Topic Mergers and Aqcuisitions
New Brunswick public auto report slated for April 2 release
March 25, 2004 by Canadian UnderwriterThe 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…
Nova Scotia moves date for Facility to change underwriting rules
March 25, 2004 by Canadian UnderwriterIn 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…
Anthony Clark secures US$5 million debt facility
March 24, 2004 by Canadian UnderwriterCalgary-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,…
CAA comes out against Quebec auto reform
March 23, 2004 by Canadian UnderwriterResponding 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…
New system to replace DACs proposed
March 22, 2004 by Canadian UnderwriterA 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…
Newfoundland introduces new auto package, rate freeze
March 18, 2004 by Canadian UnderwriterA 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…
Canadian insurers post $2.63 billion profit despite auto woes
March 18, 2004 by Canadian UnderwriterCanadian 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%…
Royal SunAlliance Canadian arm improves, but hampered by FA losses
March 12, 2004 by Canadian UnderwriterWith 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…
Reinsurers continue to expect downgrades: S&P
March 12, 2004 by Canadian UnderwriterReinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative…
Brokers applaud removal of towing cap
March 11, 2004 by Canadian UnderwriterOntario’s brokers are “extremely pleased” with the decision to remove the cap on towing and storage costs that had been part of a package of reforms to the province’s auto insurance system.Insurance Brokers Association of Ontario (IBAO) CEO Bob Carter…
Ontario cap on tow truck claims to be dropped
March 10, 2004 by Canadian UnderwriterExpectations are that the $300 cap on vehicle towing and storage costs to be in force in Ontario by mid-April will now be dropped. The Collision Industry Action Group (CIAG) says that sources close to Michael Colle, parliamentary assistance responsible…
ICBC comes down on fraudulent license operation
March 10, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, says two arrests have been made as part of an ongoing investigation of fraudulent driver licenses. ICBC has also launched a civil suit against the owner of a Richmond,…