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Western Financial increases Jennings Capital investment

August 28, 2003 by Canadian Underwriter

Broker network and banking company Western Financial Group (TSX: WES) says it has increased its investment in Jennings Capital Inc. Jennings is a western Canadian investment dealer which Western Financial says will add to its ability to offer investment products…

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Securities litigation costs on the rise in the U.S.

August 27, 2003 by Canadian Underwriter

In 2002 and the first seven months of 2003, settlements in U.S. securities litigation have continued to rise, according to a new study by PriceWaterhouse Coopers. For the first seven months of 2003, settlements reached US$1.5 billion, on 60 settlements.…

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Insurers not impressed with Newfoundland auto reforms

August 27, 2003 by Canadian Underwriter

The package of auto insurance reforms announced by the Newfoundland government yesterday is drawing the ire of insurers. The Insurance Bureau of Canada (IBC) says the government needs to “rethink” the reforms as they will add confusion and additional cost…

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U.S. insurer surplus drops on investment decline

August 26, 2003 by Canadian Underwriter

Despite premium increases and better underwriting performance, the stock markets are hampering the recovery of U.S. p&c insurers, according to the Insurance Services Office Inc. (ISO).Although 2002 saw the largest premium increase in more than 15 years, industry surplus dropped…

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Kansas pegs 2003 storm losses at US$256 million

August 26, 2003 by Canadian Underwriter

The state of Kansas says 2003 has been a difficult year for insurers who have already paid out US$256 million for storm losses between April and July.“The storm season extended well beyond spring this yearand we’ve exceeded the amount of…

News InsuranceMergers and Aqcuisitions

Newfoundland auto insurance plan includes optional coverage and rate freeze

August 26, 2003 by Canadian Underwriter

New changes to Newfoundland’s auto insurance system announced today include optional coverage for minor pain and suffering, and a rate freeze.Following on the heels of other Atlantic provinces introducing changes to tackle rising auto insurance rates, Newfoundland has released a…

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Pressure mounts from rating agencies: Swiss Re study

August 25, 2003 by Canadian Underwriter

While the opinion insurers hold of rating agencies is generally positive, many feel rating agency standards have become increasingly stringent, says a new study by Swiss Re.In “Insurance Company Ratings”, Swiss Re notes that insurers see rating agencies as “reasonably…

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Kelowna fires leave 244 homes destroyed

August 25, 2003 by Canadian Underwriter

After a month of forest fires raging through areas of B.C., Kelowna is now the target zone. Some of the 24,000 residents under evacuation order were returning to their homes on Sunday, but many did not know if they would…

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Cadillac SUV tops “most stolen” list in U.S.

August 22, 2003 by Canadian Underwriter

The U.S.-based Insurance Institute for Highway Safety (IIHS) has released its annual report on the most stolen vehicles, with the Cadillac Escalade SUV topping the list.The Escalade was the most frequently stolen among 2000-2002 models, and has the worst overall…

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Collision repair group advocates tow truck rules

August 22, 2003 by Canadian Underwriter

In a presentation to Ontario’s Auto Insurance Review Committee on possible ways to reduce claims costs, the Collision Industry Action Group (CIAG) is pushing for new rules to prevent “tow truck chasing”.The CIAG says chasing when a tow truck rushes…

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Blackout causes temporary drop in credit-card spending; first U.S. lawsuit filed

August 21, 2003 by Canadian Underwriter

The Friday following the “Blackout of 2003” on August 13, credit-card sales dropped an estimated $100 million in Canada, but the decline is likely a temporary one. This is according to credit card processor Moneris Solutions Corp. Comparing last Friday’s…

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Rate hikes pay off for Co-operators

August 21, 2003 by Canadian Underwriter

Co-operators General Insurance Co. (TSX: CCS.PR.A) says premium increases is starting to show results in bottom-line profitability. For the second quarter ending June 30, 2003, the company reports after-tax net income of $25.3 million, versus net income of $7 million…