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IBC calls for change in Nova Scotia

February 28, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the…

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Swiss Re ups WTC loss estimate and predicts loss for 2001

February 27, 2002 by Canadian Underwriter

Swiss Re, the world’s second-largest reinsurer has increased its after-tax loss estimate from the September 11 terrorist attacks to US$1.73 billion from US$1.25 billion. This and other exposures have left the company predicting a loss of more than US$117 million.Other…

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Kingsway aims to buy another U.S. insurer

February 27, 2002 by Canadian Underwriter

In keeping with the recent success of its U.S. acquisitions, Mississauga-based Kingsway Financial Services (TSE, NYSE: KFS) is making an offer on American Country Holdings Inc.Kingsway, which owns several subsidiaries in the U.S. and Canada, is offering US$2.10 per share…

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CGNU to adopt new name; cuts dividend

February 27, 2002 by Canadian Underwriter

U.K.-based CGNU says it is changing a few things, beginning with its name. The company, including its Canadian operations will be called Aviva, a name chosen to reflect the company’s international focus. Currently the company operates with 50 different names…

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Hi-Alta raises $7 million with debenture sale

February 26, 2002 by Canadian Underwriter

Broker consolidator Hi-Alta (TSE: HIA) made the maximum amount possible from its recent release of debentures, bringing in $7 million in new capital. The offering of 9% convertible unsecured subordinated debentures was expected to bring in between $4 million and…

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Lindsey Morden shows modest recovery for 2001

February 25, 2002 by Canadian Underwriter

Adjusting firm Lindsey Morden Group Inc. posted a net loss of $5.8 million for the 2001 financial year to end December compared with the $23 million loss reported the previous year. The company was able to lift to revenue by…

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Court upholds $1 million punitive award against Pilot Insurance

February 22, 2002 by Canadian Underwriter

The Supreme Court of Canada has restored a jury award of $1 million in punitive damages made against Pilot Insurance Co. The Whiten v. Pilot case has been closely watched by insurers due to the magnitude of the punitive award.A…

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Kingsway continues to soar

February 21, 2002 by Canadian Underwriter

Specialty insurer Kingsway Financial Services (TSE, NYSE: KFS) capped off a successful 2001 with record earnings and revenue in the fourth quarter, ending December 31. The company has been on a winning streak, in the face of disastrous results in…

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ICBC reports $251 million loss in 2001

February 20, 2002 by Canadian Underwriter

British Columbia’s public insurer is reporting a loss of $251 million last year, but is predicting a close to break-even 2002. This compares with a net income of $139 million in 2000 for the Insurance Corporation of B.C. (ICBC).In fact,…

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Trade associations join in lobby group

February 19, 2002 by Canadian Underwriter

Trade associations representing the financial services will join together in a single lobby group, despite their differences on certain legislative issues. The Insurance Bureau of Canada (IBC), Canadian Bankers Association (CBA), Canadian Life & Health Insurance Association (CLHIA), Investment Dealers…

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Zurich sells off Canadian life unit (February 18, 2002)

February 18, 2002 by Canadian Underwriter

On the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares…

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ACE and Silverstein reach WTC settlement

February 18, 2002 by Canadian Underwriter

ACE Bermuda Insurance Ltd., a subsidiary of the ACE Ltd. (NYSE: ACE) group, has agreed to settle its property insurance claim with Silverstein Properties Inc., owners of the World Trade Center (WTC) buildings devastated during the September 11 terrorist attacks.…