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What’s new: In brief (January 04, 2005)

January 4, 2005 by Canadian Underwriter

Law firm Miller Thomson LLP has expanded its presence into Quebec, merging with Pouliot Mercure. The Montreal-based firm has 56 lawyers, bringing Miller Thomson’s total professional staff to more than 500. The Quebec office will operate under the name Miller…

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IUA says tsunami insured losses could reach US$10 billion

January 4, 2005 by Canadian Underwriter

London-based International Underwriting Association (IUA) says insured losses stemming from the December 26 Indian Ocean tsunami could be between US$5-$10 billion.The IUA asked member insurers for best estimates of potential losses from the event the IUA includes many London operations…

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Insurers make list of “50 Best Employers”

January 4, 2005 by Canadian Underwriter

Several insurers have made the list of Canada’s “50 Best Employers”, as compiled by human resources firm Hewitt Associates and published annually in the Globe and Mail.Among those who made the cut are Sillery, Quebec-based L’Union Canadienne (#12); Guelph, Ontario-based…

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Allianz Global Risks receives provincial licenses

January 4, 2005 by Canadian Underwriter

Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall.AGR Canada had been part of Allianz Insurance Co. of Canada prior to ING Canada’s acquisition of most of Allianz’s business in Canada.…

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Tsunami disaster leads to calls for early warning system

January 3, 2005 by Canadian Underwriter

Countries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0…

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Fairfax declares annual dividend

January 3, 2005 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of US$1.40 per share on outstanding multiple and subordinate voting shares. The dividend is payable on January 28, to shareholders of record on January 14, a company release states.…

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U.S. regulators approve broker disclosure rules

January 3, 2005 by Canadian Underwriter

U.S. regulators adopted model legislation on broker disclosure over the holidays, meeting with a lukewarm reception from brokers.The Independent Insurance Agents & Brokers of America (IIABA) says it credits the National Association of Insurance Commissioners (NAIC) for its work on…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (January 03, 2005)

January 3, 2005 by Canadian Underwriter

Canadian Alliance of Physical Damage Appraisers (CAPDA) and U.S.-based Insurance Appraisal Network (IAnet), national networks of appraisal and adjusting services, have signed a strategic relationship to offer services in both countries. CAPDA is a network of automotive appraisers and inspectors…

News Insurance

What’s new: in brief (January 02, 2005)

January 2, 2005 by Canadian Underwriter

Kingsway Financial Services (TSX, NYSE: KFS) says it has reached an agreement with its lenders to extend the maturity date of its $150 million revolving credit facility from the original 364-day period. The maturity date is now March 3, 2006.…

News Insurance

FSCO issues cease and desist against benefits company

January 2, 2005 by Canadian Underwriter

Ontario’s insurance regulator has issues a "cease and desist" order against the Myrtie Rose Benefit Program Inc. and the company’s four directors.The Financial Services Commission of Ontario (FSCO) says the benefits company is not licenced to sell insurance in Ontario.…

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A.M. Best recounts "the year that could have been" for insurers

January 2, 2005 by Canadian Underwriter

In its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004,…

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Tsunami impact not expected to hurt reinsurer earnings

January 2, 2005 by Canadian Underwriter

Despite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to…