News
Fairfax 3-Q earnings hit by investment declines
November 4, 2003 by Canadian UnderwriterThird quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million…
Desjardins companies adopt new names
November 4, 2003 by Canadian UnderwriterDesjardins Group General Insurance and Assurances generales des caisses Desjardins have adopted new names as part of a marketing repositioning of the group, a statement says. The two companies have been renamed Desjardins General Insurance Group and Desjardins General Insurance…
Dominion begins paying 20% premium cut to Nova Scotia drivers
November 3, 2003 by Canadian UnderwriterThe Dominion of Canada General Insurance Co. will issue premium refund cheques to Nova Scotia auto policyholders over the coming two weeks, a statement says. The refunds relate to the recent passing of the province’s Bill-1 auto insurance legislation which…
Royal & SunAlliance withdraws from Nova Scotia auto market
November 3, 2003 by Canadian UnderwriterRoyal & SunAlliance Insurance Co. of Canada will cease to write new personal and individual corporate auto covers in Nova Scotia effective immediately, says the company’s president Rowan Saunders. Royal & SunAlliance is the first among a number of auto…
Fitch predicts California blazes could be worst ever
October 31, 2003 by Canadian UnderwriterRating agency Fitch says the wildfires that continue to rage in areas of California could amount to the worst insured loss ever from wildfires. This means the damage would have to top US$1.7 billion (US$2.2 billion in 2003 dollars), the…
Hub Canadian growth solid, US operations lagging
October 31, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSX, NYSE: HBG) says its revenue and earnings are up for the third quarter ending September 30, 2003, with Canadian operations posting strong organic growth.Revenue grew 31% to US$64.7 million for the quarter (Q3 2002:…
More backlash against Nova Scotia auto plan
October 30, 2003 by Canadian UnderwriterInsurers and brokers continue to speak out against changes to Nova Scotia’s auto insurance system, in hopes of swaying the provincial government not to finalize the legislation.“We are shocked and deeply offended by the punitive insurance legislation passed by the…
Truckers up in arms over rate increases
October 30, 2003 by Canadian UnderwriterThe Canadian Trucking Alliance is speaking out against successive rate increases over the past several years, which it says show no signs of abating.“We are in our third year of escalating insurance costs and it is hard to see much…
Portal to launch in January; IBM named vendor partner
October 29, 2003 by Canadian UnderwriterBrokers may finally see the industry Internet portal to connect them with insurers get off the ground. After a lengthy process, the Centre for Study of Insurance Operations (CSIO) portal is slated for a January, 2004 launch.The CSIO board has…
New Brunswick reforms working, says Co-operators
October 29, 2003 by Canadian UnderwriterReforms to limit compensation for minor injuries are paying off in New Brunswick, says Co-operators General Insurance Co., one of the province’s largest insurers.The company made the statement in a release to announce that 9,00 cheques are being sent to…
Facility Association assesses insurers more than $125 million for losses
October 28, 2003 by Canadian UnderwriterThe industry’s pool for high-risk drivers is assessing insurers more than $125 million for losses in four provinces. The Facility Association, which insures drivers who have been turned down in the voluntary market due to bad driving records, is asking…
Insurers want Nova Scotia auto reforms delayed
October 28, 2003 by Canadian UnderwriterOn the heels of the passage of Nova Scotia’s Bill 1, which would reform the province’s auto insurance system, insurers and brokers are scrambling to have the legislation delayed. The bill, in its present form, contains amendments that would roll…