News
Fairfax Financial offers to purchase UK’s Advent Capital
July 31, 2008 by Canadian UnderwriterToronto-based Fairfax Financial Holdings Limited (TSX: FFH) has made an offer of Cdn$135 million to purchase the remaining shares of Advent Capital (Holdings) PLC.Fairfax owns 44.5% of Advent’s existing issued share capital, according to a Fairfax representative. Advent is a…
MPI reports more than Cdn$50 million drop in net income
July 31, 2008 by Canadian UnderwriterManitoba Public Insurance has reported a drop of Cdn$51.6 million in net income for 2008 Q1 as compared to 2007 Q1. The combined effects of dropping auto theft rates, a larger and higher-quality fleet and a significant decrease in investment…
What’s New: In Brief (July 30, 2008)
July 30, 2008 by Canadian UnderwriterThe Loyalist Insurance Group Limited reported a net income of Cdn$2.6 million for the six months, as compared to a net loss of Cdn$241,542 for the same period in 2007. Commissions and contingent profit commissions were Cdn$191,055.Interest income and other…
Small pickup trucks perform poorly in side impact tests
July 30, 2008 by Canadian UnderwriterSmall pickups aren’t providing as much protection in side crashes as many new cars and SUVs, reports the Insurance Institute for Highway Safety (IIHS).Of the five 2008 models tested, the Toyota Tacoma was the only one to earn a ‘good’…
What’s New: In Brief (July 29, 2008)
July 29, 2008 by Canadian UnderwriterManitoba Public Insurance and the provincial ombudsman have agreed on a process to reimburse customers for premium overpayment due to incorrect vehicle descriptions on policies.MPI will refund premium overpayments for 2004, the year the corporation discovered that roughly 2,000 customers…
Alberta court asserts jurisdiction in Russian case
July 29, 2008 by Canadian UnderwriterAlberta’s Court of Queen’s Bench has asserted its jurisdiction in a dispute in which a Calgary-based oil and gas firm alleged its Russian operation was the victim of an aggressive takeover. As a result of the takeover, the Calgary firm…
Hybrid cars more expensive to fix
July 28, 2008 by Canadian UnderwriterParts and labour costs are higher for hybrid vehicle repairs than for repairs to gas-only vehicles, according to Mitchell International, Inc.’s latest Industry Trends Report.The 2008 Q3 edition of the Mitchell report features a report by Jamison Day entitled ‘The…
Canadian P&C industry records first underwriting loss since 2002 in Q1
July 28, 2008 by Canadian UnderwriterThe Canadian insurance industry as a whole experienced an underwriting loss in 2008 Q1, marking the first industry-wide loss since 2002, according to the MSA/Baron Outlook Report.The industry’s combined ratio has crept up past the 100% mark, from 2007 Q1’s…
What’s New: In Brief (July 25, 2008)
July 25, 2008 by Canadian UnderwriterStephen J. Mallory has been appointed as a member of the Standards Council of Canada (SCC) by industry minister Jim Prentice, the minister responsible for the SCC. “I am very pleased to welcome Mr. Stephen J. Mallory to the SCC,…
RIMS calls on New York regulators to prohibit contingency fees
July 25, 2008 by Canadian UnderwriterRather than re-considering the use of contingency fee arrangements, the insurance industry should instead be eliminating them, the Risk and Insurance Management Society (RIMS) has testified at a public hearing in New York City.The hearings, before New York superintendent of…
KMS and Totten Group to merge
July 24, 2008 by Canadian UnderwriterKMS Assurance and Totten Insurance Group will merge and operate in Quebec under the name Groupe Gestionnaire d’Assurances Totten Ltee. The merger is effective Aug. 1, 2008. Under the terms of the agreement, KMS would merge into Totten Group and…
What’s New: In Brief (July 24, 2008)
July 24, 2008 by Canadian UnderwriterSymbility Solutions Inc. has formed a strategic alliance with e2Value Inc., integrating e2Value’s web-based property Insurance-to-Value (ITV) calculation services to Symbility’s mobile claims estimation application.E2Value, an insurance and IT consulting firm, is a hosted application provider of online replacement cost…