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ISO pegs Katrina losses at $34.4 billion

October 5, 2005 by Canadian Underwriter

Hurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage…

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What’s New: In brief

October 5, 2005 by Canadian Underwriter

Canada-specific software solutions developer PowerSoft and provider of technology solutions for the p&c insurance industry Applied Systems Canada have integrated PowerSoft’s PowerQuote rate comparison and sales tool with Applied Systems’ agency management systems, The Agency Manager (TAM) and TAMOnline. Making…

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ACE Ltd. to sell $1.3 billion in shares

October 4, 2005 by Canadian Underwriter

ACE Limited (NYSE: ACE) is selling 28 million of its ordinary shares at a price of $45.58 per share in a public offering expected to raise gross proceeds of more than $1.3 billion.ACE has also granted to underwriters an option…

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A.M. Best gives Wawanesa Mutual top marks

October 4, 2005 by Canadian Underwriter

Wawanesa Mutual Insurance Company, one of Canada’s largest property and casualty insurers, has been ranked first among property and casualty insurance companies in Canada in terms of capital and surplus, according to ratings A.M. Best Co.A.M. Best says it gave…

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Jewelery insurer says Katrina looting costs $700,000

October 4, 2005 by Canadian Underwriter

Looting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates…

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CBA responds to IBAC’s Bank Act statement

October 4, 2005 by Canadian Underwriter

Canada’s banking industry has issued a response to the Insurance Brokers Association of Canada (IBAC) recent press release, which stated that consumers benefit from choice and competition in the insurance marketplace. The bank response stated that bankers “couldn’t agree more”…

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What’s News: In brief

October 4, 2005 by Canadian Underwriter

PPG Canada Inc., through CertifiedFirst Network sponsorship, is supporting the Holy Trinity Catholic High School in Simcoe, ON in the annual Baja 1000 Race. This will be the second consecutive year that PPG has, in support of the CertifiedFirst Network,…

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GCAN Insurance Company acquired by Ontario teachers

October 3, 2005 by Canadian Underwriter

Teachers’ Private Capital the private investment arm of the Ontario Teachers’ Pension Plan will purchase Canadian p&c insurer GCAN Insurance Company for an undisclosed amount from Torquest Partners Inc., Newport Capital Insurance LP, CIBC Capital Partners, a division of Canadian…

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IBAC “optimistic” about Bank Act review

October 3, 2005 by Canadian Underwriter

The Insurance Brokers Association of Canada (IBAC) says it is “optimistic” the federal government won’t allow local bank branches to advertise insurance products after learning that Finance Minister Ralph Goodale is putting off a final decision about bank mergers.Goodale recently…

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D&O Liability policyholders still see benefits

October 3, 2005 by Canadian Underwriter

Purchasers of Directors’ & Officers (“D&O”) Liability insurance continue to reap meaningful gains in both premium rates and coverage although these profits are somewhat reduced from earlier this year, according to recent responses to the Willis Index for the third…

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Hub completes purchase of PLI

October 3, 2005 by Canadian Underwriter

Chicago-based Hub International Limited (NYSE/TSX:HBG) has completed its purchase of Personal Lines Insurance Brokerage Inc. (PLI) from The Chubb Corporation.The acquisition expands Hub’s position in personal insurance across most of the United States and grows personal lines to nearly 20%…

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Peel Maryborough Mutual joins CSIO

September 30, 2005 by Canadian Underwriter

Peel Maryborough Mutual Insurance Company has become the 40th property and casualty insurance company to become a member of the Centre for Study of Insurance Operations (CSIO).CSIO is Canada’s national standards association of property and casualty insurance companies, broker management…