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PCI stresses need for uniform approach in finite re probes

May 16, 2005 by Canadian Underwriter

The Property Casualty Insurers Association of America (PCI) is calling on state regulators to adopt a consistent approach in their investigations into the use of finite reinsurance transactions by insurers. The investigations launched earlier this year by the Securities Exchange…

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ING launches "accident forgiveness" option for auto covers

May 15, 2005 by Canadian Underwriter

ING Canada Inc. (TSX: IIC.LV) will offer its policyholders the option of an "accident forgiveness" clause on their auto insurance as from July of this year, a company statement says. The Ontario government is believed to be aggressively pushing for…

News InsuranceMergers and Aqcuisitions

R&S Canada 1-Q’s underwriting jumps on personal lines (May 15, 2005)

May 15, 2005 by Canadian Underwriter

Royal & SunAlliance Canada produced an underwriting profit of $14 million for the first quarter of this year, signaling a significant turnaround in overall profitability from 2004’s first quarter underwriting gain of $1 million. The insurer saw its underwriting on…

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Western Financial sees strong 1-Q earnings

May 15, 2005 by Canadian Underwriter

Western Financial Group (TSX: WES) lifted net income for the first quarter of this year by 80% to $1.1 million from the $587,000 disclosed for the same period in 2004. Earnings for the latest reporting period clocked in at 4c…

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Hub gains approval for equity incentive plan

May 12, 2005 by Canadian Underwriter

Hub International Ltd. (TSX: HBG) has gained shareholder approval for its 2005 equity incentive plan (EIP) and the election of new board director. Hub says that the new EIP does not increase the number of equity awards that the company…

News InsuranceMergers and Aqcuisitions

ING posts strong 1-Q performance (May 12, 2005)

May 12, 2005 by Canadian Underwriter

ING Canada Inc. (TSX: IIC.LV) notched up a return on equity of 28.9% for the first quarter of this year with net income soaring by 38% to $158.5 million compared with the $115.1 million disclosed for the same period in…

News InsuranceMergers and Aqcuisitions

Optimum General sees 1-Q earnings boon (May 12, 2005)

May 12, 2005 by Canadian Underwriter

Quebec-based Optimum General Inc. (TSX: OGI.SV.A) lifted net income for the first quarter of this year by more than four times to $1.1 million compared with $259,000 reported for the same period in 2004. This equates to earnings for the…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (May 12, 2005)

May 12, 2005 by Canadian Underwriter

Students Against Impaired Driving (OSAID) has announced a major sponsorship from Aviva Canada and that Aviva is the first corporate sponsor since OSAID’s inception in 1987 to provide core funding to OSAID Inc. According to OSAID, this funding will allow…

News Insurance

IBAM appoints new president at AGM

May 11, 2005 by Canadian Underwriter

The Insurance Brokers Association of Manitoba (IBAM) has appointed Tony Taronno, managing partner of Winnipeg-based Horizon Tuxedo, as its president for the 2005/6 annual term. Taronno takes over the helm from George Miller who will now assume the role of…

News Insurance

Lindsey Morden dispels rumors of merger/disposal

May 11, 2005 by Canadian Underwriter

Lindsey Morden Group Inc. (TSX: LM.SV) the holding company for the Cunningham Lindsey Group of subsidiaries has issued a statement denying rumors "circulating in the U.K. insurance press" that the company intends disposing of any of its British operations or…

News Insurance

Pethealth reports mixed 1-Q results

May 11, 2005 by Canadian Underwriter

Pethealth Inc. (TSX: PTZ) produced a net loss of $68,505, equal to 1c a share, for the first quarter of this year compared with a loss of $75,881 (1c a share) for the same period in 2004. The company says…

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European reinsurers’ earnings prove resilient to storm losses

May 10, 2005 by Canadian Underwriter

Europe’s top six reinsurance companies saw profitability rise over 2004 despite the unprecedented insured cost of natural catastrophe losses incurred over the same period, observes reinsurance and risk intermediary Benfield. The reinsurers in question primarily benefited from higher primary company…