Canadian Underwriter

Topic Mergers and Aqcuisitions

News Mergers and Aqcuisitions

Reinsurers continue to expect downgrades: S&P

March 12, 2004 by Canadian Underwriter

Reinsurers 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

News Mergers and Aqcuisitions

Brokers applaud removal of towing cap

March 11, 2004 by Canadian Underwriter

Ontario’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

News Mergers and Aqcuisitions

Ontario cap on tow truck claims to be dropped

March 10, 2004 by Canadian Underwriter

Expectations 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

News Mergers and Aqcuisitions

ICBC comes down on fraudulent license operation

March 10, 2004 by Canadian Underwriter

The 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,

News Mergers and Aqcuisitions

Kingsway Canadian ops downgraded by A.M. Best

March 8, 2004 by Canadian Underwriter

The Canadian companies of Kingsway Financial Services Kingsway General Insurance Co. and York Fire and Casualty are being downgraded by rating agency A.M. Best, following release of the companies’ 2003 yearend results.A.M. Best has lowered the financial strength ratings on

News Mergers and Aqcuisitions

U.S. p&c insolvencies drop in 2003 on price corrections

March 5, 2004 by Canadian Underwriter

Rising premiums in both the commercial and personal lines p&c sectors led to the lowest level of insurer insolvency in the U.S. since 1998, says rating agency Standard & Poor’s. Reporting on 2003 yearend figures, S&P says a total of

News Mergers and Aqcuisitions

ICBC income five-times higher in 2003

March 3, 2004 by Canadian Underwriter

B.C.’s public insurer is reporting significant growth for 2003, with net income exploding by five-times to $225 million from $45 million in 2002.The Insurance Corp. of B.C.’s (ICBC) earned premiums grew to $2.86 billion in 2003, up from $2.63 billion

News Mergers and Aqcuisitions

Allianz, Trafalgar downgraded by A.M. Best

March 2, 2004 by Canadian Underwriter

Despite improving financial results, A.M. Best has downgraded the financial strength ratings of Allianz Insurance Co. of Canada and subsidiary Trafalgar Insurance Company of Canada. Allianz dropped to “A-” (excellent) from “A”, while Trafalgar fell to “B+” (very good) from

News Mergers and Aqcuisitions

Sedans luring thieves: Crime Bureau

March 1, 2004 by Canadian Underwriter

Thieves are targeting sedans, including older model vehicles, for parts, says a new report by the U.S. National Insurance Crime Bureau (NICB).The non-profit organization, which was established to fight vehicle theft and insurance fraud, looked at the most stolen vehicles

News Mergers and Aqcuisitions

IBC proposes “no frills” policy for New Brunswick

February 25, 2004 by Canadian Underwriter

Insurers are proposing a “no frills” auto policy as a respond to growing public outrage about auto rates in New Brunswick.In a release Tuesday, the Insurance Bureau of Canada (IBC) explains the policy will provide the basic liability coverage required

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ICBC wins court battle with bodyshop

February 24, 2004 by Canadian Underwriter

Capping a five-year legal battle, the Insurance Corp. of B.C. the province’s public auto insurer has won a B.C. Supreme Court verdict for $190,000 against a fraudulent bodyshop.Eurosport Auto Co. Ltd. and its owner, Frederick Ngok Hwang, were ordered to

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U.S. insurers lash out on credit scoring report

February 24, 2004 by Canadian Underwriter

U.S. insurers are fighting back in the credit scoring debate, releasing their own analysis to criticize a recent report by the Missouri Department of Insurance (MDOI). The MDOI study found that low income and minority groups were negatively impacted by