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U.S. insurers regain profitability for first nine months

December 18, 2002 by Canadian Underwriter

U.S. insurers brought home a taxed profit of US$9.3 billion for the first nine months of this year compared to a net loss of US$2.6 billion reported for the same period a year ago. The turnaround largely resulted from higher…

News Insurance

Fairfax restructures TIG; implications for Commonwealth

December 17, 2002 by Canadian Underwriter

Financial giant Fairfax Financial Holdings has restructured its Dallas-based TIG Insurance Group, a move which will impact B.C.’s Commonwealth Insurance Company and reinsurer Odyssey Re.Among the restructuring moves, TIG’s outstanding shares of Odyssey Re, Commonwealth and Ranger Insurance Company will…

News Insurance

III analyst survey indicates inadequate U.S. returns for 2003

December 17, 2002 by Canadian Underwriter

A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the…

News Insurance

IBC pleased with sanctions against “road racing”

December 16, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is pleased to see new controls to prevent “road racing” along with other road safety measures introduced in Bill 241, The Road Safety Act of 2002, by Ontario’s legislature. Transportation Minister Norm Sterling has…

News InsuranceMergers and Aqcuisitions

Ontario Collision Repair Standards Act passes

December 16, 2002 by Canadian Underwriter

The act to place Ontario’s bodyshops under industry self-regulation was passed on the last night of the Ontario legislature’s sitting before Christmas break. The Collision Repair Standards Act of 2002 puts the collision, auto body and auto refinishing industries under…

News Insurance

Australia moves forward on terror insurance pool

December 13, 2002 by Canadian Underwriter

The Australian government’s treasurer Peter Costello has put forward a bill before parliament that would see the creation of a government-backed terrorism reinsurance mechanism. The legislation would also ensure that terrorism cover is made available by insurers.The Terrorism Insurance Bill…

News Insurance

Lloyd’s market capacity highest ever in 2003

December 13, 2002 by Canadian Underwriter

The Lloyd’s of London insurance market says in 2003 it will hit its highest capacity ever, with an estimated US$22.44 billion (Cdn$35.02). At a speech today in New York, Lloyd’s chairman Nick Prettejohn announced that market would leap over this…

News Insurance

Hub plans for increased earnings for 2002, 2003

December 12, 2002 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) has issued earnings guidance suggesting it will increase earnings for the 2002 yearend and into 2003.Hub expects Canadian GAAP earnings of US$0.22-$0.24 pre diluted share in the fourth quarter of this year,…

News Insurance

CGU gets renewal rights to Royal Quebec book

December 12, 2002 by Canadian Underwriter

CGU Insurance Co. of Canada will be offering renewals on Royal & SunAlliance’s Quebec personal lines book, notes a joint press release from the insurers. This will commence with April 1, 2003 renewals, as policies expire. Some of Royal’s Quebec…

News Insurance

CGU responds to A.M. Best withdrawal of ratings

December 11, 2002 by Canadian Underwriter

CGU Group Canada Ltd., the Canadian arm of the global Aviva plc. Insurance group, issued a media statement clarifying its decision to withdraw from A.M. Best’s rating services. A.M. Best issued a statement on Monday of this week indicating that…

News Insurance

Optimum Group increases stake in Optimum General

December 10, 2002 by Canadian Underwriter

In a release today, Montreal-based Optimum Group Inc. says it has bought 83,900 class A subordinate shares in Optimum General (TSX: OGI.A), through subsidiaries Optimum Re and Optimum Vie.Since November 30, Optimum Re has purchased 66,200 and Optimum Vie, 17,700,…

News Insurance

Facility seeks 41% rate increase in Newfoundland

December 10, 2002 by Canadian Underwriter

The industry’s pool for insuring high-risk drivers is asking the Newfoundland Public Utilities Board to approve a 41% hike in rates in that province.The Facility Association (FA), which offers mandatory insurance coverage to drivers who have been refused in the…