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Third-quarter Ontario auto insurance rates decline

October 17, 2005 by Canadian Underwriter

Ontario private passenger auto insurance approved rates decreased during the third quarter of 2005, the Financial Services Commission of Ontario (FSCO) reports. “The rate changes posted reflect cost saving measures arising from recent reforms to the automobile insurance system, which…

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Insurers face average of 40 lawsuits

October 14, 2005 by Canadian Underwriter

The average American insurance company currently faces 40 lawsuits, five of which they initiated, according to a survey of corporate counsel in America conducted by the international lawfirm Fulbright & Jaworski L.L.P. The annual “2005 Litigation Trends Survey” found that…

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AIG donates millions to South Asian earthquake relief

October 14, 2005 by Canadian Underwriter

American International Group, Inc. (AIG) recently donated $1 million to support the relief efforts in the areas affected by the earthquake in South Asia and says it will match, by 100%, all donations its employees make to the AIG Disaster…

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S&P affirms ‘A-‘ rating for Royal & SunAlliance

October 14, 2005 by Canadian Underwriter

Standard & Poor’s has affirmed its ‘A-‘ long-term counter-party credit and insurer financial strength ratings on the main operating entities of Royal & SunAlliance Insurance Group PLC. The ratings agency described Royal & SunAlliance’s outlook as stable, reflecting “the group’s…

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British insurers underestimating capital: regulator

October 14, 2005 by Canadian Underwriter

Britain’s insurance regulator, the Financial Services Authority, says British insurance companies are underestimating how much capital “they need to maintain so that there is no significant risk that they are unable to pay liabilities as they fall due.”Furthermore, he added,…

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Royal & SunAlliance to acquire Chilean insurance company

October 13, 2005 by Canadian Underwriter

Royal & Sun Alliance Insurance Group plc recently acquired Chile’s leading general insurance business Compaia de Seguros Generales Cruz del Sur S.A. and its Argentinean sister company La Repblica Compaa Argentina de Seguros Generales S.A. for $119m (68m) payable in…

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Hurricanes’ slow decline of aviation insurance rates

October 13, 2005 by Canadian Underwriter

The aviation insurance market’s renewal season October to December will see a slow down of the recent decline in rates as a result of the hurricanes that struck the US, however recent aviation losses are not expected to effect rates…

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Hub International completes acquisition of CEB

October 13, 2005 by Canadian Underwriter

Hub International Limited (NYSE/TSX: HBG) has completed the fold-in acquisition of CEB Business Insurance Services (“CEB”) by the company’s California-based regional group, Hub International of California Insurance Services, Inc.CEB is a retail employee benefits brokerage specializing in serving the benefits…

News InsuranceMergers and Aqcuisitions

IBAO warns of auto insurance “hoax”

October 13, 2005 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) is warning Ontarians about a province-wide automobile insurance hoax.The association notes ads have been circulating throughout the media in dozens of cities across the province advertising automobile insurance. IBAO contends that “these ads…

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Max Re initiates 11 million share offer to raise capital

October 12, 2005 by Canadian Underwriter

Max Re Capital Ltd. (Nasdaq: MXRE) recently entered into the capital markets intending to raise money after the losses caused by Hurricanes Katrina and Rita.Max Re plans to sell 11,000,000 of its common shares in an underwritten public offering at…

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Arch anticipates losses due to storms

October 12, 2005 by Canadian Underwriter

Arch Capital Group Ltd. (NASDAQ: ACGL) recently announced that it expects its third-quarter earnings to be negatively impacted by the losses related to recent catastrophes.The Bermuda-based company estimates its losses from Hurricane Katrina will be $173 million) while Hurricane Rita…

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Insurance industry gets harmonized data dictionary

October 12, 2005 by Canadian Underwriter

An international coalition of standard bodies Association for Cooperative Operations Research and Development (ACORD), eEG7 and Centre for Study of Insurance Operations (CSIO) recently harmonized their existing data dictionaries to create a “universal” dictionary for the insurance industry as part…