Industry
In advance of reporting its second-quarter 2003 results, Fairfax company Odyssey Re Holdings Corp. (NYSE, TSX: ORH) says its net pre-tax realized capital gains will be about US$130 million for the period ending June 30, 2003.This makes year-to-date pre-tax capital gains of $170, largely realized on its fixed income securities portfolio.The company notes the portion […]
By Canadian Underwriter | July 4, 2003
2 min read
ING Canada is merging its property and casualty operations under one brand. ING Western Union will merge with ING Insurance Co. of Canada to play into ING’s desire to brand itself as a financial services giant.”As ING is expanding its product offering in Canada to include more financial products, it becomes important that consumers across […]
By Canadian Underwriter | July 3, 2003
1 min read
After more than six months, Ontario has finally put auto insurance regulations on the books in response to Bill-198. The changes were as anticipated and met with insurer approval as a means to address rising accident benefits (AB) costs.Among the changes is a pre-approved framework for minor injury treatment, a code of conduct for paralegals […]
The acquisition of Gerling Canada Insurance Co. by a consortium of investors led by Torquest Partners Inc. has been completed. The terms of the deal were not disclosed.The Gerling primary operation will be renamed GCAN Insurance Co., a subsidiary of GCAN Holdings Inc., which was created by the investment consortium to facilitate ownership of the […]
By Canadian Underwriter | July 1, 2003
Adjusting may be a time-honored profession, but it is one facing an intense period of transition. New privacy rules, varied and changing auto insurance systems, the rise of class actions and growing concern with potential bad faith lawsuits. As if all of these forces were not enough, adjusters are also being challenged by a hard […]
By Vikki Spencer | June 30, 2003
6 min read
The Canadian operation of Alea Europe Ltd. will discontinue writing new business from the beginning of August this year, a statement released by the parent company says. Gilles Meyer, CEO of Alea Europe, says the decision to withdraw from the Canadian reinsurance marketplace relates to the company’s diminishing premium volume and inadequate profitability. As such, […]
June 30, 2003
The acquisition of Gerling Canada Insurance Co. by a consortium of investors led by Torquest Partners Inc. has been completed. The terms of the deal were not disclosed. The Gerling primary operation will be renamed GCAN Insurance Co., a subsidiary of GCAN Holdings Inc., which was created by the investment consortium to facilitate ownership of […]
Ontario's rules of civil procedure have not always mandated disclosure of insurance. In the years before 1984, under Ontario's old rules, plaintiffs settled or proceeded to trial with no knowledge of whether the defendant was insured. Counsel used strategies to get around the lack of procedural requirement to disclose insurance.
By Ani Abdalyan, barrister & solicitor | June 30, 2003
The property and casualty insurance industry has traditionally been a close-knit community, built on long-standing “partnerships” from the street broker to primary insurer and ultimately the reinsurer. The “tides of fortune” affected by the vagaries of the hard to soft market swings have historically been shared by all in relative proportion, thereby cementing the kind […]
By Sean van Zyl, Editor | June 30, 2003
4 min read
U.S. property and casualty insurers increased net taxed income for the first quarter of this year by more than 20% to US$6.4 billion compared with the US$5.3 billion reported for the same period a year ago, according to data collected by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). […]
3 min read
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