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Alberta now promising 5% rate reduction

May 18, 2004 by Canadian Underwriter

The Alberta government is now promising drivers a minimum 5% rate reduction as a result of auto reforms being put in place. Earlier indications were that the average rollback would be 10%.The Alberta government release also indicates the 5% reduction…

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What’s new: In brief (May 18, 2004)

May 18, 2004 by Canadian Underwriter

Two Illinois trials are keeping broker contingent commissions in the spotlight in the U.S., the Wall Street Journal reports. WSJ says the two cases, one involving a local government and another a fair organizer, highlight that the issue of contingent…

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British brokers say soft market is coming

May 17, 2004 by Canadian Underwriter

More than half of brokers surveyed in a recent poll say the market is showing signs of softening, and an even greater number say growth in the coming year will come from increased marketshare rather than rates. The survey, published…

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Paralegal regulation needs government funding: OBA

May 17, 2004 by Canadian Underwriter

The Ontario Bar Association (OBA) says while it supports the Law Society of Upper Canada’s (LSUC) regulation of paralegals, assurances are needed that government funding will be in place to support the regulatory system.“Critical to the success of this regulatory…

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Alberta auto to remain top focus for brokers in year ahead

May 17, 2004 by Canadian Underwriter

The lack of resolution to Alberta’s auto reform melee is going to keep brokers on their toes in the year ahead, it was noted at Monday’s annual general meeting of the Independent Insurance Brokers Association of Alberta (IIBAA).Dennis Gartner, assistant…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (May 17, 2004)

May 17, 2004 by Canadian Underwriter

Reporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (May 16, 2004)

May 16, 2004 by Canadian Underwriter

Insurance Technology Advisors Ltd. (ITA) has been retained by two Canadian technology firms to conduct market research on p&c insurers Companies participating in the research will also receive an executive report on overall IT trends for the industry. The study…

News Insurance

Pilot on “strong financial footing”: Aviva CEO

May 16, 2004 by Canadian Underwriter

Despite recent charges stemming from reserve shortfalls at Pilot Insurance, the CEO of parent Aviva Canada says the company has completed a restructuring plan and is now on “strong financial footing”.Last week, the Financial Services Commission of Ontario (FSCO) confirmed…

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Western Financial net income up 537% in first quarter

May 16, 2004 by Canadian Underwriter

Alberta-based broker network and bank Western Financial Group (TSX: WES) is reporting net income for the first quarter ending March 31, 2004 hit $784,000, a whopping 537% increase over a year ago, when the company reported income of $123,000. This…

News InsuranceMergers and Aqcuisitions

Geer exits top spot at ICBC

May 16, 2004 by Canadian Underwriter

The Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.Geer took over top spot at the government insurer three years ago – originally serving as…

News Insurance

What’s new: In brief (May 13, 2004)

May 13, 2004 by Canadian Underwriter

Financial services giant ING is posting net profit of $1.9 billion for the first quarter of this year, up from $268 million a year ago, driven mainly by growth in its banking business. The insurance division posted operating profit of…

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Seven insurers face Hurricane Isabel class action suit

May 13, 2004 by Canadian Underwriter

A class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs,…