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What’s new: In brief (June 01, 2004)

June 1, 2004 by Canadian Underwriter

Rating errors could cost U.S. auto insurers as much as US$13 billion annually, says a report from QPC. In fact, in an audit of 12 million policies from 10 insurers over the past two years, QPC estimates the rating error…

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Global reinsurers tested in 2005: S&P

June 1, 2004 by Canadian Underwriter

Global reinsurers are making bold statements about their desire to stick to strict underwriting principles, but the industry’s resolve will be tested in 2005, says Standard & Poor’s in its most recent “global reinsurance report card”.The rating agency notes that…

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Newfoundland legislation prompts Dominion withdrawal

May 31, 2004 by Canadian Underwriter

Citing auto insurance reforms tabled by the Newfoundland government last week, The Dominion of Canada is the first insurer to signal it will leave the province.In a statement, CEO George Cooke says, “We are deeply offended by the punitive insurance…

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Risk retention groups on the rise

May 31, 2004 by Canadian Underwriter

Risk retention groups (RRGs) are on the upswing, according to data compiled by the U.S.-based Risk Retention Reporter.In 2003, RRG premiums rose to US$1.73 billion dollars, up from US$1.27 billion in 2002. In the last 17 years, RRG premiums have…

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Outlook negative for North American life insurers

May 31, 2004 by Canadian Underwriter

Despite a strong recovery, downgrades are expected to continue to outpace upgrades for North American life insurers, says Standard & Poor’s.The rating agency applauds the industry’s ability to bounce back from the investment drought and weak corporate credit environment of…

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“Driving lessons” begin well before the age of 16: survey

May 31, 2004 by Canadian Underwriter

Driving instructors want parents to act as good role models to their children, long before those children are ready to get behind the wheel, according to a new survey by “I Promise Program” executive director Gary Direnfeld. “It is difficult…

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What’s new: In brief (May 30, 2004)

May 30, 2004 by Canadian Underwriter

A.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management…

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Legendary broker MacKinnon dies

May 30, 2004 by Canadian Underwriter

The Canadian insurance industry mourns the loss of veteran broker Cyril MacKinnon, who passed away suddenly on Thursday, May 27. A long-time representative of the Insurance Brokers Association of PEI, MacKinnon was its president and director to the Insurance Brokers…

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U.S. reinsurers post gains on underwriting success

May 30, 2004 by Canadian Underwriter

U.S. reinsurer results for the first quarter of 2004 show underwriting diligence is paying off with the members of the Reinsurance Association of America (RAA) posting a combined ratio of 94.0%. This compares with 96.4% in the first quarter of…

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Final Alberta reform package promises overall 20% rate savings

May 28, 2004 by Canadian Underwriter

After months of wrangling, a final package of auto reforms has been released in Alberta, with a promised rate savings of 20% overall, the government says. The reforms are to be implemented by September, with the province’s Standing Policy Committee…

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What’s new: In brief (May 27, 2004)

May 27, 2004 by Canadian Underwriter

Swiss Re has seen its financial strength and long-term debt ratings cut by Moody’s to “Aa2”, although the reinsurer’s short-term rating was affirmed at “prime-1”. Among the conditions cited in the downgrade are possible further adverse development for the years…

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Northbridge sells life unit to Western Financial

May 27, 2004 by Canadian Underwriter

Northbridge Financial the combined Canadian entities of Fairfax Financial Holdings announces it has sold its life operation, Federated Life Insurance Co. of Canada, to Western Financial Group. The $56.9 million transaction includes $20 million for Western to purchase all outstanding…