Industry
Alpine Financial Group has purchased the remaining brokerages of the Vector network, all based in Alberta.The brokerages Garnett Dadswell in Edmonton, Dadswell Forster in Lethbridge, and Wiseman Coupland in Red Deer had been part of the Bow Valley portion of Vector, and were sold as part of Vector’s bid to pay off debtors. “This acquisition […]
By Canadian Underwriter | June 6, 2004
1 min read
A recent U.S. study on mold hailed by insurers for finding a lack of evidence mold causes serious injury should be a wake-up call to the industry, says Kyle Urech, directory of business development for Disaster Kleenup Canada.In a letter to Canadian Underwriter, Urech says the study, conducted by the Institute of Medicine of the […]
2 min read
The Ontario Liberals’ proposal of an expert assessor network (EAN) to replace the designated assessment center (DAC) system is going back to the drawing board following consultations.The proposal is facing revisions, confirms Arthur Lofsky, special assistant to Mike Colle, parliamentary assistant to the Minister of Finance and the man charged with reforming Ontario’s auto insurance […]
Trading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis.In a press release, the broker consolidator says it has sold the assets of Bow Valley Insurance Services Ltd. and Saskatoon Agencies Inc., but will still face a shortfall in meeting obligations to its debtors. Subordinated lenders have […]
By Canadian Underwriter | June 3, 2004
Everest Re has seen its “A+” (superior) rating affirmed by A.M. Best and extended to Everest International Reinsurance Ltd. The rater notes Everest Re’s strong earnings and capital position, with a 2003 ROE of 18.1% and total capital in excess of US$4.3 billion. Offsetting factors include the reinsurer’s heavy exposure to California workers’ comp. The […]
In the face of a difficult operating environment, the Canadian p&c industry is beginning to show signs of a turn around, says Standard & Poor’s director Donald Chu.Chu made the comments as part of a presentation to the Canadian Insurance Accountants Association (CIAA) recently.Between 1990 and 2002, the industry’s combined ratio hovered above the 100% […]
Insurers are unconcerned by the delay of voting on class action reform by the U.S. senate. Senate majority leader Bill Frist of Tennessee had tried to force cloture on the bill, the “Class Action Fairness Act”, but agreed to delay dealing with class action so that the senate could work on a defense authorization bill. […]
Bucking the trend of recent years, U.S. homeowners’ insurance rates are expected to rise by just 2.8% in 2004, according to the Insurance Information Institute (III). This represents the smallest increase in five years, the III notes, with 2003 seeing a 7.4% hike in rates. In fact, this year average rates should be US$608, up […]
By Canadian Underwriter | June 2, 2004
One year into the new federal solvency test the minimum capital test (MCT) the industry overall maintains a capital level well above that required by regulators, according to the Insurance Bureau of Canada (IBC).IBC says the industry’s test score is 215%, well over the regulatory target of 150%. This means capital available exceeds capital required […]
In its most recent quarterly “Perspective” report, the Insurance Bureau of Canada notes auto insurance premiums have dropped significantly in all private market provinces from their 2003 peaks, with the exception of Newfoundland.Topping the list is PEI, where premiums are down 20.6% since last August, followed by Nova Scotia, where rates dropped an average 18% […]
By Canadian Underwriter | June 1, 2004
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