News
ICBC nets two guilty pleas on “false information” charges
December 22, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. says two residents of the provinces have pleaded guilty to charges stemming from providing false information to the public auto insurer in two separate incidents.In the first case, Ahmad Reza Ahmadj of New Westminster, B.C.…
What’s new: In brief (December 22, 2004)
December 22, 2004 by Canadian UnderwriterStandard & Poor’s has affirmed the “B” counterparty credit on adjuster Lindsey Morden Group Inc., with a stable outlook. S&P says the rating reflects a positive view of the sale of the adjuster’s U.S. third-party administration business which should lead…
U.S. insurers on track for first underwriting profit in decades
December 21, 2004 by Canadian UnderwriterU.S. insurers’ results of the first nine months of 2004 show them well on their way to the first underwriting profit in more than 25 years. According to data released by the Insurance Services Office (ISO) and Property-Casualty Insurers Association…
Collision repair reps meet with Colle on tow truck rules
December 21, 2004 by Canadian UnderwriterRepresentatives of the collision repair industry recently met with the man in charge of reforming Ontario’s auto insurance rules to discuss proposals relating to bodyshops and tow trucks.Hamilton District Autobody Repair Association (HARA) executive director John Norris says he and…
Pafco to begin writing in Nova Scotia
December 21, 2004 by Canadian UnderwriterPafco Insurance Co., writer of non-standard auto insurance, has received interim approval to start writing policies in Nova Scotia.The move is part of Pembridge’s plan to spin-off Pafco as a separate brand to write high-risk policies and depopulate the Facility…
What’s new: In brief (December 21, 2004)
December 21, 2004 by Canadian UnderwriterA.M. Best has issued an “A-” (excellent) financial strength rating to new reinsurer Glacier Re. The new Swiss company was formed by a consortium of investors, including funds advised by HBK Investments and Soros Fund Management, with reinsurance broker Benfield…
RIBO publishes new broker disclosure rules
December 20, 2004 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) has just published its new regulations on broker disclosure.RIBO, the self-regulatory body for general insurance brokers, is responding to controversy begun in the U.S. over the level of disclosure related to broker commissions,…
Western Financial to make public offering
December 20, 2004 by Canadian UnderwriterAlberta-based broker network Western Financial Group says it has filed a prospectus with Canadian securities regulators to offer subscription receipts. The offering would apply to all provinces.The receipts will entitle holders to purchase one common share of Western stock (TSX:…
IPOs highlight strength of non-standard auto writers: A.M. Best
December 20, 2004 by Canadian UnderwriterThe flurry of initial public offering activity amongst non-standard auto insurance carriers show just how far this sector has rebounded following disastrous results from 1999-2001, notes a new report by A.M. Best.In a special “Then and Now” report on non-standard…
U.S. homeowners market rebounds: Conning
December 20, 2004 by Canadian UnderwriterThe U.S. homeowners’ insurance market has turned the corner after two decades of poor results, according to a new report by Conning Research. Conning says homeowners carriers have hit “the sweet spot” and “reversed the curse”, a trend likely to…
What’s new: In brief (December 20, 2004)
December 20, 2004 by Canadian UnderwriterThe November Consumer Price Index published by Statistics Canada finds auto insurance prices have gone down to a significant degree in total, premiums have dropped by 1.6% since last November alone, to have a “dampening” effect on the CPI. Unfortunately,…
S&P asks “how will brokers replace contingent commission revenue?”
December 19, 2004 by Canadian UnderwriterIn light of the investigations spurred by New York Attorney General Eliot Spitzer into broker compensation practices, and the resulting decision by most large brokers to discontinue receiving contingent commissions, the “million dollar question” is how this revenue will be…