Claims
The Ontario Liberal government has released a discussion paper outlining its plans for a new auto insurance system including “customized coverages” for accident benefits (AB). The Ministry of Finance has posted the discussion paper on its website and is asking for feedback by September 10 of this year on the proposal. The basic plan would […]
July 31, 2004
2 min read
Industry
Rate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in effect for most of the last quarter of 2003. The rate freeze and mandated rollbacks […]
1 min read
Risk
Groupe Promutuel has named Adrien Viens as its new president, following the departure of former president Mario Fortier for health reasons. Viens is president of Promutuel Gaspesie – les Iles since 1998, and sits of the board of Groupe Promutuel, Promutuel Capital trust company, and Promutuel Guarantee Fund. *** Kingsway Financial Services has promoted Claude […]
CARSTAR Automotive Canada teamed up with “Young & The Restless” star Melody Thomas Scott (Nikki Newman) to kick-off the first annual CARSTAR “Soaps it Up for Cystic Fibrosis” National Car Wash. CARSTAR shops across Canada raised more than $30,000 for the Canadian Cystic Fibrosis Foundation, with more than 4,000 cars getting “soaped up”. At top, […]
Part of being competitive in today's business world means having a stake in the ever-expanding cyber universe. But as the virtual world grows, so do the potential sources of risk.
By Barb Szychta | July 31, 2004
4 min read
International adjuster Lindsey Morden (TSX: LM) says its net loss widen to $2.9 million ($0.21 per share) for the second quarter ending June 30, 2004. This compares to a net loss of $2.6 million ($0.19 per share) for the same period in 2003.Overall revenue was down to $102.1 million for the most recent quarter from […]
By Canadian Underwriter | July 29, 2004
U.K. non-life insurers posted modest underwriting gains in 2003, according to statistics from A.M. Best.Returns filed with the rater indicate an industry combined ratio of 94%, down from 98% for 2002. A.M. Best says, however, that results have probably peaked, with company returns showing on a gross basis that the only major class showing an […]
Northbridge Financial (TSX: NB), the Canadian operations of Fairfax Financial, saw its net earnings decline to $43.3 million ($0.85 per share) for the first quarter of 2004 from $57.5 million ($1.16 per share) for the same period a year earlier and this, despite the company turning in a combined ratio of 90.6% during the quarter, […]
A steep decline in realized gains has put a damper on earnings growth for Fairfax Financial Holdings (TSX, NYSE: FFH). Net earnings for the second quarter ending June 30, 2004 were down to US$46.0 million (US$3.13 per share) from US$173.7 million (US$12.09 per share) for the same period in 2003.The company did hold true to […]
Businesses in the U.K. say the growing compensation culture there is taking focus and resources away from core business and revenue generation, according to a new survey by international broker Aon.A full 75% of businesses surveyed say rising compensation trends are “creating an unsustainable burden for industry, commerce and public services”.While 60% of businesses says […]
By Canadian Underwriter | July 28, 2004
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