Industry
The Insurance Bureau of Canada (IBC) is teaming up with researchers at the University of Calgary to study the impact of cell phone use by novice drivers. IBC will sponsor the research project which includes two phases – a simulation study and an on-road study – with 20 novice drivers and 20 experienced drivers in […]
By Canadian Underwriter | April 24, 2005
2 min read
U.S. insurers groups have come out strongly opposed to a Senate bill to establish a US$140 billion fund for resolving asbestos claims.While insurers have worked with legislators towards a resolution to the multi-billion-dollar asbestos litigation crisis, they say the bill introduced last week by Republican Senator Arlen Specter is not the solution.Specter, who is Senate […]
Auto insurance rates are dropping in Ontario, and will soon fall further in Alberta, but for two very different reasons. While insurers have filed for rate reductions in Ontario amounting to a further 1.12% decrease in the first quarter of 2005, the Alberta government will force insurers to drop rates by an extra 6% in […]
By Canadian Underwriter | April 21, 2005
A study based on the revenue performance of the top U.S. insurance brokerages suggests that the sector’s earnings growth has been severely impacted by premium rate stabilization, increased competition and the clampdown on contingent commissions that followed in wake of the Spitzer investigation. The study, which was compiled by investment bankers WFG Capital Advisors LP, […]
By Canadian Underwriter | April 20, 2005
1 min read
Underwriters at Lloyd’s say pricing is the top buyer concern, not the current investigations into broker contingent commissions and other industry practices.In a survey taken by Lloyd’s of its member underwriters, 84% see pricing as the main issue on clients’ minds, while only 4% point to the current investigations spurred by New York Attorney General […]
While 2004 was the best year of the hard market cycle in terms of company financial returns, the year ahead will likely see deteriorating results as lower pricing and rising claims costs eat at the industry’s bottom-line, predicts George Cooke, president of the Dominion of Canada General Insurance Co. Speaking at an Insurance Brokers of […]
By Canadian Underwriter | April 19, 2005
The insurance industry needs to communicate better, not only in terms of full transparency with clients, but also working closely with regulators, Lloyd’s chairman Lord Peter Levene told a Philadelphia audience Monday night.Speaking to business leaders at the Philadelphia Club, Levene says insurers need to tackle issue such as the recent controversy over broker compensation […]
By Canadian Underwriter | April 18, 2005
Don Wheaton, owner of a chain of General Motors dealerships across Western Canada, as well as Millennium Insurance, has been granted federal approval to start up Canada’s first private bank.The Office of the Superintendent of Financial Institutions (OSFI) and federal Finance Minister Ralph Goodale have approved a charter for the Wheaton Group of Companies to […]
By Canadian Underwriter | April 17, 2005
The total number of mergers and acquisitions (m&a) was up last year in the U.S., but the value of transactions was down, according to a new study by Conning Research & Consulting Inc. M&a activity rose over the prior year for the first time since 2001 spurred by the health care and distribution sectors. But […]
By Canadian Underwriter | April 14, 2005
At the company’s annual general meeting in Regina, SK, The Co-operators welcomed three new members and celebrated a year of growth as it marks its 60th anniversary.Joining The Co-operators are outdoor equipment supplier Mountain Equipment Co-op of Vancouver, BC; cable television provider Access Communications Co-operative of Regina; and agriculture goods and services business La Coop […]
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