Industry
In the wake of passage of Nova Scotia’s Bill-1 – which reforms the province’s auto insurance legislation – insurers are announcing they will cease writing new business in the province. Royal & SunAlliance Insurance Co. of Canada and the Dominion of Canada General Insurance Co. have led the way by saying that they will not […]
October 31, 2003
2 min read
Auto repair shop attendees at the recently held Canadian Collision Industry Congress (CCIC) took aim at a panel of representatives from insurance companies in questioning the use of after-market parts in insured vehicle repairs. The attendees questioned the quality of after-market parts as well as delays to their production schedules caused by poor fitting/sizing and […]
Broker 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: $49.6 million), with the strong Canadian dollar contributing to 11% organic growth. In total, Canadian […]
By Canadian Underwriter | October 31, 2003
On 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 back rates, but give no relief for rising claims costs, both groups say.”It is in […]
By Canadian Underwriter | October 28, 2003
3 min read
With the “Class Action Fairness Act” back on the shelf, US insurers are lamenting the narrow vote that saw the federal legislation defeated. In a vote of 59-39 (one vote shy of the 60 required), Republican senators were unable to end the Democratic filibuster on the bill, thus shelving class action reform until the new […]
By Canadian Underwriter | October 27, 2003
Early highlights of Odyssey Re Holdings Corp. (NYSE, TSX: ORH) point to a strong third-quarter and first nine months of 2003 for the reinsurance operation of Fairfax Financial.Gross written premiums (GWP) for the third quarter ending September 30 were US$703 million, an increase of US$203.3 million, or 40.7%, over the same period last year. For […]
1 min read
An 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 government on long-term solutions to the challenges facing the auto insurance industry.The government had campaigned […]
By Canadian Underwriter | October 23, 2003
The latest “commercial market index” membership survey conducted by the U.S.-based Council of Insurance Agents & Brokers (CIAB) suggests that during the third quarter of this year there was a renewed sense of market competition among property and casualty insurers in terms of pricing in several lines of commercial coverage. Broker membership feedback also indicates […]
By Canadian Underwriter | October 22, 2003
Anthony 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 Clark subsidiary, Addison York Insurance Brokers Ltd., and Vista’s former family owners represented by DKWS […]
By Canadian Underwriter | October 21, 2003
The recent announcement by Munich Reinsurance Co. of a share offering to raise at least 3.8 billion in "growth capital" has received a lukewarm response from the major rating agencies. The rights offering will be made before the end of this year, the reinsurer says, with any shares under the issue not taken up by […]
By Canadian Underwriter | October 20, 2003
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