Industry
Hub International Ltd. (TSX: HBG) has signed a proposal to acquire the brokerage assets of Chicago-based Near North National Group. Near North has been in talks to sell off its assets following indictment on federal fraud charges against the company and its former CEO Michael Segal. News of the intended acquisition saw Hub’s share price […]
July 31, 2003
1 min read
Although Toronto-based Goran Capital Inc. (TSE: GNCN) managed to cut its net loss in almost half for the first quarter of this year, the company’s bleeding continues. The insurer’s net loss for the latest quarter amounted to $3.6 million compared with the $6.0 million loss reported for the same period last year. This equates to […]
2 min read
SCOR Group deputy COO Pierre-Denis Champvillard is taking early retirement. He served the company for 32 years. BELAIRdirect has promoted Janice Nickle to the position of regional claims manager – Ontario. She was formerly casualty claims manager – Ontario, bringing more than 20 years experience to the new post, and is immediate past president of […]
In its first “throne speech” since the recent provincial election, New Brunswick’s Conservative government announced a legislative amendment to its Insurance Act which will require all registered insurers to file for new auto rates by August 15 of this year or face an automatic 20% reduction in the price of coverage. The new legislation also […]
3 min read
In its first “throne speech” since the recent provincial election, New Brunswick’s Conservative Party (CP) government announced a legislative amendment to its Insurance Act which will require all registered insurers to file for new auto rates by August 15 of this year or face an automatic 20% reduction in the price of coverage. The new […]
By Canadian Underwriter | July 30, 2003
Kingsway Financial Services Inc. has launched a lawsuit against the former directors and auditors of its recent acquisition, American Country Holdings Inc. Kingsway alleges the directors, along with Pricewaterhouse Coopers LLP and Miller, Herbers, Lehman & Associates Inc. understated the reserves of American Country’s insurance subsidiary for the years 1998 through 2001, and associated costs […]
A new regulatory framework for electronic vehicle immobilization from Transport Canada is drawing criticism from insurers. The Insurance Bureau of Canada (IBC) says the program is flawed and will be a step back in the fight against vehicle theft.The regulation would require all new passenger cars and light duty trucks to have electronic immobilizers if […]
By Canadian Underwriter | July 29, 2003
Hub International Ltd. (NYSE, TSX: HBG) has signed a proposal to acquire the brokerage operation assets of Chicago-based Near North National Group. Near North has been in talks to sell off its assets concurrent with the indictment for federal fraud charges against the company and its former CEO Michael Segal, No terms of the current […]
By Canadian Underwriter | July 25, 2003
In response to the New Brunswick government capping “pain and suffering” awards for auto accident victims, the Insurance Bureau of Canada (IBC) confirms that many insurers have already filed for rate reductions. However, these filings are in limbo, the IBC says, awaiting the conclusion of PUB hearings.Companies insuring about half of the province’s drivers have […]
The web site through which Canadian p&c insurers will be able to share information on suspicious claims is now operational.The Insurance Bureau of Canada’s (IBC) “web claims submission” system has been in the pilot stage with Wawanesa Mutual Insurance Company of Canada.The bilingual system will allow insurers to input claims information to the IBC database […]
By Canadian Underwriter | July 23, 2003
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