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A.M. Best issues "excellent ratings"

June 20, 2001 by Canadian Underwriter

Rating agency A.M. Best has issued a financial strength rating of "A" (excellent) for CGU Insurance Co. of Canada and a rating of "A-" (excellent) to group subsidiaries Scottish & York Insurance Co., and Traders General Insurance Co. The rating…

News Insurance

Tornado rips through Quebec

June 20, 2001 by Canadian Underwriter

A tornado struck Quebec’s Lac-St-Jean area last night, causing damage to approximately 15 houses without any personal injuries resulting. St-Gedeon, which is located north of Quebec City, is reported to having suffered the most damage with downed power poles and…

News InsuranceMergers and Aqcuisitions

Allstate sells European auto business

June 20, 2001 by Canadian Underwriter

U.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure…

News Insurance

Royal sells off life operations

June 19, 2001 by Canadian Underwriter

Royal & SunAlliance has sold its Canadian life operations to Maritime Life Assurance Company, the Canadian arm of U.S. giant John Hancock Life. Maritime has agreed to purchase all outstanding shares of R&SA Life, with the cash purchase price estimated…

News Insurance

CG&B adds Brampton brokerage to stable

June 19, 2001 by Canadian Underwriter

Toronto area insurance and financial services network CG&B Group Inc. has bought Brampton brokerage Kylie & Associates. The acquisition brings CG&B’s annual property & casualty premiums up to more than $80 million, states a company press release.While Kylie currently deals…

News InsuranceMergers and Aqcuisitions

Dominion president calls for B.C. auto insurance deregulation by 2003

June 18, 2001 by Canadian Underwriter

Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase…

News Insurance

Hub expands U.S. presence

June 18, 2001 by Canadian Underwriter

Following on the heels of its purchase of U.S. brokerage Kaye Group Inc., Canadian-based Hub International has picked up J.P. Flanagan Corporation. The Chicago brokerage has satellite offices in Baltimore, Cleveland, Denver and New York, and last year had annual…

News Insurance

Equisure securities arm sold

June 18, 2001 by Canadian Underwriter

Equisure Securities Ltd., the investment arm of Equisure Financial, has been sold to IPC Financial Network. ING Canada Inc., which bought 49% of the outstanding shares in Equisure last fall, also owns 26% of the common shares of IPC.At that…

News Insurance

Two Vancouver-based HUB group companies merge

June 15, 2001 by Canadian Underwriter

The executive management of brokerage Parsons Brown will be merged with that of the TOS Insurance Group, according to a new statement issued by the parent company, HUB International Ltd. (TSE: HBG). Both of the HUB companies are based in…

News Insurance

Fight against auto theft boosted at national level

June 15, 2001 by Canadian Underwriter

A national committee representing government and the private sector has been formed to battle the growing problem of vehicle theft. The new initiative, known as "Project 6116", is supported by the federal government as well as insurance industry organizations such…

News Insurance

Fairfax reinsurance subsidiary lists on Wall St.

June 14, 2001 by Canadian Underwriter

Fairfax Financial Holdings’ U.S.-based reinsurance operation, Odyssey Re, began trading yesterday on the New York Stock Exchange following a successful public placement of 17.1 million shares valued at US$18 a share. The company, which is ranked among the top ten…

News Insurance

Swiss Re report predicts explosive growth in risk securitization products

June 14, 2001 by Canadian Underwriter

A recently released Swiss Re Sigma report titled "Capital Market Innovation in the Insurance Industry" suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into…