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FSCO restrictions part of Kistruck departure: Star

June 7, 2004 by Canadian Underwriter

Restrictions placed by Ontario’s insurance regulator were part of the decision by York Fire & Casualty CEO Stu Kistruck to exit his job, says Bill Star. Kistruck’s departure, which became official on Friday, leaves Star, CEO of parent company Kingsway…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (June 07, 2004)

June 7, 2004 by Canadian Underwriter

Anthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided…

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Insurer exposure to reinsurance credit risk varies widely: study

June 7, 2004 by Canadian Underwriter

A study of top commercial insurance writers in the U.K. illustrates the wide variance in exposure to reinsurance credit quality and other financial strength indicators. The study “Insurer Financial Strength Examined” looks at key indicators commercial clients need to assess…

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Alpine Financial buys remaining Vector brokerages

June 6, 2004 by Canadian Underwriter

Alpine Financial Group has purchased the remaining brokerages of the Vector network, all based in Alberta.The brokerages Garnett Dadswell in Edmonton, Dadswell Forster in Lethbridge, and Wiseman Coupland in Red Deer had been part of the Bow Valley portion of…

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Bow Valley plans acquisitions under new owner

June 6, 2004 by Canadian Underwriter

With the sale of former Vector subsidiary Bow Valley Insurance to the brokerage’s president, Kirit Gohill, the Calgary-based company is planning to grow through acquisition.Gohill, who has also served as Vector’s Western region vice president before the company’s demise (see…

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Study a sign industry needs to focus on mold claims

June 6, 2004 by Canadian Underwriter

A recent U.S. study on mold hailed by insurers for finding a lack of evidence mold causes serious injury should be a wake-up call to the industry, says Kyle Urech, directory of business development for Disaster Kleenup Canada.In a letter…

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EAN proposal under revision

June 6, 2004 by Canadian Underwriter

The Ontario Liberals’ proposal of an expert assessor network (EAN) to replace the designated assessment center (DAC) system is going back to the drawing board following consultations.The proposal is facing revisions, confirms Arthur Lofsky, special assistant to Mike Colle, parliamentary…

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Vector sells subs to pay debt; trading ceases

June 3, 2004 by Canadian Underwriter

Trading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis.In a press release, the broker consolidator says it has sold the assets of Bow Valley Insurance Services Ltd. and Saskatoon Agencies Inc.,…

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What’s new: In brief (June 03, 2004)

June 3, 2004 by Canadian Underwriter

Everest Re has seen its “A+” (superior) rating affirmed by A.M. Best and extended to Everest International Reinsurance Ltd. The rater notes Everest Re’s strong earnings and capital position, with a 2003 ROE of 18.1% and total capital in excess…

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Insurers unruffled by class action reform delay

June 3, 2004 by Canadian Underwriter

Insurers are unconcerned by the delay of voting on class action reform by the U.S. senate. Senate majority leader Bill Frist of Tennessee had tried to force cloture on the bill, the “Class Action Fairness Act”, but agreed to delay…

News InsuranceMergers and Aqcuisitions

Canadian p&c industry turning fortunes around

June 3, 2004 by Canadian Underwriter

In the face of a difficult operating environment, the Canadian p&c industry is beginning to show signs of a turn around, says Standard & Poor’s director Donald Chu.Chu made the comments as part of a presentation to the Canadian Insurance…

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RBC Insurance income rises on reinsurance, Canadian ops

June 2, 2004 by Canadian Underwriter

Royal Bank is reporting lower returns from its insurance division in the second quarter ending April 30, 2004, down to 27% from 28.6% a year earlier. However, net income from RBC Insurance was up 16% to $65 million from $56…