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What’s new: In brief (January 20, 2005)

January 20, 2005 by Canadian Underwriter

Oakville, Ontario-based pet insurer Pethealth (TSX Venture: PTZ) has declared a dividend of $0.12 per series one convertible preference share, payable on January 26. Pethealth issued 5 million of convertible preference shares on January 21, 2004 through a private placement,…

News InsuranceMergers and Aqcuisitions

Kingsway latest to join portal

January 20, 2005 by Canadian Underwriter

Mississauga, Ontario-based Kingsway General Insurance Co. is the latest insurer to hop on the Centre for Study of Insurance Operations (CSIO) portal.Non-standard auto insurer Kingsway is the 30th company to take part in the web-based portal for broker-insurer interaction, a…

News Insurance

Enron, WorldCom directors contribute to settlements: Article

January 20, 2005 by Canadian Underwriter

The recent settlements by former WorldCom and Enron directors highlights the new phenomenon of directors paying to settle litigation using their own funds, according to an article by Darryl P. Rains, partner at legal firm Morrison & Foerster LLP. In…

News Insurance

SOX will reveal corporate weaknesses: Fitch

January 20, 2005 by Canadian Underwriter

The implementation of section 404 of the Sarbanes-Oxley corporate governance requirements in the U.S. will likely lead to more frequent revelation of internal control problems on the part of corporations, says a new study by Fitch.The rating agency says it…

News Insurance

Cat losses not deterring reinsurance market slide: Benfield

January 19, 2005 by Canadian Underwriter

Despite a record level of catastrophe losses in 2004, reinsurers appear to be giving in somewhat to soft market pressures, according to a review of 2004/2005 renewals by broker Benfield.The report says that the most recent renewals saw increasing competition…

News Insurance

10 keys to reducing personal injury claims costs: ISO

January 19, 2005 by Canadian Underwriter

Technology has a role to play in reducing personal injury claims costs, but only if specific criteria are taken into consideration. A new report by the U.S. Insurance Services Office (ISO) outlines 10 “critical factors” in reducing these costs.The first…

News Insurance

Anthony Clark restates first-half 2004 results

January 19, 2005 by Canadian Underwriter

Following reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004,…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (January 19, 2005)

January 19, 2005 by Canadian Underwriter

The Insurance Institute for Highway Safety (IIHS) says if police in all U.S. states were allowed to stop drivers not wearing a seatbelt, 700 lives per year would probably be saved. Currently only 21 states and the District of Columbia…

News InsuranceMergers and Aqcuisitions

Ontario auto rates drop in 2004, but further savings to come in 2005

January 18, 2005 by Canadian Underwriter

According to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005.FSCO calculates the average rate…

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Government to invest $850,000 in B.C. tsunami warning system

January 18, 2005 by Canadian Underwriter

The Canadian government Tuesday said it would earmark $850,000 to help the B.C. provincial government beef up its tsunami warning system.Public Safety and Emergency Preparedness Canada (PSEPC) will set aside $350,000, while Indian and Northern Affairs Canada will kick in…

News Insurance

Liability market softening slower than property: Willis

January 18, 2005 by Canadian Underwriter

In its “International Liability Market Review”, broker Willis says predictions that the liability market would see flat to declining pricing in the second half of 2004 were borne out. But the 10-15% declines in liability pricing paled in comparison to…

News Insurance

What’s new: In brief (January 18, 2005)

January 18, 2005 by Canadian Underwriter

Alberta’s Agricultural Financial Services Corp. is giving out $2 million in premium rebates to about 7,400 farmers who purchased straight hail insurance in 2004. While 2004 was actually a high loss year for crops due to hail, past experience has…