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U.S. p&c reserves still a thorn in industry’s side

February 2, 2004 by Canadian Underwriter

Just as U.S. p&c insurers disclose fourth quarter reserve charges, Moody’s Investors Service says the industry remains woefully under-reserved.In a study of the top 50 p&c insurers and reinsurers, Moody’s noted that commercial liability lines continue to be significantly under-reserved…

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IBC launches online fight against Quebec auto reform

February 2, 2004 by Canadian Underwriter

Hoping to stem the tide of auto insurance reform in Quebec, the Insurance Bureau of Canada (IBC) has launched a new website to discuss why the system should not be changed.The site, www.impactnofault.com, is intended to educate Quebec residents about…

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"Fast food obesity" bill passed by U.S. House committee

January 30, 2004 by Canadian Underwriter

The U.S. House judiciary committee has passed the "Personal Responsibility in Food Consumption Act", opening the door for federal legislation to stop lawsuits aimed at restaurants and other food service providers for purportedly causing obesity.The bill responds to suits aimed…

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Law Society to oversee paralegal regulation

January 30, 2004 by Canadian Underwriter

The Law Society of Upper Canada (LSUC) has signed an agreement in principle to regulate Ontario’s paralegals, a move that is drawing praise from the Ontario Bar Association (OBA).Paralegals, speaking through the Professional Paralegals Association of Ontario (PPAO) and the…

News InsuranceMergers and Aqcuisitions

People misinformed about travel insurance: RBC study

January 29, 2004 by Canadian Underwriter

A new study is showing that many people think they do not need travel insurance. Almost one-quarter (23%) of those surveyed said that they believed they would be covered if they required emergency medical treatment in another country even without…

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Political risks a US$800 billion drain on world economy: Aon

January 29, 2004 by Canadian Underwriter

With the release of its annual "Political and Economic Risk Map", global broker Aon Corp. estimates political risks cost the world economy US$800 billion last year, the equivalent of a 0.25% tax on global GDP growth.The losses come from reduced…

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Pethealth completes $10 million placement

January 28, 2004 by Canadian Underwriter

Oakville, Ontario-based pet insurer Pethealth Inc. (TSX VE: PTZ) has completed a private placement for aggregate proceeds of $10 million.The placement included five million of the company’s "series 1" convertible preference shares at $2.00 each. Each share is entitled to…

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Western Financial adds brokerage, completes share placement

January 28, 2004 by Canadian Underwriter

Alberta-based broker network and bank, Western Financial Group Inc. (TSX: WES) has added to its string of recent acquisitions with the purchase of Meston’s Agencies of Okotoks, Alberta. The new brokerage will be combined with Western’s existing operations in that…

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Vancouver company launches expatriate insurance site

January 28, 2004 by Canadian Underwriter

Vancouver-based TransWorldconneX has launched the first single-source online listing of international expatriate and local national policies.The free service is being offered to brokers, consulting houses and insurers, to locate and purchase insurance and other services for international benefits clients. Quotes…

News InsuranceMergers and Aqcuisitions

D&O remains tight in North America: Tillinghast Towers Perrin

January 27, 2004 by Canadian Underwriter

The average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants…

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Kingsway announces U.S. private paper offering

January 26, 2004 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) is planning a US$100 million private offering of senior debt notes through its wholly-owned subsidiary Kingsway America Inc. The offering will be made available to institutional buyers in the U.S.Kingsway says capital raised from…

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CIAB survey shows commercial p&c rate softening

January 26, 2004 by Canadian Underwriter

A survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases…