Industry
Hub International Ltd. (NYSE, TSX: HBG) has signed a proposal to acquire the brokerage operation assets of Chicago-based Near North National Group. Near North has been in talks to sell off its assets concurrent with the indictment for federal fraud charges against the company and its former CEO Michael Segal, No terms of the current […]
By Canadian Underwriter | July 25, 2003
2 min read
In response to the New Brunswick government capping “pain and suffering” awards for auto accident victims, the Insurance Bureau of Canada (IBC) confirms that many insurers have already filed for rate reductions. However, these filings are in limbo, the IBC says, awaiting the conclusion of PUB hearings.Companies insuring about half of the province’s drivers have […]
1 min read
The web site through which Canadian p&c insurers will be able to share information on suspicious claims is now operational.The Insurance Bureau of Canada’s (IBC) “web claims submission” system has been in the pilot stage with Wawanesa Mutual Insurance Company of Canada.The bilingual system will allow insurers to input claims information to the IBC database […]
By Canadian Underwriter | July 23, 2003
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, […]
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
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
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