Industry
The 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 the Financial Services and Markets Act, which also came into force in December 2001, would […]
By Canadian Underwriter | October 17, 2003
1 min read
A 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, only 60% of people who traveled outside of Canada in the last three years actually […]
By Canadian Underwriter | October 16, 2003
Following the announcement this summer that the Canadian branch of Alea Europe Ltd. would go into run-off, it has been confirmed that remaining Canadian staff will manage this process through the Toronto office.Alea confirms it has filed its run-off plans with the Office of the Superintendent of Financial Institutions (OSFI), and that current chief agent […]
A 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 33% suffered from other events such as SARS, Mad Cow and the August blackout, in […]
By Canadian Underwriter | October 15, 2003
2 min read
Grain Insurance and Guarantee Co. has acquired managing general agent (MGA) L E Yingst Co. Ltd. which is based in Regina, Saskatchewan. Although the terms of the transaction have not been disclosed, the deal takes effect from the beginning of next year, according to a statement released by Grain Insurance.The MGA’s president Neil McGregor and […]
By Canadian Underwriter | October 14, 2003
Broker 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 of cash and Hub stock.Garnet’s combined operations bring in annual revenue of $3 million by […]
By Canadian Underwriter | October 10, 2003
Rating agency A.M. Best has withdrawn the rating of Ireland-based Co-operators of Canada Reinsurance International Ltd., assigning it an NR-3 rating in light of the decision to wind up its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 and liabilities will be repatriated back to the group’s Canadian affiliates by the end of […]
By Canadian Underwriter | October 9, 2003
A 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 reinstating the right to sue and limiting benefits for drivers who are found criminally responsible […]
By Canadian Underwriter | October 8, 2003
Hub International Ltd. (TSX: HBG) has acquired Davis Bodie Insurance Services Inc. based in Thousand Oaks, CA for an undisclosed cash amount. The brokerage, which generates about US$600,000 in annual revenue, will form part of the broker network consolidator’s Hub of California Inc. operation, based in Los Angeles.Lee Davis, the senior partner of the acquired […]
By Canadian Underwriter | October 7, 2003
A task force established by Atlantic Canada’s premiers has come out against implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly supplier”.The findings were released Friday as part of a report on auto insurance in the […]
By Canadian Underwriter | October 6, 2003
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