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Credit unions in Saskatchewan to own brokerages

May 16, 2003 by Canadian Underwriter

The Saskatchewan government has opened the door for that province’s credit unions to own or invest in insurance agencies and brokerages.Credit Union Central of Saskatchewan is applauding the changes to “The Credit Union Regulations, 1999”.“We are very pleased about this…

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Rough start to 2003 for Optimum General

May 16, 2003 by Canadian Underwriter

Despite plans for a turnaround, 2003 has not gotten off to a smooth start for Montreal-based Optimum General Inc. (TSX: OGI.A). The company is reporting a net loss of $291,000, or $0.02 per share, for the first quarter ending March…

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Kingsway secures US$17.5 million private debt placement

May 16, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) has completed the placement of US$17.5 million in 30-year floating rate trust preferred securities. The net proceed to the company will be about US$17 million. Kingsway says that the funds raised will be used…

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Early May storms could prove most costly ever in U.S.

May 15, 2003 by Canadian Underwriter

Storms, including tornadoes, that ripped through several Midwest U.S. states the first week of May could well exceed the worst storm losses ever, says AIR Worldwide Corp., a division of the U.S. Insurance Services Office (ISO).The previously held record for…

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Independent Nova Scotia report supports insurers’ auto pricing

May 15, 2003 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based…

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EDC to reinsure St. Paul surety bonds

May 14, 2003 by Canadian Underwriter

Export Development Canada (EDC), a Crown corporation, has agreed to provide reinsurance backing on surety bonds for exporters issued by St. Paul Guarantee Insurance Company.This is the first time EDC has provided surety quota share reinsurance, in this case for…

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Custom Software Solutions gets $1.2 million boost

May 13, 2003 by Canadian Underwriter

Technology vendor Custom Software Solutions Inc. (CSSI) is benefiting from a $1.175 million boost from a non-profit Internet development fund.CANARIE, an organization supported by member companies, project partners and the Government of Canada to offer funding for development of “next-generation…

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Hartford to exit reinsurance, take asbestos reserve

May 13, 2003 by Canadian Underwriter

Connecticut-based The Hartford Financial Services Group says it is exiting p&c assumed reinsurance, written through HartRe, and taking a US$1.7 billion charge to first quarter results for asbestos reserving.In total, the company is putting US$2.6 billion, net of reinsurance, toward…

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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…