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Sovereign General sponsors hiker raising funds for children’s cancer foundation

August 4, 2010 by Canadian Underwriter

The Sovereign General Insurance Company sponsored Pierre-Marc Brunet of MP2B in his recent quest to climb Mount Kilimanjaro to raise funds for children’s cancer research and treatment.Brunet completed the quest of climbing the highest mountain in Africa in April 2010.…

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Ontario and IBC to roll out electronic vehicle insurance verification system

August 4, 2010 by Canadian Underwriter

Starting in November 2010, a new electronic verification system developed by the province and the Insurance Bureau of Canada will provide on-the-spot confirmation of valid insurance coverage during the licence plate renewal process. “The ability to check for insurance in…

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Western Financial Group doubles ownership interest in Falkins Insurance Group

August 4, 2010 by Canadian Underwriter

Western Financial Group has increased its ownership of Falkins Insurance Group Limited from 20% to 40%. In addition, all parties have agreed upon a pathway to provide Western with the ability to acquire full ownership of Falkins by Jan. 1,…

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Police action, legislation required to combat insurance fraud: RBC Insurance roundtable

August 3, 2010 by Canadian Underwriter

Police action and legislative changes are required to effect stronger penalties for insurance fraud, an RBC Insurance media roundtable concluded on July 28.Insurance fraud cost the Ontario auto insurance industry about $1.3 billion (out of about $9 billion in collected…

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TorQuest makes “significant” equity investment in SCM Insurance Services

August 3, 2010 by Canadian Underwriter

TorQuest Partners, a Canadian-based manager of private equity funds, has made what it calls a “significant equity investment” in SCM Insurance Services (SCM).The exact amount of the investment was not disclosed.TorQuest Partners has more than $700 million of equity capital…

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Marsh announces five Canadian appointments to managing director status

August 3, 2010 by Canadian Underwriter

Marsh announced the appointment of 59 new managing directors in North America, five of which are Canadian.The 2010 ‘Class of Managing Directors’ work within a number of different risk practice and industry groups within Marsh and are located across both…

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EGI Financial Holdings’ CEO announces resignation

August 3, 2010 by Canadian Underwriter

Mark Sylvia has tendered his resignation as CEO of EGI Financial Holdings (TSX: EFH) and as director of Echelon General Insurance, EGI’s subsidiary.Sylvia has been with EGI since 2001. He resigned “to pursue other interests,” a company release says.“I would…

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Alberta orders auto insurance rate decrease of 5%

July 30, 2010 by Canadian Underwriter

Going against the advice its own actuary, Alberta has ordered an industry-wide auto insurance rate decrease of 5%.The premium reduction takes effect Nov. 1, 2010. The adjustment applies only to mandatory coverage, which is required by law and includes third…

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Saskatchewan Government Insurance reports record summer storm activity

July 30, 2010 by Canadian Underwriter

This summer has brought the worst storm activity to the province of Saskatchewan in 20 years, according to Saskatchewan Government Insurance (SGI).Historically, the majority of summer storm activity occurs in July and August. But SGI has already received more than…

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Gore Mutual to process its commercial policies using Duck Creek Technologies platform

July 30, 2010 by Canadian Underwriter

Gore Mutual Insurance Company is in production with Duck Creek Technologies Inc. to process Gore Mutual’s commercial property policies using Duck Creek’s policy administration system. “This new system for Gore Mutual’s national commercial property line is the first of many…

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Co-Operators reports a drop in Q2 net income

July 30, 2010 by Canadian Underwriter

Co-Operators General Insurance Company reported a 2010 Q2 net income of $6.5 million, marking a drop from the $13.9 million net income reported in 2009 Q2.A market yield adjustment on its bond and mortgage portfolios resulted in an $11.5 million…

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Ontario regulator says new Minor Injury Guideline must apply to at least 55% of minor injuries for auto insurers to turn a profit

July 29, 2010 by Canadian Underwriter

Ontario’s insurance regulator has told industry defence counsel that 55% to 65% of all non-catastrophic, minor injury claims would need to fall within the province’s new Minor Injury Guideline (MIG) in order for auto insurers to turn a profit.Due to…