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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…

News Insurance

U.S. terror cover debate heats up

March 1, 2002 by Canadian Underwriter

As the Canadian government waits to take its lead from the U.S. on a terrorism reinsurance solution, lobbying efforts south of the border are intensifying. Risk and Insurance Management Society (RIMS) president David Mair was on Capitol Hill this week,…

News Insurance

Co-operators struggles in 2001

February 28, 2002 by Canadian Underwriter

Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or $0.97 per share, compared with income of $31.7…

News InsuranceMergers and Aqcuisitions

IBC calls for change in Nova Scotia

February 28, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the…

News Insurance

Swiss Re ups WTC loss estimate and predicts loss for 2001

February 27, 2002 by Canadian Underwriter

Swiss Re, the world’s second-largest reinsurer has increased its after-tax loss estimate from the September 11 terrorist attacks to US$1.73 billion from US$1.25 billion. This and other exposures have left the company predicting a loss of more than US$117 million.Other…

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Kingsway aims to buy another U.S. insurer

February 27, 2002 by Canadian Underwriter

In keeping with the recent success of its U.S. acquisitions, Mississauga-based Kingsway Financial Services (TSE, NYSE: KFS) is making an offer on American Country Holdings Inc.Kingsway, which owns several subsidiaries in the U.S. and Canada, is offering US$2.10 per share…

News Insurance

CGNU to adopt new name; cuts dividend

February 27, 2002 by Canadian Underwriter

U.K.-based CGNU says it is changing a few things, beginning with its name. The company, including its Canadian operations will be called Aviva, a name chosen to reflect the company’s international focus. Currently the company operates with 50 different names…