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Hub plans for increased earnings for 2002, 2003

December 12, 2002 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) has issued earnings guidance suggesting it will increase earnings for the 2002 yearend and into 2003.Hub expects Canadian GAAP earnings of US$0.22-$0.24 pre diluted share in the fourth quarter of this year,…

News Insurance

CGU gets renewal rights to Royal Quebec book

December 12, 2002 by Canadian Underwriter

CGU Insurance Co. of Canada will be offering renewals on Royal & SunAlliance’s Quebec personal lines book, notes a joint press release from the insurers. This will commence with April 1, 2003 renewals, as policies expire. Some of Royal’s Quebec…

News Insurance

CGU responds to A.M. Best withdrawal of ratings

December 11, 2002 by Canadian Underwriter

CGU Group Canada Ltd., the Canadian arm of the global Aviva plc. Insurance group, issued a media statement clarifying its decision to withdraw from A.M. Best’s rating services. A.M. Best issued a statement on Monday of this week indicating that…

News Insurance

Optimum Group increases stake in Optimum General

December 10, 2002 by Canadian Underwriter

In a release today, Montreal-based Optimum Group Inc. says it has bought 83,900 class A subordinate shares in Optimum General (TSX: OGI.A), through subsidiaries Optimum Re and Optimum Vie.Since November 30, Optimum Re has purchased 66,200 and Optimum Vie, 17,700,…

News Insurance

Facility seeks 41% rate increase in Newfoundland

December 10, 2002 by Canadian Underwriter

The industry’s pool for insuring high-risk drivers is asking the Newfoundland Public Utilities Board to approve a 41% hike in rates in that province.The Facility Association (FA), which offers mandatory insurance coverage to drivers who have been refused in the…

News Insurance

FSCO charges paralegal for fraudulent activities

December 10, 2002 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has charged Michael Ricci, a paralegal, for making false and misleading statements. Ricci will appear in court on January 23, 2003.Ricci faces seven charges of making a false or misleading statement or representation…

News Insurance

Kingsway offerings net almost $100 million

December 9, 2002 by Canadian Underwriter

Specialty insurer Kingsway Financial Services (TSX, NYSE: KFS) has closed two offerings which combined have netted the company almost $100 million in new capital.The public offering of $78 million in 8.25% unsecured senior debentures netted the company about $77.1 million.…

News Insurance

Vector sells Ontario operations, reports earnings gain for 2002

December 9, 2002 by Canadian Underwriter

Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) has sold its Ontario operations under Vector Insurance Network (Ontario) to the Huestis Group for $4.6 million. The deal is expected to close by the beginning of next year. Vector says the…

News InsuranceMergers and Aqcuisitions

Manitoba PUB orders 1% drop in rates

December 6, 2002 by Canadian Underwriter

Following 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…

News InsuranceMergers and Aqcuisitions

Robert Cooke named new IBC chair

December 6, 2002 by Canadian Underwriter

At 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…

News Insurance

Government works towards risk management program for farmers

December 5, 2002 by Canadian Underwriter

In the wake of devastatingly bad conditions, both drought and flood, damaging crops this year, governments are working towards a risk management program for the agriculture industry.This week, federal, provincial and territorial agriculture departments met to review proposals on the…

News Insurance

U.S. tornadoes more costly than estimated

December 5, 2002 by Canadian Underwriter

A series of tornadoes and severe storms that hit several states early in November have been pegged to cost insurers US$460 million, according to the Property Claims Services division of the Insurance Services Office (ISO).This is considerably higher than earlier…