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Fairmont Specialty given okay by US regulators

January 21, 2004 by Canadian Underwriter

Fairfax’s Fairmont Specialty Group Inc. which includes the remaining business of former subsidiaries TIG Insurance Group and Ranger Insurance Group says U.S. regulators have given a "thumbs up" to the company’s structure and capitalization.The announcement prompted rating agency A.M. Best…

News InsuranceMergers and Aqcuisitions

Meloche Monnex buys Liberty Mutual personal lines book

January 21, 2004 by Canadian Underwriter

TD Bank’s insurance arm has purchased the Canadian personal lines book of Liberty Mutual, a subsidiary of Boston-based Liberty Group. Meloche Monnex, which sells personal home and auto insurance as TD Insurance Home and Auto and under its own name,…

News InsuranceMergers and Aqcuisitions

Study confirms auto injury losses skyrocketing in the U.S.

January 20, 2004 by Canadian Underwriter

While it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council…

News InsuranceMergers and Aqcuisitions

Insurers prepared for Alberta auto rebates while reform talks continue

January 20, 2004 by Canadian Underwriter

About 90% of the auto insurance companies in Alberta had filed for rate rebates or credits as of January 14, although customers may wait months to actually receive their rebate.The rollbacks are part of a provincial government plan to reform…

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Farm equipment injuries lead to highest jury awards: study

January 19, 2004 by Canadian Underwriter

Victims of injuries caused by farm products tractors, backhoes and more received the highest median jury awards over the last decade of all products liability segments, says a new study by Pennsylvania-based Jury Verdict Research.The new study, “Products Liability: Verdicts,…

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Totten Group buys August Group Risk Management

January 19, 2004 by Canadian Underwriter

London, Ontario-based wholesaler Totten Insurance Group has bought August Group Risk Management, an underwriting office serving brokers of Aviva Canada.Totten Group CEO Ross Totten says AGRM will remain at its current location and become a division of Totten, continuing to…

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U.S. cats cost US$12.8 billion in 2003

January 16, 2004 by Canadian Underwriter

U.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is…

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Lloyd’s Levene holds out hope for tort reform

January 16, 2004 by Canadian Underwriter

Lloyd’s of London chair Lord Peter Levene says that there is still hope for tort reform in the U.S. to stem the tide of escalating losses to global insurers.“If there were an Oscar awarded for the most talked about issue,…

News InsuranceMergers and Aqcuisitions

New car owners lack insurance knowledge

January 15, 2004 by Canadian Underwriter

New car owners know far more about the vehicle they are purchasing than they do about the insurance they buy to cover it, says a study by U.S. insurer Progressive.The survey of new car buyers should that while 98% could…

News InsuranceMergers and Aqcuisitions

MPI net income up despite claims growth

January 15, 2004 by Canadian Underwriter

For the first three quarters ending November 30, 2003, Manitoba Public Insurance (MPI) is reporting growth in net income to $38.7 million, up from $23.1 million for the same period a year earlier.Investment income was almost double, hitting $85.4 million…

News Insurance

Kingsway consolidates operations

January 14, 2004 by Canadian Underwriter

Toronto-based Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it is consolidating control of its Canadian and U.S. subsidiaries through the head office of the holding company.This means presidents of the company’s U.S. subs will report directly to Kingsway Financial…

News Insurance

XL takes US$694 million reserve charge on US reinsurance business

January 14, 2004 by Canadian Underwriter

Bermuda-based XL Capital Ltd. is leading the pack, taking a reserve charge of US$694 million on its fourth quarter results to deal with prior year claims.After an extensive claims review, the company says it must take the charge, which amounts…