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Canadian airline cover extended yet again

March 18, 2002 by Canadian Underwriter

The Canadian government is once more extending the deadline for covering third part war risks for the country’s air services.The coverage, which includes airlines, airports and other services such as NavCanada, was first introduced on September 22, 2001, as a…

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Gerling group placed on bidding block as Deutsche Bank looks for exit

March 15, 2002 by Canadian Underwriter

Cologne, Germany-based Gerling Versicherungs Beteiligungs A.G. which operates globally in the primary insurance, reinsurance and life sectors has been put up for sale by one of the company’s majority shareholders, Deutsche Bank, a statement released by the group says.The troubled…

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Canadian risk managers push for government terrorism pool

March 14, 2002 by Canadian Underwriter

As part of its lobby effort to persuade North American governments to back terrorism reinsurance, the Risk and Insurance Management Society (RIMS) recently asked Canadian members to comment on their views. Although confidential, the survey did show that Canadian RIMS…

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Man-made catastrophes outpace natural disasters in 2001, says Swiss Re study

March 13, 2002 by Canadian Underwriter

In 2001, man-made catastrophes cost insurers more than natural disasters, mainly due to the back of September 11 losses, says the latest sigma study released by Swiss Re. The study pegs losses for the terrorist attacks at US$19 billion for…

News InsuranceMergers and Aqcuisitions

Canadian insurers end 2001 on dismal financial note

March 13, 2002 by Canadian Underwriter

Canadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just…

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Hi-Alta expands with four acquisitions (March 12, 2002)

March 12, 2002 by Canadian Underwriter

Broker consolidator Hi-Alta has added four new offices to its Western Insurance Network (WIN), including two in Alberta, and one each in BC and Saskatchewan. J.A. Buchan Agencies of Champion, AB, will be merged with Wes Fulton Agencies in nearby…

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Newfoundland auto changes not likely to include tort reform

March 11, 2002 by Canadian Underwriter

There is little chance that Newfoundland will follow through on its proposal to limit tort claims as a means to reducing the cost of auto insurance in that province, after a recent study revealed opposition to the plan. Tort reform…

News InsuranceMergers and Aqcuisitions

McNaughton v. Co-operators could spawn class action landslide

March 8, 2002 by Canadian Underwriter

The victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a…

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Clarica-Sun Life merger goes through despite protests

March 7, 2002 by Canadian Underwriter

In the face of public defiance by some key shareholders, the mega-merger of lifecos Clarica and Sun Life was passed by Clarica shareholders yesterday. The deal creates Canada’s largest life insurer, with $398.8 billion in assets under management and combined…

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European airlines reject insurers as government covers set to expire

March 6, 2002 by Canadian Underwriter

European airliners represented by the Association of European Airlines (AEA) have rejected an insurance industry proposal for third-party war and terrorism coverage on grounds that the latest offering remains too costly.The AEA estimates that the latest insurance proposal would cost…

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Optimum falls into net loss despite underwriting action (March 05, 2002)

March 5, 2002 by Canadian Underwriter

Montreal-based insurer Optimum General Inc. (TSE: OGI.A) which through five subsidiaries operates across Canada and parts of the U.S. posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for…

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FSCO passes guidelines on insurer investments

March 4, 2002 by Canadian Underwriter

Following the release of a consultation paper last fall, the Financial Services Commission of Ontario has passed, as part of a budget bill, changes to the restrictions on insurer investment portfolios. The changes are to make the province’s regulations more…