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IBC wants national disaster fund

March 1, 2004 by Canadian Underwriter

In response to the “Filmon Report” on last summer’s B.C. forest fires, the Insurance Bureau of Canada is calling for a national natural disaster protection fund to be established.The report, tabled Friday in B.C.’s legislature, makes a variety of recommendations…

News Insurance

Investment losses drag down E-L Financial

February 27, 2004 by Canadian Underwriter

Financial services provider E-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., posted higher operating income for 2003, largely on the back of growth in its general insurance business. However, net income dropped…

News Insurance

Chubb Canada names new CEO

February 27, 2004 by Canadian Underwriter

Folowing on the departure of Jan Tomlinson to the U.S. parent company, Chubb Insurance Company of Canada has named Ellen J. Moore as its new CEO. In fact, Moore will continue to work for Tomlinson, who has assumed the role…

News Insurance

Insurers seeking diversity in reinsurance buying: Aon

February 26, 2004 by Canadian Underwriter

A review of the 2004 reinsurance treaty renewal season shows primary insurers are looking at diversifying their spread of reinsurance, as well as focusing on reinsurer security ratings. Reinsurers, for their part, are looking for transparency from their primary company…

News Climate ChangeInsurance

Low losses expected from Maritime storms

February 26, 2004 by Canadian Underwriter

The severe winter storms striking the Atlantic coast of Canada late last week should produce few insured losses, says Don Forgeron, Atlantic region vice president for the Insurance Bureau of Canada (IBC).“The good news is there weren’t many vehicles on…

News Insurance

Sedgwick Claims opens Canadian office

February 25, 2004 by Canadian Underwriter

Memphis-based Sedgwick Claims Management Services Inc. is taking on the Canadian market with the opening of Sedgwick CMS Canada Inc., the first move outside the U.S. for Sedgwick.The new office will be based in Mississauga, Ontario, and will be headed…

News InsuranceMergers and Aqcuisitions

IBC proposes “no frills” policy for New Brunswick

February 25, 2004 by Canadian Underwriter

Insurers are proposing a “no frills” auto policy as a respond to growing public outrage about auto rates in New Brunswick.In a release Tuesday, the Insurance Bureau of Canada (IBC) explains the policy will provide the basic liability coverage required…

News InsuranceMergers and Aqcuisitions

ICBC wins court battle with bodyshop

February 24, 2004 by Canadian Underwriter

Capping a five-year legal battle, the Insurance Corp. of B.C. the province’s public auto insurer has won a B.C. Supreme Court verdict for $190,000 against a fraudulent bodyshop.Eurosport Auto Co. Ltd. and its owner, Frederick Ngok Hwang, were ordered to…

News InsuranceMergers and Aqcuisitions

U.S. insurers lash out on credit scoring report

February 24, 2004 by Canadian Underwriter

U.S. insurers are fighting back in the credit scoring debate, releasing their own analysis to criticize a recent report by the Missouri Department of Insurance (MDOI). The MDOI study found that low income and minority groups were negatively impacted by…

News Insurance

Hub revenue up 30%, rebranding campaign planned

February 23, 2004 by Canadian Underwriter

Broker network Hub International Ltd. (TSX, NYSE: HBG) saw its revenues rise to a record US$286.4 million in 2003, up 30% from the US$220.0 million recorded for 2002.Net earnings for the year were US$38.5 million, or US$1.14 per share, up…

News Insurance

Chubb program aimed at increasingly dangerous world

February 23, 2004 by Canadian Underwriter

A new homeowner’s policy from Chubb Insurance Co. of Canada may be a sign of increasingly dangerous times, covering rising crimes including child abduction, home invasion, car jacking and stalking.In launching the program, Chubb cites Statistics Canada data suggesting 30%…

News Climate ChangeInsurance

WTC “occurrence” trial will not affect ratings

February 20, 2004 by Canadian Underwriter

Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide…