Topic Mergers and Aqcuisitions
Co-operators downgraded by A.M. Best
September 16, 2002 by Canadian UnderwriterGuelph-based The Co-operators General Insurance Company has lost its “excellent” rating from A.M. Best. The rating agency has downgraded the insurer from A- (excellent) to B++ (very good) in terms of financial strength, and downgraded its subsidiaries to B+ (very…
B.C. drivers support auto insurance competition, IBC poll reveals
September 9, 2002 by Canadian UnderwriterThe latest Pollara-conducted poll of drivers in British Columbia suggests that about 72% of the driving population favors open competition in auto insurance within the province. The Pollara poll, conducted on behalf of the Insurance Bureau of Canada (IBC), also…
Co-operators and Newfoundland government at odds over selling practices
September 3, 2002 by Canadian UnderwriterCo-operators General Insurance Co. and Newfoundland’s Minister of Government Services and Lands Walter Noel are locked in a verbal battle over the company’s selling practices in that province. Recently Co-operators decided not to renew about 1,300 auto policies for customers…
Nova Scotia actuarial review cites inadequate rates
August 27, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is pleased with the results of a new independent report commissioned by Nova Scotia’s Utilities and Review Board (UARB) that suggests auto insurance rates have been inadequate for at least the past five years.The…
Insurers gashed in 2-Q by tumbling investment returns
August 23, 2002 by Canadian UnderwriterCanadian property and casualty insurers produced a net profit for the second quarter of this year of $192 million, reflecting a 30% drop compared with the $275 million reported for the same period the year previous. The industry’s net earnings…
ICBC president resigns
August 19, 2002 by Canadian UnderwriterJust a few short months after taking the post, new Insurance Corporation of British Columbia (ICBC) president Kevin Benson is resigning. In a press release, the public insurance notes that Benson is leaving “to pursue a unique opportunity in Ontario”,…
Optimum General still waiting for turnaround
August 14, 2002 by Canadian UnderwriterTough times continue for Montreal-based Optimum General (TSX: OGI.A), which posted a net loss of $2.3 million for the quarter ending June 30, 2002. This compares with a net loss of $709,000 for the second quarter of 2001. The resulting…
East-coasters call for government resolve on insurance pricing
July 26, 2002 by Canadian UnderwriterA market research study just released by the Insurance Bureau of Canada (IBC) of the Atlantic provinces suggests that the majority of personal auto insurance buyers believe that the provincial governments have a responsibility to deal with premium rate hikes.…
Kingsway gains FSCO approval for auto changes
July 12, 2002 by Canadian UnderwriterKingsway Financial Services Inc. (TSE: KFS) has gained approval from the Financial Services Commission of Ontario (FSCO) to eliminate certain classes of personal auto business and implement an across-the-board 8.5% increase in rates. The rate adjustments take effect from the…
Sept. 11 losses not solely to blame for U.S. insurer woes, study shows
July 10, 2002 by Canadian UnderwriterLosses stemming from the September 11 terrorist are not the only thing to blame for the terrible performance by U.S. insurers last years, says a report from Florida-based Weiss Ratings Inc. But an overall leap in claims costs is certainly…
Quebec auto theft ring apprehended
June 21, 2002 by Canadian UnderwriterMembers of an auto theft ring operating from Berthierville, Quebec were apprehended by the authorities after a stolen vehicle equipped with a Boomerang Tracking System was traced to their hideout. The police recovered 10 stolen vehicles as well as various…
ISO raises WTC insured loss estimate by US$3.7 billion
June 19, 2002 by Canadian UnderwriterThe New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure,…