Industry
Damage to vehicles as a result of hail storms last week in Manitoba has reached $2.5 million, the province’s public insurer reports.Manitoba Public Insurance (MPI) has received about 1,400 claims to date, for a value of $2.5 million, says MPI spokesman Brian Smiley. Late last week an emergency hail claim center was opened in Altona, […]
By Canadian Underwriter | July 23, 2003
1 min read
The latest survey of U.S. commercial agents and brokers show property and casualty rates are flattening, says the Council of Insurance Agents and Brokers (CIAB), releasing its second quarter 2003 Commercial Market Index Survey.The market is leveling and starting to drop even in some areas, with 83% of brokers saying they see evidence of stabilization […]
By Canadian Underwriter | July 22, 2003
2 min read
Toronto-based Markel Insurance Company of Canada is opening up its online submission process to the competition. Much like U.S.-based Progressive’s move to offer online quotes by its competitors, Markel will allow brokers to make submissions to any of its competitors through the “I-Quote” system at www.markel.ca.Markel CEO and president Mark Ram says the decision is […]
Responding to a study on auto insurance released by the Consumers’ Association of Canada (CAC), the Insurance Bureau of Canada (IBC) says consumers will be misled by the findings.The study compares auto insurance rates in Nova Scotia to those in B.C., Manitoba and Saskatchewan, where insurance is run by the government. The CAC has been […]
By Canadian Underwriter | July 18, 2003
If Canadian insurers have complaints over the confusion between federal and provincial regulation of insurers, their U.S. counterparts may soon follow suit.U.S. Senator Ernest Fritz Hollings of South Carolina has introduced a bill, (S. 1373, the “Insurance Consumers Protection Act of 2003”) that would place some control over insurance issues with the Department of Commerce.An […]
By Canadian Underwriter | July 17, 2003
Although Goran Capital Inc. (TSE; GNC, NYSE: GNCN), managed to cut its losses in almost half for the first quarter ending March 31, 2003, the bleeding has not stopped for the Toronto-based company.Net loss for the quarter is $3.6 million, versus $6.0 million during the same period a year prior. This works out to net […]
B.C.’s public insurer has been awarded compensatory and punitive damages to the tune of $643,000 from defendants involved in a stage accident ring by a provincial Supreme Court jury. This is on top of $219,000 recovered in pre-trial settlements by the Insurance Corp. of B.C. (ICBC).The ring involved 25 people from the Greater Vancouver Area, […]
By Canadian Underwriter | July 16, 2003
Underwriters have exercised their over allotment option to purchase 610,000 common shares of Kingsawy Financial Services (NYSE, TSX: KFS) following a public offering that closed earlier this month.The syndicate of underwriters, led by Scotia Capital Inc., purchased the shares for $16.70 each, for additional proceeds of $10.2 million.Total gross proceeds from the earlier offering and […]
By Canadian Underwriter | July 15, 2003
On news of the finalized purchase of Gerling Canada Insurance Co. by a group of Toronto-based investors, A.M. Best has upgraded the company’s financial strength rating to “A” (excellent) from “A-” with a stable outlook.The new entity, to be known as GCAN Insurance Co., is now owned by GCAN Holdings Inc., with investors consisting of […]
By Canadian Underwriter | July 14, 2003
As part of the move to make a more level playing field between B.C.’s public insurer and private insurers, the provincial government has released a discussion paper on proposed legislative changes.The changes would see optional coverage, whether provided by the Insurance Corporation of B.C. or by private insurers, fall under one piece of legislation. Basic […]
By Canadian Underwriter | July 11, 2003
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