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Ontario’s top court resolves issue of “trust” between broker and insurer

December 22, 2010 by Canadian Underwriter

The Ontario Court of Appeal has ruled an insurance broker must pay back $75,510 it had unilaterally collected to renew expiring insurance policies, noting the broker had changed the insurer upon renewal and had paid the new insurer one month’s…

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The Co-operators donates about $215,000 to United Way in Regina

December 22, 2010 by Canadian Underwriter

The Co-operators has raised more than $214,900 during its annual United Way campaign in Regina, Saskatchewan. Staff members donated $110,300 to the Regina campaign. The company provided an additional $104,600 in corporate funds. Staff members across the country raised a…

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PwC reports slow, steady erosion of broker channel’s market share

December 22, 2010 by Canadian Underwriter

The independent broker channel is losing market share to the direct channel at a rate of roughly 0.43% per year, according to PwC’s Insurance Review: A Canadian Perspective. At that rate, the independent channel’s market share of 64% in 2009…

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KRG Scholarship program expands in 2009-10

December 22, 2010 by Canadian Underwriter

The KRG Scholarships program has expanded in 2009-10 to include awards to youth in the Durham Children’s Aid Society and the Kawartha-Haliburton Children’s Aid Society.These awards are above and beyond the KRG Scholarship awarded to a Toronto youth.The Children’s Aid…

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Earthquakes in Chile, New Zealand account for biggest loss in 2010: Guy Carp

December 22, 2010 by Canadian Underwriter

Earthquakes in Chile and New Zealand – which cost the re/insurance industry $8 billion and $4 billion, respectively – were the largest sources of loss this year, according to Guy Carpenter & Company. Eight catastrophes caused insured losses of more…

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Hub International Canada West to acquire certain Phoenix Insurance Group operations in Alberta

December 21, 2010 by Canadian Underwriter

Hub International Canada West (Hub Canada West) has signed letters of intent to acquire certain operations of the Phoenix Insurance Group (Phoenix), a cluster partnership of various Alberta-based firms.  Hub said it expects to acquire the Grande Prairie operations of…

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Insurer cites joint and several liability as a factor in Essex County’s 41.7% 2011 municipal insurance renewal

December 21, 2010 by Canadian Underwriter

Essex County in Ontario saw its 2011 municipal insurance renewal increase by 41.7% over 2010.The municipality’s insurer attributed the premium increase to higher liability claims costs, including larger damage awards, higher legal defence costs, more class actions, the impact of…

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Chubb brings luxury auto coverage to Alberta

December 21, 2010 by Canadian Underwriter

Chubb Insurance Company of Canada will launch its higher-end automotive insurance policy in Alberta on Jan. 12, 2011.The Chubb Masterpiece auto insurance package, designed for luxury car owners, includes coverage for: original replacement parts; liberal loss-of-use provisions, with up to…

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RIMS announces its 2011 board of directors

December 21, 2010 by Canadian Underwriter

Scott B. Clark will serve as the president of the Risk and Insurance Management Society (RIMS) in 2011. Clark served as RIMS secretary in 2010 and has been a member of the RIMS board since 2000. He is a founder…

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US P&C industry sees improved net income on investment gains: ISO

December 21, 2010 by Canadian Underwriter

Private U.S. property/casualty insurers’ net income after taxes rose to $26.7 billion through the first nine months of 2010, up from $16.4 billion through the same period of 2009, according to Insurance Services Office (ISO).The figures are consolidated estimates for…

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DNA testing at the top of MPI’s list of Top 5 frauds in 2010

December 20, 2010 by Canadian Underwriter

DNA testing, CSI-style, ferreted out a fraud scheme in which a Manitoba driver vehemently denied crashing his car, causing his airbag to deploy.The attempted fraud made the top of Manitoba Public Insurance (MPI)’s Top 5 frauds of 2010.The vehicle owner…

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Hub International acquires assets of Leeds Insurance Brokers

December 20, 2010 by Canadian Underwriter

Hub International Limited (Hub) has acquired the assets of Leeds Insurance Brokers Inc. (Leeds), a Toronto, Ontario-based insurance brokerage firm. Terms of the acquisition were not disclosed.  The Leeds operations will become part of HKMB Hub International Limited (HKMB Hub).…