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MPI working to solve computer problems

May 10, 2010 by Canadian Underwriter

Manitoba Public Insurance (MPI) has made “significant progress” to correct problems plaguing its computer system.The problem stems from an issue with one of MPI’s data banks, an MPI release says.“We expect all Autopac agents and service centres will have some…

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Hurdles to growth likely to create shifts in global mutual landscape: A.M. Best

May 10, 2010 by Canadian Underwriter

Although mutual insurers generally fared the economic downturn better than their non-mutual insurer counterparts, mutuals’ growth potential may be limited in the post-recession economy, A.M. Best reports.The limited growth potential will likely lead to more affiliations, partnerships and joint ventures,…

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OSFI calls on board members to help avert next financial crisis

May 10, 2010 by Canadian Underwriter

Board directors of financial institutions “need to take better ownership for averting the next [financial] crisis,” says Canada’s solvency supervisor.This means board directors should take a more active role in supervising and the risk management decisions of corporate management, said…

News InsuranceMergers and Aqcuisitions

AMF rules gap coverage guarantees are “insurance products” when not offered by vehicle creditors, lessors

May 10, 2010 by Canadian Underwriter

Gap coverage insurance — which guarantees the difference between an outstanding loan balance on a vehicle and its value at the time of a total loss — counts as an “insurance product,” depending upon whom offers the product, Quebec’s insurance…

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Cleanup costs vary widely for hydrocarbon spills (500-litre spill could cost between $3,000 and $200,000)

May 7, 2010 by Canadian Underwriter

The typical cost of cleaning up a 500-litre hydrocarbon spill can range from $3,000 to $200,000, depending on a number of different factors, with the average running about $120,000, according to Mark Samis, vice president of operations with Environmental Remediation…

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AIG International posts 2010 Q1 profit of $1.5 billion

May 7, 2010 by Canadian Underwriter

American International Group Inc. (AIG) has reported a 2010 Q1 profit of $1.5 billion, up considerably from a net loss of $4.4 billion in 2009 Q1.AIG’s continuing insurance operations earned $2.2 billion before tax in the first quarter of 2010,…

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A.M. Best affirms Peace Hills’ financial strength rating, improves outlook to ‘stable’

May 7, 2010 by Canadian Underwriter

A.M. Best Co. has revised its outlook for Peace Hills General Insurance Company (Alberta, Canada) to stable from negative, and affirmed the financial strength rating of B (Fair).“The revised outlook of Peace Hills reflects its improved risk-adjusted capitalization due primarily…

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EGI Financial reports net loss of $1.8 million in 2010 Q1

May 7, 2010 by Canadian Underwriter

EGI Financial Holdings Inc. (TSX: EFH) reported a net loss of $1.8 million in 2010 Q1, marking a worsening from the net loss of $231,000 posted in 2009 Q1.The insurer posted an underwriting loss of $5.8 million in the first…

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Compu-Quote launches Web-based rating tool for recreational vehicles and motorcycles

May 7, 2010 by Canadian Underwriter

Compu-Quote has launched its Motorcycle and Miscellaneous Vehicles quoting module to brokers in Alberta, Ontario and Quebec. The Motorcycle and Miscellaneous Vehicle (ATVs, snow vehicles, campers and trailers) Quoting Module is a Web-based service embedded in AutoRater. It provides full…

News InsuranceLegalMergers and Aqcuisitions

Hiring a lawyer can be a “cost-efficient” way to manage some exposures in Ontario’s expanded claims court

May 7, 2010 by Canadian Underwriter

Hiring experienced counsel to help craft strategic offers of settlement might just be the most cost-effective way for an insurer to negotiate Ontario’s newly expanded small claims court, Todd J. McCarthy of Flaherty Dow Elliott & McCarthy told a Canadian…

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Zurich reports 76% increase in 2010 Q1 net income

May 6, 2010 by Canadian Underwriter

Zurich Financial Services Group reported a profit of $935 million for 2010 Q1, an increase of 76%. The company reported a return on equity of 13.2% for the first quarter. The general insurance segment posted gross written premiums and policies…

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PPG launches Web-based marketing portal

May 6, 2010 by Canadian Underwriter

PPG has launched a Web-based marketing portal for its PPG collision repair shop customers. The portal, developed in conjunction with Infogroup Inc., will provide MVP collision centers and CertifiedFirst Network participants access to Canadian and U.S. business data, as well…