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Fraud squad releases annual top ten list

December 18, 2001 by Canadian Underwriter

The Canadian Coalition Against Insurance Fraud (CCAIF) has handed down its annual “Top Ten” list of insurance fraud schemes, and topping the list is a bilingual fraudster who tried to double file a claim by using both official languages.Other examples…

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First of big life mergers on the table

December 18, 2001 by Canadian Underwriter

In the wake of Canada’s new financial service legislation and the relaxation of ownership restrictions, the first of the big lifeco mergers has been proposed. SunLife Canada is prepared to pay $7.3 billion in an all-share deal to acquire Clarica…

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IBC accuses Newfoundland/Labrador lawyers for spreading misinformation

December 17, 2001 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has taken up arms against a coalition of personal injury lawyers in Newfoundland and Labrador, accusing the group of spreading "misinformation" to the public as the lobby battle wages on for reform to the…

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Kingsway operations gain strong financial ratings

December 14, 2001 by Canadian Underwriter

Rating agency A.M. Best has reaffirmed the "A" (excellent) rating of the Canadian insurance operations of Kingsway Financial Services Inc. (TSE: KFS). The operations in question include Kingsway General Insurance Co., York Fire & Casualty Insurance Co., Jevco Insurance Co,…

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CSIO portal funding in place

December 13, 2001 by Canadian Underwriter

The broker-insurer portal currently under construction by the Centre for the Study of Insurance Operations (CSIO) got a shot in the arm from its board of directors, who voted unanimously to fund the project through a special assessment.“Top-up” funding was…

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St. Paul’s plans global overhaul; retains Canadian specialty lines

December 12, 2001 by Canadian Underwriter

U.S.-based St. Paul will undergo a major overhaul as the company plans to exit certain lines of business, including medical malpractice, and to exit countries where “the company is not likely to achieve competitive scale”.Canada will, however, not be among…

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Lloyd’s capacity hits record high for 2002

December 12, 2001 by Canadian Underwriter

Lloyd’s of London says it will have record-breaking capacity in 2002, to the tune of US$17.2 billion. This, combined with last year’s capacity of US$15.4 billion, means the market’s capacity has grown 20% in two years. The previous highest year…

News InsuranceMergers and Aqcuisitions

ICN CEO attacks "false statements" suggesting that Newfoundland/Labrador insurance costs are lowest in Canada

December 11, 2001 by Canadian Underwriter

Insurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary…

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Government airline cover could be permanent

December 10, 2001 by Canadian Underwriter

Coverage for airlines introduced by the government following the September 11 terrorist attacks could become a permanent measure, the National Post is reporting. This comes after an announcement by federal Transport Minister David Collenette that the temporary coverage, which involves…

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FSCO seizes control of Canadian Millers’ Mutual

December 7, 2001 by Canadian Underwriter

In a not unexpected move, the Financial Services Commission of Ontario (FSCO) is seizing control of troubled Canadian Millers’ Mutual’s assets.FSCO says the move was made in light of the insurer’s assets being deemed insufficient to provide for the company…

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Cost of risk declines in 2000, but signs point to hardening

December 6, 2001 by Canadian Underwriter

The cost of risk declined in 2000, according to a survey released by the Risk and Insurance Management Society (RIMS). The annual Benchmark Survey, conducted with Ernst & Young, asks more than 830 risk managers in the U.S. and Canada…

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Insurers chop jobs at U.S. offices

December 6, 2001 by Canadian Underwriter

In the wake of dreadful third quarter results, two insurers have announced big job cuts at U.S. locations. CNA Financial says it will trim 1,850 employees, a whopping 10% of its workforce. And ING is announcing 1,600 job cuts, representing…