Segment
Claims
Lindsey Morden losses widen on U.S. TPA sale
May 2, 2004 by Canadian UnderwriterInternational adjuster Lindsey Morden (TSX: LM) saw its losses widen in the first quarter of 2004, up to $21.1 million from just $2.0 million in the first quarter of 2003.However, much of this loss stems from its U.S. operations, with…
Plaintiffs’ lawyers decry proposed Alberta auto regs
April 27, 2004 by Canadian UnderwriterIn a scathing press release, Alberta’s plaintiffs’ lawyers are lashing out at proposed changes to the province’s auto insurance system which would limit the right of those with minor injuries to collect “non-economic” damages.The Alberta Civil Trial Lawyers Association says…
Adjusters granted “investigative body” status
April 26, 2004 by Canadian UnderwriterRetroactive to March 31, independent adjusters in Canada have been granted the status of “investigative bodies” under the federal privacy legislation.The status, announced by the Canadian Independent Adjusters Association (CIAA), allows independents leeway in the collection, use and disclosure of…
Corporate scandals still on the minds of risk managers: Lloyd’s survey
April 25, 2004 by Canadian UnderwriterAn overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk…
U.S. cats cost insurers US$963 million for 1-Q
April 21, 2004 by Canadian UnderwriterU.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The…
Royal & SunAlliance boost broker contracts in New Brunswick
April 20, 2004 by Canadian UnderwriterRoyal & SunAlliance Canada Group has appointed four new brokerages to its book in northern part of New Brunswick. The insurer says it will look at expanding overall capacity in the province’s auto insurance market based on the product cost-cutting…
Fraser report hits public auto again
April 19, 2004 by Canadian UnderwriterAnother Fraser Institute report lashing out at public auto insurance systems was released today. The right-wing think tank says public auto equals the highest premiums and the lowest claims payouts, and is tantamount to selling the public a “lemon”.The study…
Insurers seek to limit asbestos fund contributions
April 18, 2004 by Canadian UnderwriterU.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National…
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…
U.S auto rates to level out in 2004: III
March 31, 2004 by Canadian UnderwriterAfter three years of sharp price increases, auto insurance rates in the U.S. are expected to rise just 3.5% in 2004, says the Insurance Information Institute (III).However, certain states may not see this leveling trend, such as Florida, Massachusetts and…
Global forum shopping target of new group
March 29, 2004 by Canadian UnderwriterA group of U.S. businesses are joining together under the mantle of the Chamber of Commerce to fight against global forum shopping.The practice, whereby plaintiffs seek to find any possible link to allow a case to be tried in a…
Anthony Clark secures US$5 million debt facility
March 24, 2004 by Canadian UnderwriterCalgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,…