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SUVs and pickups provide inadequate protection

January 9, 2006 by Canadian Underwriter

The majority of sports utility vehicles and pickup trucks do not provide adequate protection for passengers in the instance of rear-end collisions, according to a crash test conducted by the Insurance Institute for Highway Safety.The new crash test results, which…

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Operation Red Nose sends 6,575 home safely

January 6, 2006 by Canadian Underwriter

This holiday season, more than 6,500 Ontarians were driven home by Operation Red Nose – a volunteer designated-driver service for holiday partiers.“That’s 6,500 occasions where someone was at risk of drinking and driving but made the smart choice instead,” Mark…

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Anthony Clark Internatlonal settlement reached

January 6, 2006 by Canadian Underwriter

Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) recently negotiated a settlement to all of the outstanding legal actions with DKWS Enterprises Inc., John Kabaker and the Kabaker Family Trust of July 2, 1998.The negotiated settlement includes a dismissal of…

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Willis reports on reinsurance renewals

January 5, 2006 by Canadian Underwriter

Willis Group Holdings (NYSE:WSH) recently released its reinsurance review of the marketplace for the January 1, 2006 renewals, which indicates key findings including rate movements and territory and class line commentary.The report, published by Willis Re, indicates that specialty lines…

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CCIR seeks comment on privilege/whistle-blowing

January 5, 2006 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) is circulating a consultation paper that discusses giving insurers privilege over self-assessment documents and providing protection for whistle-blowers.The document discusses the value of moving towards risk-based regulation, in which “more supervisory attention” is…

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Wawanesa buys mobile inspection technology from ISI

January 5, 2006 by Canadian Underwriter

Insurance Systems Inc. (ISI), a provider of web-based solutions to the global property and casualty insurance industry, today announced the sale of WebWriter Inspection to The Wawanesa Mutual Insurance Company headquartered in Winnipeg, Manitoba.“Wawanesa is one of Canada’s leading insurers,”…

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Hub International sells Talbot hub

January 5, 2006 by Canadian Underwriter

Hub International Limited (NYSE/TSE: HBG) recently sold its Talbot Financial hub in an undisclosed transaction to a buyout group, which includes four members of management. San Francisco-based Talbot Financial, one of four hubs created after the acquisition of Talbot from…

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Insurers balancing risk portfolios with terrorism insurance

January 4, 2006 by Canadian Underwriter

A leading terrorism underwriter at Lloyd’s says the market is becoming increasingly competitive as more insurers look to balance their risk portfolio in the wake of the US hurricane season.Stephen Ashwell, a war terrorism and political violence underwriter with Hiscox,…

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ICBC may enforce auto rate increases

January 4, 2006 by Canadian Underwriter

Auto insurance rates may rise due to increasing injury claims costs which means the ICBC’s plans to keep basic rates frozen in 2006 will likely be abandoned, according to a recent warning from the provincial Crown corporation.“We’re seeing a deterioration…

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BC bridge scene for another fatal crash

January 4, 2006 by Canadian Underwriter

The Patullo Bridge, a bridge with a history of fatal accidents that spans the Fraser River and links with New Westminster and Surrey in British Columbia, was recently the scene of a deadly car accident that killed four.The multi-vehicle collision…

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Insurers benefit from using Big 4 as auditors, report says

January 4, 2006 by Canadian Underwriter

U.S. and Canadian insurance companies that use one of the so-called ‘Big 4’ auditing firms PricewaterhouseCoopers, Ernst & Young, Deloitte, and KPMG for auditing and actuarial services are more likely to receive a slightly higher financial strength rating than those…

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Montpelier invests $133 million into new reinsurer

January 3, 2006 by Canadian Underwriter

Montpelier Re Holdings Ltd. (NYSE: MRH) has committed a $133 million investment into the capitalization of Blue Ocean Reinsurance Ltd., a new Bermuda reinsurer.Blue Ocean, which has been capitalized with commitments totaling $300 million of common and preferred equity from…