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High claims satisfaction rates come despite auto rate concerns

November 18, 2003 by Canadian Underwriter

Responding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.“Despite a lot of…

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St. Paul, Travellers to merge in US$16 billion deal

November 17, 2003 by Canadian Underwriter

U.S.-based The St. Paul Companies Inc. and Travelers Property Casualty Corp. have announced they will merge to form the second-largest insurer south of the border. The deal, valued at US$16 billion, is a tax-free, stock-for-stock merger that has been approved…

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ICBC gains approval for premium rate increase

November 17, 2003 by Canadian Underwriter

B.C.’s Utilities Commission has approved a 0.4% increase in the premium rate for mandatory auto insurance made available through crown insurer, the Insurance Corp. of British Columbia (ICBC). ICBC says it will also increase optional insurance coverage rates by 0.4%,…

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Insurers have “long way to go” on risk and capital management

November 14, 2003 by Canadian Underwriter

Global insurers are lagging in the implementation of programs to management risk and capital within their own organizations, according to a new study by Ernst & Young LLP.The “risk management and capital management survey” shows that 65% of insurers are…

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Kingsway disposes of holding in U.S., Florida-based MGA

November 14, 2003 by Canadian Underwriter

Kingsway Financial Services (TSX: KFS) has sold its approximate 25% equity stake in USA Insurance Group to BISYS Group Inc. (NYSE: BSG) for a net proceed (consisting of both cash and stock in BSG) of about US$19.6 million. USA Insurance…

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Moody’s ups California wildfire estimate to US$2.5 billion

November 13, 2003 by Canadian Underwriter

Rating agency Moody’s predicts insured losses stemming from the wildfires that raged through Southern California this fall will be in the US$2.5 billion-US$3.5 billion range.Nonetheless, Moody’s does not expect the fires to materially impact the ratings or the overall outlook…

News InsuranceMergers and Aqcuisitions

Industry still meeting consumers’ expectations on claims

November 13, 2003 by Canadian Underwriter

With the release of the annual Ontario auto insurance claims satisfaction survey, it seems consumer ire over rates is being offset by high satisfaction with claims handling. A full 85% of people experiencing a claim over the past year were…

News InsuranceMergers and Aqcuisitions

Income benefits limit reinstated in Ontario

November 12, 2003 by Canadian Underwriter

A move by the former Ontario Conservative government to reduce income replacement benefits (IRBs) for auto accident victims has been revoked by the new Liberal leadership.This week, the Financial Services Commission of Ontario (FSCO) announced that the move to reduce…

News Insurance

Anthony Clark buys second U.S. brokerage; faces $500,000 judgement in civil case

November 12, 2003 by Canadian Underwriter

It was a case of good news and bad news for Calgary-based Anthony Clark International Insurance Brokers Ltd. this week. The company announced it has purchased its second brokerage in the U.S., but in other news, it faces a $515,000…

News InsuranceMergers and Aqcuisitions

Public auto rates higher, says Fraser Institute report

November 11, 2003 by Canadian Underwriter

A conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually…

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New risks challenge insurers and corporate clients

November 11, 2003 by Canadian Underwriter

As Canadian businesses face a new host of risks, the applicability of insurance as the proper means to cover those risks is coming into question, according to experts from KPMG LLP.SARS, blackouts, floods and hurricanes experienced through 2003 have put…

News Insurance

Employers’ Re to exit life & health business in Canada

November 11, 2003 by Canadian Underwriter

General Electric’s Employers’ Reinsurance Corp. says it will stop writing life and health reinsurance in Canada as it changes focus in that side of its business.With the goal of creating “a smaller, higher return” life and health business, the company…