Topic Mergers and Aqcuisitions
Ontario auto rates jump 8.2% in third quarter
November 6, 2003 by Canadian UnderwriterAuto insurance rate increases averaging 8.22% were granted in the third quarter of 2003, says the Financial Services Commission of Ontario (FSCO), the government body which regulates pricing.The increases happened prior to the provincial Liberals’ election win, and to the…
ICBC’s nine month earnings soar on asset gains
November 5, 2003 by Canadian UnderwriterCrown insurer the Insurance Corp. of British Columbia’s (ICBC) net earnings rose by 4.5 times to $111.7 million for the first nine months of this year compared with the $24.4 million disclosed for the same period in 2002. The dramatic…
Alberta freezes auto rates for up to 18 months
November 5, 2003 by Canadian UnderwriterFollowing up on its threats, the Alberta government has announced it will freeze auto insurance rates as of October 30, 2003, and that the freeze could be in place for as long as 18 months. Bowing to public pressure, Premier…
Dominion begins paying 20% premium cut to Nova Scotia drivers
November 3, 2003 by Canadian UnderwriterThe Dominion of Canada General Insurance Co. will issue premium refund cheques to Nova Scotia auto policyholders over the coming two weeks, a statement says. The refunds relate to the recent passing of the province’s Bill-1 auto insurance legislation which…
Royal & SunAlliance withdraws from Nova Scotia auto market
November 3, 2003 by Canadian UnderwriterRoyal & SunAlliance Insurance Co. of Canada will cease to write new personal and individual corporate auto covers in Nova Scotia effective immediately, says the company’s president Rowan Saunders. Royal & SunAlliance is the first among a number of auto…
New Brunswick reforms working, says Co-operators
October 29, 2003 by Canadian UnderwriterReforms to limit compensation for minor injuries are paying off in New Brunswick, says Co-operators General Insurance Co., one of the province’s largest insurers.The company made the statement in a release to announce that 9,00 cheques are being sent to…
Insurers want Nova Scotia auto reforms delayed
October 28, 2003 by Canadian UnderwriterOn the heels of the passage of Nova Scotia’s Bill 1, which would reform the province’s auto insurance system, insurers and brokers are scrambling to have the legislation delayed. The bill, in its present form, contains amendments that would roll…
Insurers unfazed by Ontario rate freeze
October 23, 2003 by Canadian UnderwriterAn auto insurance rate freeze announced by the brand new Ontario Liberal government today is not unexpected, says the Insurance Bureau of Canada (IBC). Insurers are prepared to cooperate with the rate freeze, but hope to work with the new…
Reserve costs, dollar blues dampen Kingsway’s 3-Q earnings
October 22, 2003 by Canadian UnderwriterSpecialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to…
IBC survey shows mixed support for Quebec reforms
October 8, 2003 by Canadian UnderwriterA new survey by the Insurance Bureau of Canada suggests Quebec’s drivers may not be quite so pleased with possible reforms to their auto insurance system.The survey comes as Quebec’s government considers changes to its auto insurance system such as…
Atlantic task force rejects public auto
October 6, 2003 by Canadian UnderwriterA task force established by Atlantic Canada’s premiers has come out against implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly…
Hub makes two U.S. acquisitions
October 3, 2003 by Canadian UnderwriterBroker consolidator Hub International has added two US brokerages to its stable. Boston-based Commonwealth Insurance Agency Inc. will become part of New England “hub” C.J. McCarthy, bringing about US$300,000 in annual revenue. The brokerage specializes in homeowners coverage in Massachusetts,…