Topic Mergers and Aqcuisitions
Kingsway income jumps on U.S. growth
February 10, 2003 by Canadian UnderwriterKingsway Financial Services (TSX, NYSE: KFS) brought in record net income for the fourth quarter 2002 and strong full-year earnings, largely as a result of performance from its U.S. operations.Net income for the quarter ending December 31, 2002 was up…
Ontario auto rates continue to climb
January 27, 2003 by Canadian UnderwriterPrivate passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that approves rate increases. In the third quarter ending September 30, 2002, rates climb 8.3%. The average…
U.S. auto results will continue to flag: Conning
January 10, 2003 by Canadian UnderwriterA new study suggests that the auto insurance market will be no kinder to insurers south of the border than it has been to Canadian companies. in “Caution Flag for Personal Automobile Insurance”, research firm Conning says that the poor…
Auto theft down in Manitoba, study suggests
January 8, 2003 by Canadian UnderwriterFor the first time in five years, auto thefts rates have dropped in Manitoba, says the province’s public insurer. According to Manitoba Public Insurance (MPI), 2002 says 7.827 theft claims filed, 6,190 of which were in Winnipeg.MPI speculates that the…
MPI tracks cars stolen multiple times
January 6, 2003 by Canadian UnderwriterA new study from Manitoba Public Insurance (MPI) shows that one car in that province was either stolen or had a theft attempt made on it six times in the past two years. The finding was part of a study…
IBC disappointed with Newfoundland auto package
December 20, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is expressing dismay over the package of reforms to Newfoundland’s auto system introduced in Bill 28 this week. In a release, the IBC says the reforms will not help control the costs of auto…
Industry claims satisfaction rate rises for 2002
December 19, 2002 by Canadian UnderwriterWith the release of the 2002 Auto Claims Satisfaction survey from the Financial Services Commission of Ontario (FSCO), the industry saw its satisfaction level rise to 86%, its highest level since the survey’s introduction five years ago.Topping the survey was…
Ontario Collision Repair Standards Act passes
December 16, 2002 by Canadian UnderwriterThe act to place Ontario’s bodyshops under industry self-regulation was passed on the last night of the Ontario legislature’s sitting before Christmas break. The Collision Repair Standards Act of 2002 puts the collision, auto body and auto refinishing industries under…
Manitoba PUB orders 1% drop in rates
December 6, 2002 by Canadian UnderwriterFollowing a request from Manitoba Public Insurance (MPI) to keep rates the same in that province, the Public Utilities Board (PUB) has ordered a 1% reduction in basic public auto insurance rates. This represents the fifth year MPI has held…
Robert Cooke named new IBC chair
December 6, 2002 by Canadian UnderwriterAt the recently held Insurance Bureau of Canada (IBC) annual general meeting, outgoing chair George Cooke commended the bureau for the gains made over the past year in securing government dialogue on auto product reform countrywide. The greatest success has…
Auto insurance still topping IBC concerns
December 4, 2002 by Canadian UnderwriterDespite the introduction of new legislation to deal with some of the issues plaguing Ontario’s auto insurance market, and the decision not to open up B.C.’s auto market to competition, auto remains a top priority for the Insurance Bureau of…
IBC unhappy with New Brunswick auto report
November 25, 2002 by Canadian UnderwriterA report on reforming New Brunswick’s auto insurance system is getting a chilly reception from the Insurance Bureau of Canada (IBC).Proposals to control auto rates in the province made by the Select Committee on Auto Insurance will, the IBC says,…