Industry
Hub International Ltd. (NYSE, TSX: HBG) has added to its Ontario business with the purchase of Ottawa-based O’Neil & Company Ltd. The acquisition was made through Hub Ontario’s Gifford Associates Insurance Brokers Ltd.O’Neil, which sells commercial and personal p&c products, has been in business since 1935. Its focus is the natural resources industry, specifically forestry […]
By Canadian Underwriter | October 3, 2002
1 min read
Zurich-based Winterthur Insurance Co. is the latest in a long line of insurers boosting its capital. Owner Credit Suisse is injecting CHF2.0 billion (Cdn$2.15 billion) into the company based on falling equity markets draining the insurer’s assets. This is on top of a CHF7.9 billion (Cdn$8.5 billion) boost in late June.The announcement follows on the […]
By Canadian Underwriter | October 2, 2002
Moody’s Investors Service expects that Lloyd’s of London will return to profitability for the 2002 financial year. However, Lloyd’s will likely show higher than expected losses for the market’s still to be reported 2001 and 2000 financial years, the agency says in a recently released report.Moody’s predicts that Lloyd’s will report a US$4 billion loss […]
By Canadian Underwriter | October 1, 2002
U.S. president George Bush has called on a special conference committee appointed by Congress to investigate and draft legislation enabling a single terrorism insurance bill to act swiftly. Bush is pushing for legislation by October 4, just prior to when Congress goes into recess.The conference committee was established to work out differences between two pieces […]
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In the swirling controversy over the Kyoto Protocol, yesterday’s throne speech from Prime Minister Jean Chretien focussed on the environment and climate change as among the nation’s priorities. “On a global scale, the problem of climate change is creating new health and environmental risks and threatens to become the defining challenge for generations to come,” […]
2 min read
Insurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator.Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state, caused US$50 million in auto insurance losses alone.Homeowners losses total US$25 million, according to preliminary estimates, […]
At last check, it was anticipated that the British Columbia government's plan for opening the auto insurance market would have been announced by now. Indeed, the original plan was for the "core review" of the state-owned Insurance Corp. of B.C. (ICBC) and all other crown corporations to have been completed by this spring. Where do we now stand?
By Dennis Prouse, government affairs manager, Pacific region, at th | September 30, 2002
3 min read
The free-flow of insurer red ink caused by Ontario auto insurance eventually had to be stopped. And, there now are positive signs of a market improvement through pending legislative product reform. However, the market has incurred its cost, with at least two company casualties while others have indicated a withdrawal of business. Many insurers have also set their capital allocation budgets for next year, which could add to the shortage of capacity within the marketplace. For brokers, there are tough challenges ahead.
By Danny Craig, president of IBAO | September 30, 2002
4 min read
Auto
Recent private-member legislation put forward in Ontario under Bill-165 with regard to implementing minimum quality standards for auto collision repair shops appears to have come under fire from auto insurers. There seems to be concern that such standards will eliminate "direct repair programs", or "DRPs" that currently exist between insurers and their vendors. The auto repair shop organizations supporting the standards legislation and ultimately improved protection of the consumer believe that these concerns are unjustified.
By Alex Szabo, president of the Collision Industry Standards Counci | September 30, 2002
5 min read
Are brokers having fun in their business anymore? Against the backdrop of a hard market post 9/11, dealing with disgruntled customers and restrictive carriers, stiff competition and a range of internal management issues, this may sound like a flippant question. But, in reality, it gets to the heart of the issue for principals.
By Rick Bauman, president of Bauman Consulting Inc. | September 30, 2002
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