News
Western Financial net income up 37% for 2003
April 6, 2004 by Canadian UnderwriterNet income for brokerage and bank Western Financial Group (TSX: WES) was up 37% in 2003, to $2.1 million from $1.6 million in 2002, being its own projections. This translates to earnings per share of $0.11 last year, versus $0.08…
Blais takes over top spot at AXA
April 6, 2004 by Canadian UnderwriterWith the announcement of the retirement of AXA Canada’s Jean-Denis Talon from the position of CEO, the company says the top spot will be assumed by Jean-Francois Blais.Talon, who recently won the “Canada-France personality of the year” from the French…
Scor rating affirmed on narrower loss
April 5, 2004 by Canadian UnderwriterAfter reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last…
Loyalist to make $1.25 million placement
April 5, 2004 by Canadian UnderwriterOntario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) says it has accepted a private placement of $1.25 million debenture.The 10.5% senior secured subordinated convertible debenture is due five years from date of closing (slated for April 23), and is convertible…
U.S. med mal awards level off
April 5, 2004 by Canadian UnderwriterOver the past three years, U.S. jury awards in medical malpractice cases have leveled off, following on several years of skyrocketing payouts.While median compensatory awards in med mal cases exploded 100% between 1996 and 2000, they have remained steady at…
Temple downgraded, Munich Re Canada affirmed: A.M. Best
April 4, 2004 by Canadian UnderwriterWhile Munich Reinsurance Co. of Canada has seen its “A+” (superior) rating affirmed by A.M. Best, its primary insurance affiliate, Temple Insurance Co. has been downgraded to “A” (excellent) from “A+”. Both ratings carry stable outlooks.While Temple enjoys strong capitalization…
Royal & SunAlliance Canada rating affirmed: A.M. Best
April 4, 2004 by Canadian UnderwriterRoyal & SunAlliance Insurance Pool of Canada has seen its “A-” (excellent) rating affirmed by A.M. Best, with the outlook negative.The rating reflects improvement in underwriting results in 2003, as well as the strong capitalization and market position the pool…
Brokers add voice to IKEA commercial controversy
April 4, 2004 by Canadian UnderwriterCanadian brokers are adding their own voice to industry condemnation of an IKEA television ad which many say promotes insurance fraud.In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan Danyluk makes formal complaint against…
Cost of public auto in New Brunswick would be $82 million
April 4, 2004 by Canadian UnderwriterWith the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is…
Canadian regulators release discussion paper on rebating, tied selling
April 2, 2004 by Canadian UnderwriterIn an effort to harmonize insurance practices across the country, the Canadian Council of Insurance Regulators (CCIR) is looking for input on market conduct issues, including inducements, rebating and tied selling.In a consultation paper, the CCIR is asking for response…
IBC turns attention to crime “rings”, drops individual claims investigation
April 2, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada’s (IBC) investigative division will focus on auto theft and organized crime in the future, handing its individual claims investigation service over to another firm.As of April 1, the IBC will no longer accept new requests…
Small business concerns over insurance continue to surface
April 2, 2004 by Canadian UnderwriterIn its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side…