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Tax reform a key goal for IBC in 2002

December 5, 2001 by Canadian Underwriter

At the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this…

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Swiss Re speakers predict recession to last through mid-2002

December 5, 2001 by Canadian Underwriter

At Swiss Re’s annual yearend insurance industry review, speakers noted that while the global recession was likely to last well into next year, the insurance industry is on the road to recovery since September 11. “The U.S. and global economies…

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OSFI looks to increase transparency in rulings

December 5, 2001 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) is attempting to answer concerns about its transparency by releasing its rulings. The rulings, which can affect any of the federally regulated financial institutions (FRFI) under OSFI’s authority including insurers, will…

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Insurers tally Enron losses

December 4, 2001 by Canadian Underwriter

With the failure of U.S. energy giant Enron, insurers are now tallying their exposure to the dying corporation. Among those affected is Chubb, which is estimating its exposure provisionally at US$220 million, pretax. This comes from surety bonds, which act…

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OSFI to wind up Reliance Canadian operations

December 4, 2001 by Canadian Underwriter

Following the insolvency of Pennsylvania-based parent Reliance, the company’s Canadian branch operation will be shut down by the Office of the Superintendent of Financial Services (OSFI). OSFI had frozen the Canadian operation’s assets in August, 2000, and directed it to…

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Facility voices opposition to Newfoundland auto plans

December 3, 2001 by Canadian Underwriter

In a response to the Newfoundland government’s consultation paper on auto insurance reform, the Facility Association (FA) has come out strongly against several proposed changes to its operation in that province.The plan calls for the government to control the membership…

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Vector works to boost capital

December 3, 2001 by Canadian Underwriter

It is a case of good news versus bad news for Vector Intermediaries (CDNX: VTE) in the third quarter of 2001, with the broker consolidator posting a net loss of $1,462,081, or $0.10 per share. This is, however, somewhat better…

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Hi-Alta achieves healthy 3-Q profit gain

November 30, 2001 by Canadian Underwriter

Broker network consolidator Hi-Alta Capital Inc.’s (TSE: HIA) revenue for the first nine months of this year rose by 19% to $17.3 million compared with the $14.5 million reported for the same period in 2000. Net earnings for the latest…

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IBC prompts Newfoundland auto insurance reform

November 30, 2001 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government…

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Anthony Clark posts increased revenue

November 29, 2001 by Canadian Underwriter

Calgary-based Anthony Clark International Insurance Brokers (TSE:ACL) is posting increased revenue for the six months ending September 30, up 14% over the same period last year. Revenues grew to $2,183,277 from $1,913,449.The broker consolidator is also reporting earnings before tax…

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Munich Re predicts profit despite WTC losses

November 29, 2001 by Canadian Underwriter

Despite being among the heaviest hit by the September 11 terrorist attacks on the World Trade Center and Pentagon, and posting a third quarter loss of US$1.07 billion, Munich Re says it will still post a profit for the year.The…

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Consolidation to follow terrorist attacks, says PWC

November 28, 2001 by Canadian Underwriter

Following the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a)…