Industry
A group representing collision repair shops is concerned by provisions of the draft proposals set out by Ontario’s Auto Insurance Review Committee. Those provisions relate to insurers’ ability to use non-OEM (original equipment manufacturer) parts when repairing vehicles.The proposal reads, “For consumers who have a preference for original parts, require insurers to offer optional coverage […]
By Canadian Underwriter | September 27, 2002
2 min read
Ontario auto insurers say that, in general, they support the provincial government’s proposal for insurance product reform. The industry, represented by the Insurance Bureau of Canada (IBC), today appeared before the government’s Auto Insurance Review Committee (AIRC).The AIRC, which was appointed by the Minister of Finance to gather stakeholder responses to the proposed legislative changes […]
By Canadian Underwriter | September 23, 2002
Fairfax Financial Holdings CEO Prem Watsa has released information on the company’s third quarter realized gains in advance of an expected move by Fairfax directors and officers to buy additional company shares.To date, the company has realized pre-tax gains of approximately $250 million on its investment portfolio. About $215 million of this comes from the […]
By Canadian Underwriter | September 20, 2002
1 min read
The Board of Directors of Hub International Limited (NYSE: HBG AND TSX: HBG) has announced that it has filed a notice of intention to make a Normal Course Issuer Bid for up to 1,429,362 of its common shares through the facilities and in accordance with the by-laws and rules of The Toronto Stock Exchange and […]
By Canadian Underwriter | September 19, 2002
The Western Financial Group (TSX: WES), formerly known as Hi-Alta Capital, has added two more Saskatchewan brokerages to its arsenal.Stark Agency Ltd., a family brokerage in Shaunavon, and Torch River Agencies in White Fox will join more than 40 other brokerages in the network.The Stark Agency has been in operation since 1969, with head Joe […]
By Canadian Underwriter | September 16, 2002
Guelph-based The Co-operators General Insurance Company has lost its “excellent” rating from A.M. Best. The rating agency has downgraded the insurer from A- (excellent) to B++ (very good) in terms of financial strength, and downgraded its subsidiaries to B+ (very good). The company’s life operation to A- (excellent) from A (excellent), although this is based […]
Former Royal & SunAlliance Canada CEO Bob Gunn is taking over the top spot of the worldwide operation, at least temporarily. Following the departure of Royal & SunAlliance Insurance Group’s CEO Bob Mendelsohn, Gunn is assuming the role while the company seeks a permanent replacement. However, Gunn could potentially take over the CEO role in […]
By Canadian Underwriter | September 13, 2002
As expected, a package of reforms intended to modernize the 300-year-old Lloyd’s of London market has been passed at an extraordinary shareholders meeting yesterday. Despite opposition from associations representing individual members, or names, the reforms were passed with a vote of 79.88% in favour and 20.12% against, Lloyd’s reports.Commenting on the vote, Lloyd’s chairman Sax […]
According to a report in the The Financial Times, asbestos litigation in the U.S. has spread to so many companies and divergent industries that it now “spans 85% of the American economy.”FT cited a report to be published by the Rand Institute of Civil Justice, either later this month or in October. The study says […]
By Canadian Underwriter | September 12, 2002
U.S. rating agencies Moody’s Investors Service and Fitch Ratings have issued negative outlook reports for the global reinsurance sector, citing limited medium to long-term earnings growth potential despite the substantial rate increases introduced by companies during the course of this year. A slowdown in growth may spur a new round of mergers and acquisitions within […]
By Canadian Underwriter | September 10, 2002
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