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Independent regulator to set ICBC rates

May 13, 2003 by Canadian Underwriter

New legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto…

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ING to stay in Nova Scotia

May 12, 2003 by Canadian Underwriter

ING is the first insurer to publicly state it will continue to write auto insurance in Nova Scotia despite introduction of a bill to freeze rates for the next six months in that province.Recently the provincial government introduced Bill-45 which…

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III pegs tornado damage at US$325 million

May 12, 2003 by Canadian Underwriter

Although the storms are not yet over, early estimates from insurers have led the Insurance Information Institute (III) to peg insured losses from tornadoes that hit the midwest U.S. this week at more than US$325 million.This figure would put the…

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Reinsurance Internet site folds

May 9, 2003 by Canadian Underwriter

Internet reinsurance trading site “inreon” is closing shop after just a couple years in business.Low trading volumes are to blame, the company says, with growth not meeting targets. Last month, the company reported that online trading for the 2002-2003 renewal…

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Gerling Group sells credit insurer

May 9, 2003 by Canadian Underwriter

Hot on the heels of the sale of its Canadian primary insurance operation, Gerling Group announces the sale of its credit insurance operation, Gerling NCM.The majority shareholding has been sold to Deutsche Bank and Swiss Re, reducing Gerling’s holding in…

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ICBC posts Q1 net income of $5 million

May 8, 2003 by Canadian Underwriter

The Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, is posting net income of $5 million for the first three months of 2003, compared to a loss of $30 million in the first quarter of 2002.Premiums were up…

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Insurers ponder damage from U.S. tornadoes

May 8, 2003 by Canadian Underwriter

While it is too early to put a figure on damage caused by tornadoes that continue to rip through the U.S. midwest, insurers are bound to face a stiff price tag. The tornadoes have killed at least 40 people, and…

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Combined ratio improves for reinsurance council members

May 7, 2003 by Canadian Underwriter

The 22 members of the Reinsurance Research Council (RRC) saw their overall combined ratio drop to 110.2% in 2002, versus 119.1% a year prior. After-tax income was up slightly for the group to $52.9 million from $477.7 million the year…

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Lindsey Morden U.S., Canadian operations drag Q1 results down

May 7, 2003 by Canadian Underwriter

North American operations did little to boost the fortunes of adjuster Lindsey Morden Group Inc. (TSX: LM). For the first quarter 2003, the company reports a net loss of $1.99 million, and says reduced revenue from U.S. and Canadian operations…

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Accounting changes impact Odyssey Re income

May 6, 2003 by Canadian Underwriter

A change in accounting practices by Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) has contributed to its first quarter 2003 income dropping 17% Net income for the quarter was US$46.6 million, or US$0.72 per share, versus US$19.4 million, or…

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Fairfax earnings jump; TIG reserve cover found

May 6, 2003 by Canadian Underwriter

It was good news all around for Fairfax Financial Holdings Ltd. (NYSE, TSX: FFH) with the release of vastly improved first quarter 2003 results, plus the announcement that reinsurers have agreed to adverse development cover for the majority of troubled…

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Nova Scotia rate freeze draws industry ire

May 6, 2003 by Canadian Underwriter

A bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of…