Industry
Following the announcement this summer that the Canadian branch of Alea Europe Ltd. would go into run-off, it has been confirmed that remaining Canadian staff will manage this process through the Toronto office.Alea confirms it has filed its run-off plans with the Office of the Superintendent of Financial Institutions (OSFI), and that current chief agent […]
By Canadian Underwriter | October 16, 2003
1 min read
A new poll suggests insurance rate increases are the number one negative force affecting small business. The poll, done for CIBC by Decima Research, shows that 55% of Canada’s small business have been hit with rising insurance rates, while just 33% suffered from other events such as SARS, Mad Cow and the August blackout, in […]
By Canadian Underwriter | October 15, 2003
2 min read
Home
U.S. catastrophe losses for the third quarter 2003 have risen a whopping 300% over the same period last year, says the Property Claim Services (PCS) unit of the Insurance Services Office (ISO). In the three-month period, cat losses hit US$2.9 billion, versus US$715 million for third-quarter 2003.Since 1994, there have been only two third-quarters with […]
Grain Insurance and Guarantee Co. has acquired managing general agent (MGA) L E Yingst Co. Ltd. which is based in Regina, Saskatchewan. Although the terms of the transaction have not been disclosed, the deal takes effect from the beginning of next year, according to a statement released by Grain Insurance.The MGA’s president Neil McGregor and […]
By Canadian Underwriter | October 14, 2003
Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) made its fourth acquisition in less than a month, with the purchase of New Hampshire-based Garnet Health Systems Corp. and Garnet Insurance Services, LLC. The deal was made for an undisclosed amount of cash and Hub stock.Garnet’s combined operations bring in annual revenue of $3 million by […]
By Canadian Underwriter | October 10, 2003
Rating agency A.M. Best has withdrawn the rating of Ireland-based Co-operators of Canada Reinsurance International Ltd., assigning it an NR-3 rating in light of the decision to wind up its operations by the end of the year. Co-op Re’s assets and liabilities will be repatriated back to the group’s Canadian affiliates by the end of […]
By Canadian Underwriter | October 9, 2003
Claims
The U.S. p&c industry remains under-funded for potential future asbestos and environmental (A&E) claims, says a new study by A.M. Best. Commercial insurers, and to a lesser extent reinsurers, are under-reserved by almost 40%, the rating agency predicts. Thus far, the industry has racked up incurred losses of US$45 billion on asbestos and US$31 billion […]
By Canadian Underwriter | October 8, 2003
A new survey by the Insurance Bureau of Canada suggests Quebec’s drivers may not be quite so pleased with possible reforms to their auto insurance system.The survey comes as Quebec’s government considers changes to its auto insurance system such as reinstating the right to sue and limiting benefits for drivers who are found criminally responsible […]
Hub International Ltd. (TSX: HBG) has acquired Davis Bodie Insurance Services Inc. based in Thousand Oaks, CA for an undisclosed cash amount. The brokerage, which generates about US$600,000 in annual revenue, will form part of the broker network consolidator’s Hub of California Inc. operation, based in Los Angeles.Lee Davis, the senior partner of the acquired […]
By Canadian Underwriter | October 7, 2003
A task force established by Atlantic Canada’s premiers has come out against implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly supplier”.The findings were released Friday as part of a report on auto insurance in the […]
By Canadian Underwriter | October 6, 2003
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
