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Totten Insurance Group acquires EMC Underwriting

November 20, 2006 by Canadian Underwriter

Totten Insurance Group, a provider of specialty niche products to brokers, has acquired intermediary EMC Underwriting (Excess Markets Corporation), which handles special risk property and casualty accounts in the province of Ontario.Totten Group and EMC will join forces effective Jan.…

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Vancouver residents receive boil-water advisory

November 17, 2006 by Canadian Underwriter

Residents of Vancouver, North Shore and Burnaby, B.C., are under a boil-water advisory because recent rainstorms have muddied the Lower Mainland’s water distribution system.“At the recommendation of the Medical Health Officers, the boil water advisory is lifted for all areas…

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Mutual insurance company, OIL Insurance, loses nine members

November 17, 2006 by Canadian Underwriter

Oil Insurance Limited (OIL), a mutual insurance company in the energy industry, has announced that nine of its more than 83 members have elected to withdraw from OIL and not renew their policies effective Jan. 1, 2007.None of the nine…

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OdysseyRe files registration for common stock offering

November 17, 2006 by Canadian Underwriter

OdysseyRe Holdings Corp. (NYSE: ORH) has filed a registration statement with the U.S. Securities and Exchange Commission related to a secondary offering of OdysseyRe’s common stock.OdysseyRe announced it filed the statement at the request of its majority shareholder, Fairfax Financial…

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KRG donation helps renovate Hospital for Sick Children

November 17, 2006 by Canadian Underwriter

Toronto’s Hospital for Sick Children has recently completed renovations to its Plastic Surgery Clinic. The new clinic was made possible by a Cdn$500,000 donation from the KRG Children’s Charitable Foundation.Enriching and enhancing children’s lives is what it’s all about for…

News InsuranceMergers and Aqcuisitions

Saskatchewan introduces four new highway message boards

November 16, 2006 by Canadian Underwriter

Saskatchewan motorists will now be alerted of poor driving conditions on Regina’s Ring Road and Highway #1 bypass thanks to new message boards stationed beside the roadway in four different locations.The boards, which are remotely activated, have changeable messages that…

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Zurich reports “record” 2006 first-half results

November 16, 2006 by Canadian Underwriter

Zurich Financial Services Group (Zurich) reports that continued strong operating performances in all business segments generated a record business operating profit and net income for the nine months ending at Sept. 30, 2006.“Our focus on operational excellence continues to generate…

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Guy Carpenter, Amlin complete first “paperless” claim settlement

November 16, 2006 by Canadian Underwriter

Guy Carpenter & Company Ltd., a global risk and reinsurance specialist, and Lloyd’s insurer Amlin (LSE: AML) say they have completed the Market’s first fully paperless claim settlement.The claim settlement was made possible through the successful implementation of Electronic Claims…

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What’s New: In Brief (November 16, 2006)

November 16, 2006 by Canadian Underwriter

Seventy-one Grade 9 students attended the Insurance Institute’s Feed the Minds of Youth day, held in conjunction with Take Your Children to Work Day in Toronto in November.A total of seven insurance companies participated in the event, in which the…

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Reinsurers take advantage of mild hurricane season to boost capital

November 15, 2006 by Canadian Underwriter

Global reinsurers in took advantage of relatively mild weather conditions in 2006 to stabilize their balance sheets after a particularly tough 2005 season, a report by Standard & Poor’s observes.The report says reinsurers for the most part took steps to…

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Canadian D&O limits average Cdn $71 million

November 15, 2006 by Canadian Underwriter

Canada’s average reported Directors & Officers (D&O) liability insurance limit was just under Cdn$71 million, according to a survey of 270 TSX/S&P companies.Hunters International Insurance, a Toronto-based company, conducted the study. It found the highest reported overall D&O limit in…

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Fairfax fixes U.S. accounting error; buys more shares in Torstar

November 15, 2006 by Canadian Underwriter

Fairfax Financial Holdings Limited has restated audited financial statements in 2005 and parts of 2006 to correct a U.S. GAAP accounting error.Also, it announced the acquisition of additional shares in Torstar Corporation, the parent company of the Toronto Star.Fairfax is…