ICN CEO attacks "false statements" suggesting that Newfoundland/Labrador insurance costs are lowest in Canada
December 11, 2001 by Canadian UnderwriterInsurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary…
Government airline cover could be permanent
December 10, 2001 by Canadian UnderwriterCoverage for airlines introduced by the government following the September 11 terrorist attacks could become a permanent measure, the National Post is reporting. This comes after an announcement by federal Transport Minister David Collenette that the temporary coverage, which involves…
Cost of risk declines in 2000, but signs point to hardening
December 6, 2001 by Canadian UnderwriterThe cost of risk declined in 2000, according to a survey released by the Risk and Insurance Management Society (RIMS). The annual Benchmark Survey, conducted with Ernst & Young, asks more than 830 risk managers in the U.S. and Canada…
Tax reform a key goal for IBC in 2002
December 5, 2001 by Canadian UnderwriterAt the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this…
IBC prompts Newfoundland auto insurance reform
November 30, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government…
B.F. Lorenzetti buys Vancouver firm (November 27, 2001)
November 27, 2001 by Canadian UnderwriterMontreal-based B.F. Lorenzetti (BFL) is set to buy majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted the commercial brokerage offices in Halifax and Quebec city.BFL says the acquisition…
Insurers’ investment performance plummets in 3-Q
November 23, 2001 by Canadian UnderwriterCanadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for…
Chubb gets renewal rights on Zurich personal lines book
November 23, 2001 by Canadian UnderwriterFollowing the announcement of a “swap” deal between Zurich and ING, which saw Zurich’s personal lines and small commercial books head to ING, Chubb Canada is announcing it has acquired the renewal solicitation right to Zurich’s non-auto personal lines. The…
ING and Zurich form Canadian alliance in asset swap deal
November 22, 2001 by Canadian UnderwriterING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks…
Former Canadian Airlines CEO to head up ICBC
November 22, 2001 by Canadian UnderwriterBritish Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia…
Kingsway plans public offering of 7.5 million shares
November 21, 2001 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE: KFS) says it is planning a public offering of 7.5 million common shares, and up to an additional 1.125 million common shares for over-allotments. The shares will be offered in both the U.S. and…
MPI gets rate approval
November 20, 2001 by Canadian UnderwriterManitoba Public Insurance (MPI) has received approval for its 2002-2003 rate structure from the province’s Public Utilities Board. The structure means basic Autopac policyholders will pay an average of $555 in premiums, the same rate paid since 1998.MPI had hoped…