Industry
The Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a response to rising premiums in the province. The issue became a political hot potato in […]
By Canadian Underwriter | June 16, 2003
2 min read
Toronto-based specialty insurer Goran Capital Inc. (OTCBB: GNCNF; TSX: GNC) for 2002 reported a net loss $29.7 million, or $5.51 per share, a slight improvement over the loss of $34.1 million, or $5.99 per share, reported in 2001. It is also a marked improvement over the $63.2 million loss recorded in 2000, before the company […]
1 min read
The previously announced private debt placement by Hub International Ltd. (TSX, NYSE: HBG) has been completed. The US$65 million in principal of unsecured senior notes were sold in the U.S. to private institutional buyers.”Net proceeds of the sale of the senior notes will be used to pay down US$50 million of existing bank indebtedness and […]
By Canadian Underwriter | June 13, 2003
Despite market pressures, North American insurers will spend 2% more on information technology (IT) in 2003, says a new report from Forrester Research’s Giga Information Group.The survey of insurance chief information officers (CIOs) shows that improving employee efficiency, agent efficiency and their company’s use of technology are priorities with the aim to increase profits.”The insurance […]
The U.S. House of Representatives has passed the “Class Action Fairness Act of 2003 (HR 1115) by a vote of 253 to 170.The bill has been well received by the insurance industry as a means to streamline the class action process by consolidating certain inter-state cases in federal court.”This bill directly and effectively addresses the […]
Rating agency A.M. Best has downgraded the public data ratings of several Economical Insurance Group subsidiaries. The ratings of Economical Mutual Insurance Company, Langdon Insurance Company and Perth Insurance Company have been lowered to B+ from B++. The rating of Missisquoi Insurance Company has been affirmed at B++, as has the B+ ratings of Federation […]
By Canadian Underwriter | June 12, 2003
A new poll commissioned by the Insurance Bureau of Canada (IBC) suggests Nova Scotians would support limits on “pain and suffering” compensation for auto accident victims if it leads to lower premiums.The poll, which saw 1008 residents aged 16 or older surveyed by Corporate Research Associates, shows that 33% completely and 43% mostly support limiting […]
By Canadian Underwriter | June 11, 2003
Insurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to Insurance Bureau of Canada (IBC) data. As a result, the industry’s ROE clocked in at […]
By Canadian Underwriter | June 8, 2003
Prem Watsa, CEO of Fairfax Financial Holdings (TSE: FFH), says he plans to acquire through the public market up to 250,000 subordinate voting shares of Fairfax, which based on the current trading price of the company’s common stock, the purchase(s) represent a value of approximately $51 million. Fairfax will not provide financing for the share […]
By Canadian Underwriter | June 6, 2003
Adjusting firm Crawford Adjusters Canada has opened two new offices in Quebec and hired six new members who were previously employed by rival firm Les Expertises. The new offices will provide services to the Laurentian and Lanaudiere regions, as well as greater Montreal, Crawford CEO Glenn Gibson says. He describes the new offices as a […]
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