Segment
P&C Companies
A New Approach?
November 1, 2003 Lawrie Savage of Lawrie Savage & Associates Inc.At the recent Insurance Bureau of Canada (IBC) “Regulatory Affairs Symposium”, which was held in Toronto, the speakers were asked to provide their perspective on recommendations put forward by former regulators and industry members on a new system of market conduct regulation in Canada. A move in this direction would significantly reduce the current “red tape” overload on insurers.
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…
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…
Insurers unfazed by Ontario rate freeze
October 23, 2003 by Canadian UnderwriterAn auto insurance rate freeze announced by the brand new Ontario Liberal government today is not unexpected, says the Insurance Bureau of Canada (IBC). Insurers are prepared to cooperate with the rate freeze, but hope to work with the new…
Anthony Clark expands into the U.S.
October 21, 2003 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX: ACL) has acquired the assets and book of business of San Francisco-based Vista International Insurance Brokers. The purchase, which involved an undisclosed amount of cash and “seller financing”, was completed between an Anthony…
European Commission satisfied with Lloyd’s regulation
October 17, 2003 by Canadian UnderwriterThe European Commission says it has formally closed its proceedings relative to the regulation of Lloyd’s of London. In December of 2001, the commission had launched “infringement proceedings”, citing concerns over the insurance market’s supervision.Despite assurance by U.K. authorities that…
Travel insurance seen as necessary, survey shows
October 16, 2003 by Canadian UnderwriterA new survey by RBC Insurance/Ipsos-Reid shows that while an overwhelming majority of people think travel insurance is important, not all are purchasing it.While 84% of Canadians surveyed said travel insurance was worth the cost to ensure peace of mind,…
Canadian small businesses stung by insurance rates, says poll
October 15, 2003 by Canadian UnderwriterA new poll suggests insurance rate increases are the number one negative force affecting small business. The poll, done for CIBC by Decima Research, shows that 55% of Canada’s small business have been hit with rising insurance rates, while just…
Hub continues acquisition binge with Garnet Health buy
October 10, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSX, NYSE: HBG) made its fourth acquisition in less than a month, with the purchase of New Hampshire-based Garnet Health Systems Corp. and Garnet Insurance Services, LLC. The deal was made for an undisclosed amount…
Co-op Re rating withdrawn as company winds up
October 9, 2003 by Canadian UnderwriterRating agency A.M. Best has withdrawn the rating of Ireland-based Co-operators of Canada Reinsurance International Ltd., assigning it an NR-3 rating in light of the decision to wind up its operations by the end of the year. Co-op Re’s assets…
IBC survey shows mixed support for Quebec reforms
October 8, 2003 by Canadian UnderwriterA new survey by the Insurance Bureau of Canada suggests Quebec’s drivers may not be quite so pleased with possible reforms to their auto insurance system.The survey comes as Quebec’s government considers changes to its auto insurance system such as…