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IBC gains OSFI reprieve on discounting reporting (June 28, 2001)

June 28, 2001 by Canadian Underwriter

Property and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC).The new reporting…

News Insurance

Earthquake shakes Yukon residents

June 27, 2001 by Canadian Underwriter

An earthquake measuring 5.7 on the Richter Scale shook residents of Haines Junction and Burwash Landing which are located in Destruction Bay, the southwest section of the Yukon Territory during the early hours of yesterday morning. The shaker’s epicenter was…

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New federal body to lead disaster strategy talks

June 26, 2001 by Canadian Underwriter

The newly-created Office of Critical Infrastructure Protection and Emergency Preparedness (OCIPEP) will lead consultations about to begin on developing a national disaster mitigation strategy. National Defence Minister Art Eggleton says the talks will center around reducing the risk and impact…

News Insurance

Universal Star completes sale

June 25, 2001 by Canadian Underwriter

Lloyd’s intermediary Universal Star Ventures Corporation announces that the sale of the assets of subsidiary Ken Davies & Associates Insurance Services Inc. to Canadian Farm Insurance Services Inc. has been finalized. The sale had been announced in February, but did…

News Insurance

U.S. results show income slide

June 25, 2001 by Canadian Underwriter

Net income for the U.S. property and casualty industry in the first quarter of the year dropped 5.4% compared with the same quarter last year, according to the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers…

News Insurance

Tobacco litigation wars continue (June 21, 2001)

June 21, 2001 by Canadian Underwriter

The U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton.…

News Insurance

Calgary residents threaten property damage/personal injury claims in toxic dispute

June 21, 2001 by Canadian Underwriter

Residents of Lynnview Ridge, a neighborhood located in the southeast end of Calgary, Alberta, are demanding answers from the city with regard to an ongoing investigation into possible toxic contamination of the residential area. Soil tests released in mid-May of…

News Insurance

A.M. Best issues "excellent ratings"

June 20, 2001 by Canadian Underwriter

Rating agency A.M. Best has issued a financial strength rating of "A" (excellent) for CGU Insurance Co. of Canada and a rating of "A-" (excellent) to group subsidiaries Scottish & York Insurance Co., and Traders General Insurance Co. The rating…

News Insurance

Tornado rips through Quebec

June 20, 2001 by Canadian Underwriter

A tornado struck Quebec’s Lac-St-Jean area last night, causing damage to approximately 15 houses without any personal injuries resulting. St-Gedeon, which is located north of Quebec City, is reported to having suffered the most damage with downed power poles and…

News InsuranceMergers and Aqcuisitions

Allstate sells European auto business

June 20, 2001 by Canadian Underwriter

U.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure…

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Royal sells off life operations

June 19, 2001 by Canadian Underwriter

Royal & SunAlliance has sold its Canadian life operations to Maritime Life Assurance Company, the Canadian arm of U.S. giant John Hancock Life. Maritime has agreed to purchase all outstanding shares of R&SA Life, with the cash purchase price estimated…

News Insurance

CG&B adds Brampton brokerage to stable

June 19, 2001 by Canadian Underwriter

Toronto area insurance and financial services network CG&B Group Inc. has bought Brampton brokerage Kylie & Associates. The acquisition brings CG&B’s annual property & casualty premiums up to more than $80 million, states a company press release.While Kylie currently deals…