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AIG removed from watch negative

April 11, 2006 by Canadian Underwriter

Fitch Ratings has affirmed and removed all of its ratings on American International Group, Inc. (AIG) and subsidiaries from watch negative, which it originally place in March 2005. In addition, Fitch has assigned ‘AA’ Issuer Default Ratings (IDRs) to AIG…

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CGI, Universal Insurance ink US$45-75 million agreement

April 11, 2006 by Canadian Underwriter

CGI Group Inc. has signed a seven-year, US$45-75 million agreement to provide Universal Insurance of North America with policy and accounting business process services (BPS). CGI will process Universal’s personal lines book of business, including homeowners, dwelling-fire, auto, and umbrella…

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What’s New: In brief (April 11, 2006)

April 11, 2006 by Canadian Underwriter

The OIAA will hold this years ‘Out of Town Meeting’ on June 2 and 3, 2006 in Thunder Bay, ON. Details about the annual shindig, dubbed “Rendezvous 2006: Thunder Bay,” can be found at www.tbiaa.ca. The Website offers information about…

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SGI helps Manitoba produce photo ID cards

April 10, 2006 by Canadian Underwriter

Saskatchewan Government Insurance (SGI) and Manitoba Public Insurance (MPI) are teaming up to produce photo ID cards for drivers in both provinces.The SGI/MPI partnership is intended to provide Manitoba with a reliable, cost-effective replacement for its current photo ID card…

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Technology may compromise hospital professional liability

April 10, 2006 by Canadian Underwriter

Technological advancements in the medical field may improve hospital performance and safety leading to lower medical malpractice and professional liability costs but panelists told the Sixth Annual PLUS Medical Professional Symposium that such advances may also expose hospitals and doctors…

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New policy protects condo owners

April 10, 2006 by Canadian Underwriter

Condominium owners can find protection against gaps in typical condo coverage with Chubb Insurance Company of Canada’s new insurance policy. Most condo owners are unaware of expenses they are accountable for as a result of limitations in their building corporation’s…

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Canadian actuaries say Quebec auto premiums must rise

April 10, 2006 by Canadian Underwriter

The national organization of Canada’s actuarial profession says the Socit de l’assurance automobile du Qubec (SAAQ) has no choice but to raise Qubec motorists’ premiums because of the SAAQ’s “very large funding deficits.”“The Government of Qubec is correct in stating…

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Willis expands Toronto group

April 7, 2006 by Canadian Underwriter

Willis Group Holdings, Ltd. (NYSE: WSH) is strengthening its Canadian contingent with the appointment of five new insurance professionals to its Canadian operations. The new Toronto-based employees include Ayesha Navarro, Murray Kammer, Charles Fogden, Matthew Cook, and Douglas Bundock.Formerly senior…

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Quebec auto insurance posts growth in 2005

April 7, 2006 by Canadian Underwriter

The Qubec automobile insurance industry posted further growth in 2005, reporting an overall operating income totalling 16.8% of earned premiums up slightly from the 16.6% generated in 2004.Losses in 2005 (3.0%) grew at a slower pace than earned premiums (3.2%),…

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AXA receives offer for reinsurance sector

April 7, 2006 by Canadian Underwriter

Stone Point Capital LLC recently placed a binding offer through the new company Paris Re Holdings Ltd. to acquire AXA Re from AXA SA. AXA received the offer of US$14.2 million from Stone Capital for the entire share capital of…

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Manitoba Public Insurance offers free immobolizers

April 7, 2006 by Canadian Underwriter

Manitoba Public Insurance [MPI] is offering immobilizers at no cost to 78,000 Winnipeg and commuter customers whose vehicles are most likely to be targeted by thieves provided the installations are completed within the next six months.According to MPI, the unprecedented…

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Homeowners’ premiums down in New Brunswick

April 6, 2006 by Canadian Underwriter

Insurance Bureau of Canada data shows a decline in homeowner’s premiums in New Brunswick between 2004 and 2005.In 2005, the average premium was $340, whereas in 2004 it was $358. Homeowner’s pricing is looked at in terms of premium per…