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Kingsway Q1 success driven by U.S. operations

May 2, 2002 by Canadian Underwriter

At its AGM in Toronto today, Kingsway Financial Services (TSE, NYSE: KFS) marked yet another record quarter, with net income rising 77% year-on-year for the first three months of 2002. Net income is at $16.3 million versus $9.2 million for…

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Hi-Alta repurchases undervalued shares

April 30, 2002 by Canadian Underwriter

Broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has gained regulatory approval to repurchase a total of 576,988 of its outstanding common shares, equal to about 5% of the company’s total shares in issue, over the next 12 months. The…

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European airliners create terrorism loss fund

April 30, 2002 by Canadian Underwriter

The Association of European Airlines (AEA) has established a terrorism insurance scheme called "Eurotime" which is expected to replace current temporary government backstop facilities for this particular peril. Airliners from around the world have been operating mostly with the insurance…

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Silverstein advances WTC case for “two occurrence” settlement

April 29, 2002 by Canadian Underwriter

A document just released by parties involved in the dispute over coverage for the World Trade Center (WTC) explains the position of representatives for the Silverstein interests, who are calling the September 11 attacks two separate events and seeking double…

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CIAG advises repair shops to get money up front

April 29, 2002 by Canadian Underwriter

In light of the recent cancellation of policies by Ontario’s Markham General Insurance Company, the industry association representing bodyshops is suggesting its members get money up front from the company’s claimants for repairs. In an “urgent notice to shopowners”, the…

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New York’s Federal Reserve Bank pegs lower WTC cleanup cost

April 26, 2002 by Canadian Underwriter

A report issued by the Reserve Bank of New York estimates that the cleanup and rebuilding cost in downtown Manhattan following the World Trade Center (WTC) terrorist attacks could be US$6 billion less than what had been originally anticipated. The…

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Royal & SunAlliance takes decisive action against name imposter

April 26, 2002 by Canadian Underwriter

Royal & SunAlliance Insurance Co. of Canada says it will not stand by as an imposter entity continues to use the insurer’s corporate name to market what would appear to be fraudulent insurance products.Royal has launched an official investigation into…

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Five U.S. states approve terrorism exclusions on homeowners’ cover

April 26, 2002 by Canadian Underwriter

Insurance regulators in Arizona, Colorado, North Dakota, South Dakota and Kentucky have approved requests by insurers to apply terrorism exclusions to homeowners’ covers, according to the Insurance Services Office (ISO). While some insurers are still offering terrorism cover in these…

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SGI to offer driver discount and new fines

April 25, 2002 by Canadian Underwriter

Saskatchewan’s public insurer says it will offer a discount to drivers with good track records, and punish those with driving offenses, starting in July of this year. Saskatchewan Government Insurance (SGI) says the discount program will total about $16 million…

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German government close to terrorism coverage solution, says news source

April 24, 2002 by Canadian Underwriter

A German newspaper, “Handelsblatt”, is reporting that country’s government is close to signing a solution for terrorism coverage. The German government has been negotiating with insurers and industrial representatives to find a compromise following the withdrawal of terrorism reinsurance since…

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Identity theft leaves Royal & SunAlliance bothered

April 23, 2002 by Canadian Underwriter

A non-licensed financial services entity calling itself "Royal and Sun Alliance: International Loans and Insurance Group" has set up a website under that name, listing a Toronto address and telephone number.The Office of the Superintendent of Financial Services (OSFI) has…

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IBC tries to educate consumers about hard market

April 23, 2002 by Canadian Underwriter

In a press release submitted to newspapers in Atlantic Canada, the Insurance Bureau of Canada (IBC) is trying to educate consumers about the insurance cycle and rising rates.“The increased cost of automobile insurance has been the focus of much attention…