Canadian Underwriter

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News Mergers and Aqcuisitions

Ontario auto rates jump 8.2% in third quarter

November 6, 2003 by Canadian Underwriter

Auto 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

News Mergers and Aqcuisitions

ICBC’s nine month earnings soar on asset gains

November 5, 2003 by Canadian Underwriter

Crown 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

News Mergers and Aqcuisitions

Alberta freezes auto rates for up to 18 months

November 5, 2003 by Canadian Underwriter

Following 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

News Mergers and Aqcuisitions

Dominion begins paying 20% premium cut to Nova Scotia drivers

November 3, 2003 by Canadian Underwriter

The 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

News Mergers and Aqcuisitions

Royal & SunAlliance withdraws from Nova Scotia auto market

November 3, 2003 by Canadian Underwriter

Royal & 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

News Mergers and Aqcuisitions

New Brunswick reforms working, says Co-operators

October 29, 2003 by Canadian Underwriter

Reforms 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

News Mergers and Aqcuisitions

Insurers want Nova Scotia auto reforms delayed

October 28, 2003 by Canadian Underwriter

On 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

News Mergers and Aqcuisitions

Insurers unfazed by Ontario rate freeze

October 23, 2003 by Canadian Underwriter

An 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

News Mergers and Aqcuisitions

Reserve costs, dollar blues dampen Kingsway’s 3-Q earnings

October 22, 2003 by Canadian Underwriter

Specialty 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

News Mergers and Aqcuisitions

IBC survey shows mixed support for Quebec reforms

October 8, 2003 by Canadian Underwriter

A 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

News Mergers and Aqcuisitions

Atlantic task force rejects public auto

October 6, 2003 by Canadian Underwriter

A 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

News Mergers and Aqcuisitions

Hub makes two U.S. acquisitions

October 3, 2003 by Canadian Underwriter

Broker 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,