Topic Mergers and Aqcuisitions
Kingsway Canadian ops downgraded by A.M. Best
March 8, 2004 by Canadian UnderwriterThe 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…
U.S. p&c insolvencies drop in 2003 on price corrections
March 5, 2004 by Canadian UnderwriterRising 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…
ICBC income five-times higher in 2003
March 3, 2004 by Canadian UnderwriterB.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…
Allianz, Trafalgar downgraded by A.M. Best
March 2, 2004 by Canadian UnderwriterDespite 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…
Sedans luring thieves: Crime Bureau
March 1, 2004 by Canadian UnderwriterThieves 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…
IBC proposes “no frills” policy for New Brunswick
February 25, 2004 by Canadian UnderwriterInsurers 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…
ICBC wins court battle with bodyshop
February 24, 2004 by Canadian UnderwriterCapping 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…
U.S. insurers lash out on credit scoring report
February 24, 2004 by Canadian UnderwriterU.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…
SGI gives break to commercial auto policyholders
February 20, 2004 by Canadian UnderwriterFollowing on its “safe driver recognition program”, Saskatchewan Government Insurance (SGI) is planning to offer discounts to its commercial clients.SGI predicts that during the first year of the program, about $2.8 million in policy discounts based on safe driving records…
ICBC aims to become more competitive
February 19, 2004 by Canadian UnderwriterB.C.’s government auto insurer is looking to become more competitive and behave more like a private insurer, according to the 2004-2006 service plan tabled by the Insurance Corp. of B.C. (ICBC) as part of the provincial budget this week.Since the…
IBC establishes online access to MVR records
February 5, 2004 by Canadian UnderwriterInsurers and brokers will soon have real-time access to driver records through a new program from the Insurance Bureau of Canada (IBC). The IBC, working with the Ontario Ministry of Transportation (MTO), is preparing to launch the program April 1.In…
New Brunswick’s Lord says insurers “not doing enough”
February 3, 2004 by Canadian UnderwriterIn his annual “state of the province” address, New Brunswick Premier Bernard Lord took a shot at auto insurers and hinted at further reforms to come for the province’s system.While Lord noted that almost $23 million in rebates have been…