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Katrina losses predicted to exceed 9/11

October 7, 2005 by Canadian Underwriter

Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as

News InsuranceMergers and Aqcuisitions

Royal & SunAlliance to buy business of Morgex

October 6, 2005 by Canadian Underwriter

Through its subsidiary, Johnson Inc., Royal & SunAlliance Canada has acquired the commercial rights to the business of Morgex Insurance Group a leading insurance broker in Alberta for C$44.7 million. Royal & SunAlliance says the consideration, payable in cash, is

News InsuranceMergers and Aqcuisitions

P&C industry in U.S. sees net income rise 29%

October 5, 2005 by Canadian Underwriter

The U.S. property and casualty insurance industry’s after-tax net income rose 29.1% over last year from $23.9 billion in the first half of 2004 to a record-setting $30.9 billion in the first half of 2005.The Insurance Services Office (ISO) and

News InsuranceMergers and Aqcuisitions

Poll finds loose objects, cell phones driving distractions

October 5, 2005 by Canadian Underwriter

Attempting to retrieve loose objects in a car is slightly more of a distraction for car drivers than using cell phones, according to a recent poll conducted by www.InsuranceHotline.com.The poll identifies the Top 3 driving distractions as “loose objects in

News InsuranceMergers and Aqcuisitions

A.M. Best gives Wawanesa Mutual top marks

October 4, 2005 by Canadian Underwriter

Wawanesa Mutual Insurance Company, one of Canada’s largest property and casualty insurers, has been ranked first among property and casualty insurance companies in Canada in terms of capital and surplus, according to ratings A.M. Best Co.A.M. Best says it gave

News Climate ChangeInsurance

Jewelery insurer says Katrina looting costs $700,000

October 4, 2005 by Canadian Underwriter

Looting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates

News Insurance

CBA responds to IBAC’s Bank Act statement

October 4, 2005 by Canadian Underwriter

Canada’s banking industry has issued a response to the Insurance Brokers Association of Canada (IBAC) recent press release, which stated that consumers benefit from choice and competition in the insurance marketplace. The bank response stated that bankers “couldn’t agree more”

News Insurance

IBAC “optimistic” about Bank Act review

October 3, 2005 by Canadian Underwriter

The Insurance Brokers Association of Canada (IBAC) says it is “optimistic” the federal government won’t allow local bank branches to advertise insurance products after learning that Finance Minister Ralph Goodale is putting off a final decision about bank mergers.Goodale recently

News Insurance

Hub completes purchase of PLI

October 3, 2005 by Canadian Underwriter

Chicago-based Hub International Limited (NYSE/TSX:HBG) has completed its purchase of Personal Lines Insurance Brokerage Inc. (PLI) from The Chubb Corporation.The acquisition expands Hub’s position in personal insurance across most of the United States and grows personal lines to nearly 20%

News Insurance

Peel Maryborough Mutual joins CSIO

September 30, 2005 by Canadian Underwriter

Peel Maryborough Mutual Insurance Company has become the 40th property and casualty insurance company to become a member of the Centre for Study of Insurance Operations (CSIO).CSIO is Canada’s national standards association of property and casualty insurance companies, broker management

News InsuranceMergers and Aqcuisitions

IBC seeks tougher penalties for auto theft

September 30, 2005 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is hailing Canadian Attorney General Irwin Cotler for introducing new legislation to help curb organized auto theft, while at the same time calling on Canada’s department of justice to impose tougher penalties.“We are encouraged

News Insurance

Marsh finds 70,000 policyholders eligible for compensation

September 28, 2005 by Canadian Underwriter

New York’s Marsh & McLennan Companies, Inc. (MMC) has received a response from 70,000 policyholders eligible to participate in the compensation fund MMC established as part of its settlement with the New York Attorney General and Superintendent of Insurance in