News
Asbestos litigation hits the skids
May 10, 2004 by Canadian UnderwriterOnce more, legislation to tackle U.S. asbestos litigation has stalled, this time with negotiations breaking down on Senate bill S.2290. The bill would have established a trust fund to compensate victims of illness related to asbestos exposures, and is an…
Canadian pet insurance provider continues growth pattern
May 10, 2004 by Canadian UnderwriterOakville, Ontario-based Pethealth Inc. (TSX Venture: PTZ) says revenue for the first quarter ending March 31, 2004 was up 75% over the same period a year ago, at $2.55 million.The company, which provides pet insurance in Canada and the U.S.…
California wildfires spark regulator ire
May 9, 2004 by Canadian UnderwriterCalifornia’s insurance regulator and the state’s insurers are waging a war of words over last year’s firestorm, just as new fires rage in Riverside County.Insurance Commissioner John Garamendi announced his intention to push forward a “homeowners’ bill of rights” in…
Hub continues U.S. expansion
May 9, 2004 by Canadian UnderwriterBroker network Hub International Ltd. has announced its second acquisition in the past two weeks, with the purchase of Lyman Insurance Agency Inc. and Conly-Lyman Insurance Agency Inc.The Wilmington-based agencies were purchased by “hub” brokerage C.J. McCarthy to expand the…
Commercial industrial focus paying off for GCAN
May 9, 2004 by Canadian UnderwriterToronto-based GCAN insurance company has seen its “A” (excellent) rating affirmed by A.M. Best, a sign of “the continuation of the good results we’ve had for five years”, says president Andy Henke.Henke says the company’s focus on commercial industrial risks…
What’s new: In brief (May 09, 2004)
May 9, 2004 by Canadian UnderwriterLloyd’s has received permission to expand in seven of the new European Union (EU) accession countries, including the Czech Republic, Poland and Hungary. The company now trades in 72 territories worldwide, including all 25 EU countries. Mississauga-based Kingsway Financial Services…
Co-operators General reports fourth strong quarter in a row
May 6, 2004 by Canadian UnderwriterGuelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting its fourth straight quarter of strong results, with net income of $34.4 million for the quarter ending March 31, 2004.This compares with a net loss for $5.9 million for the…
U.S. credit scoring study proceeds despite insurer opposition
May 6, 2004 by Canadian UnderwriterA study of credit scoring undertaken by several U.S. states is moving forward despite opposition from various insurer groups.The Property Casualty Insurers Association of America (PCI) confirms major personal lines carriers have already received initial calls from insurance departments this…
IBC and ICLR promote emergency preparedness
May 6, 2004 by Canadian UnderwriterConcurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore…
“Solid start” to 2004 for Kingsway Financial
May 6, 2004 by Canadian UnderwriterKingsway Financial Services Inc. (TSX, NYSE: KFS) CEO Bill Star says the company has started 2004 off well, posting net income up 26% for the first quarter ending March 31.While net income rose to $30.8 million for the quarter, from…
ICBC to reward safe driving communities
May 5, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. is aiming to reduce auto accidents this month, issuing a challenge to communities. Between May 5 and 27, communities in various size categories which show the greatest reduction in car crashes can receive grants between…
FSA sets out Lloyd’s regulation proposals
May 5, 2004 by Canadian UnderwriterThe U.K.’s regulator, the Financial Services Authority (FSA) has set out proposals for the regulation of Lloyd’s, including capital requirements for managing agents.The FSA says the capital requirements will be similar to those set out for other general insurers. Senior…