product that any public system.“Essentially, the Select Committee

News Mergers and Aqcuisitions

IBC touts Facility depopulation in New Brunswick

April 7, 2004 by Canadian Underwriter

The month of March saw 2,000 moved out of the Facility Association, the industry’s pool for high-risk drivers, says the Insurance Bureau of Canada (IBC). The announcement comes on the heels of a the release of a committee report on

News Mergers and Aqcuisitions

Cost of public auto in New Brunswick would be $82 million

April 4, 2004 by Canadian Underwriter

With the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is

News Mergers and Aqcuisitions

U.S auto rates to level out in 2004: III

March 31, 2004 by Canadian Underwriter

After three years of sharp price increases, auto insurance rates in the U.S. are expected to rise just 3.5% in 2004, says the Insurance Information Institute (III).However, certain states may not see this leveling trend, such as Florida, Massachusetts and

News Mergers and Aqcuisitions

New Brunswick public auto report slated for April 2 release

March 25, 2004 by Canadian Underwriter

The long-awaited report on public auto insurance in New Brunswick will be released on April 2, says Elizabeth Weir, NDP member and chair of the “select committee on public automobile insurance”.Weir says the delay in producing the report comes as

News Mergers and Aqcuisitions

Nova Scotia moves date for Facility to change underwriting rules

March 25, 2004 by Canadian Underwriter

In response to urging from the Facility Association (FA), the Nova Scotia government has decided the industry’s pool for high-risk drivers will change its risk classification system at the same time the rest of the industry is required to do

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Anthony Clark secures US$5 million debt facility

March 24, 2004 by Canadian Underwriter

Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,

News Mergers and Aqcuisitions

CAA comes out against Quebec auto reform

March 23, 2004 by Canadian Underwriter

Responding to a published letter by Quebec’s justice minister, the Canadian Automobile Association (CAA) says the government is being overly-optimistic about the level of public support for auto reform in that province.According to CAA-Quebec, Minister Marc Bellemare’s references to a

News Mergers and Aqcuisitions

New system to replace DACs proposed

March 22, 2004 by Canadian Underwriter

A consultation paper outlining a new system to replace Ontario’s designated assessment centers (DACs) has been released by the Financial Services Commission of Ontario (FSCO). The “expert assessor network” (EAN) is being proposed as an alternative to what FSCO calls

News Mergers and Aqcuisitions

Newfoundland introduces new auto package, rate freeze

March 18, 2004 by Canadian Underwriter

A new package of reforms to Newfoundland’s auto insurance system is being touted as a means to achieve 15% rate reductions. Newfoundland & Labrador Premier Danny Williams, and Government Services Minister Dianne Whalen introduced the new package Wednesday, which is

News Mergers and Aqcuisitions

Canadian insurers post $2.63 billion profit despite auto woes

March 18, 2004 by Canadian Underwriter

Canadian property and casualty insurers posted impressive net income for 2003 of $2.63 billion, up from just $340 million in 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC) point to a return on equity (ROE) of 11.32%

News Mergers and Aqcuisitions

Royal SunAlliance Canadian arm improves, but hampered by FA losses

March 12, 2004 by Canadian Underwriter

With the release of Royal & SunAlliance Insurance Group’s results, the Canadian operations are posting improved operating results, however Facility Association (FA) losses are hampering the effect of prince increases and reduced exposures.Overall, the parent company is reporting a pre-tax