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Manitoba

ATA - Automotive Trades Association of Manitoba

Manitoba Public Insurance sends out $58 million in rebate cheques

By Canadian Underwriter staff

Manitoba Public Insurance (MPI) is mailing out $58 million in refund cheques, representing 10% of the basic Autopac premiums paid by Manitoba drivers during the 2004-05 policy year.

About 550,000 policyholders will receive a rebate this year. The rebates will not affect policyholders' new basic rates this year, MPI announced, "although 57% of policyholders will enjoy lower insurance premiums when they renew."

MPI said the rebates are possible largely because of better than anticipated returns on investments.

"Manitoba Public Insurance has experienced a number of very successful years where costs have been lower than expected and investment returns have been higher than expected," MPI announced on its Web site. "Better than expected investments has had the most significant impact."

Since 2001, a total of $140 million in premiums will have been returned to Manitobans through rebates.

The corporation has nearly $2 billion in investments. About $1 billion is reserved for the ongoing needs of current and future claimants. About $85 million to $100 million is kept in the Rate Stabilization Reserve, a pool of funds designed to protect Autopac rates from sudden increases due to unforeseen events.

 

Boyd Group Announces New Convertible Debenture Issue

WINNIPEG, July 29 /CNW/ - (TSX: BYD.UN) - Boyd Group Income Fund and The Boyd Group Inc. ("Boyd Group") announced today that they intend to offer for sale up to $4,000,000 of convertible 8% debentures repayable five years from the date of issue. The debentures will be convertible into Boyd Group Income Fund trust units (the "Trust Units") at a price of $8.60 per Trust Unit and each $1,000 principal amount of debentures will include warrants to purchase 100 Trust Units at an exercise price of $8.60 per Trust Unit.
The debentures will be issued in the provinces of Ontario, Manitoba, Saskatchewan, Alberta and British Columbia and the Northwest Territories. The offered debentures will be subject to a minimum subscription of $10,000 and will be offered through Wellington West Capital Inc. and Canaccord Capital Corporation as selling agents. The offering is expected to close on August 31, 2003, subject to satisfaction of certain closing conditions.

This press release may contain forward-looking statements, other than historical facts, which reflect the view of the Company's management with respect to future events. Such forward-looking statements reflect the current views of the Company's management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements contained herein are subject to these
factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.

 

Boyd Group Releases 2002 Financials

4/17/2003

The Boyd Group Inc. has announced its fourth quarter and year-end financial results for the period ended December 31, 2002.

For the year ended December 31, 2002, the Company reported revenue from continuing operations of $141.4 million. This represents an increase of 7% over revenue from continuing operations of $132.0 million reported for the corresponding period in the prior year. Earnings before interest, taxes, depreciation and amortization were $10.7 million compared to $12.6 million in the prior year. Income from continuing operations for the fiscal year 2002 was $2.0 million or $0.11 basic earnings per share compared to income from continuing operations of $3.4 million or $0.21 basic earnings per share in fiscal 2001. Net income for the year ended December 31, 2002 was $1.2 million or $0.05 basic earnings per share versus $3.3 million or $0.21 basic earnings per share for the corresponding period in the prior year.

"Despite North American collision repair claims declining by approximately five per cent in 2002, marking only the second time in the past decade that year-over-year claims have decreased, we continued to grow our revenues through an unwavering focus on our customers and their needs," said Terry Smith, President & CEO. "Going forward, we remain confident that our unit holders will reap the benefits of Boyd's strong market position and ongoing profit enhancing initiatives."

 

Boyd Group Announces Shareholders' Approval of Conversion to Income Trust
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES

WINNIPEG, Jan. 24 /CNW/ - (TSE: BYD) - The Boyd Group Inc. ("Boyd" or the "Company") announced today that its securityholders have approved the reorganization of the capital structure of the Company and the creation of an income fund (the "Fund"). The Fund proposes to complete an initial public offering (the "IPO") of up to $17 million of trust units with a syndicate of selling agents led by Canaccord Capital Corporation and Wellington West Capital Inc. Completion of the restructuring is conditional upon completion of the IPO, both of which are expected to occur on or about February 18, 2003.

This press release may contain forward-looking statements, other than historical facts, which reflect the view of the Company's management with respect to future events. Such forward-looking statements reflect the current views of the Company's management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements contained herein are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.

ON BEHALF OF THE BOARD OF
The Boyd Group Inc.

Mr. Terry Smith
President

 

MPI income up in Q-2

10/10/2002

Manitoba's public auto insurer is reporting rising net income for the second quarter ending August 31, 2002. Net income was up to $26.1 million from $8.5 million during the same period last year for Manitoba Public Insurance (MPI).
Revenues are up and claims costs down, resulting in the improved results. However, claims costs were only down slightly, as less than 1% difference between the $271.1 million reported in Q-2 2002 and $273.7 last year during the same quarter. MPI notes that injury claims were up 2.8%, while physical damage costs were down 4.3%.
"We're confident we're on target for a stable and successful year," says Barry Galenzoski, MPI's vice president of corporate finance and CFO. "Our increasing revenues show Manitobans are continuing to upgrade their vehicles, while actual claims costs are in line with our projections."
Income in the first and second quarters is used largely to offset rising claims costs in the last half of the year due to winter driving conditions.
"As always, Manitoba motorists play a strong role through their driving behaviour in ensuring we continue to see the positive results reported in this period," Galenzoski says. "It's pretty simple – fewer claims means fewer pay outs and lower auto insurance rates.
"

 

Boyd Group Announces New Debenture Issue

WINNIPEG, Oct. 21 /CNW/ - (TSE: BYD) - The Boyd Group Inc. ("Boyd") announced today that it intends to offer for sale $5,000,000 of convertible 8% debentures repayable five years from the date of issue. A "greenshoe option" is also contemplated to cover potential over-allotments. The debentures will be convertible into Class A (Restricted Voting) Shares of Boyd at a price of $2.00 per share.

The debentures will be issued pursuant to the prospectus exemptions contained In Part 4 of Multilateral Instrument 45-103 in Alberta and British Columbia and pursuant to Order No. 3193 of The Manitoba Securities Commission in Manitoba. The offered debentures will be subject to a minimum subscription of $10,000 and will be offered through Wellington West Capital Inc. and Canaccord Capital Corporation as selling agents. The offering is expected to close on November 15, 2002, subject to satisfaction of certain closing conditions.

This press release may contain forward-looking statements, other than historical facts, which reflect the view of the Company's management with respect to future events. Such forward-looking statements reflect the current views of the Company's management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements contained herein are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.

 

MPI wants no increase in auto rates despite net loss

June 12, 2002

Manitoba's public insurer is asking the province's Public Utilities Board to "hold the line" on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants to keep rates stable for its basic Autopac coverage, according to a press release on its annual submission to the PUB. At the same time, MPI tabled its annual report, noting that for the basic Autopac line, it suffered a net loss of $11.7 million in 2001, and an overall loss of $16.5 million including competitive lines.
Much of this loss came as a result of increased claims, including summer hailstorms that brought in more than 10,000 claims. Also, changes in the reinsurance and investment markets following September 11 were a factor, MPI reports.
Claims costs grew 17% to $575 million in 2001, a record year with one in three vehicle owners on average reporting a claim.
"There's no doubt that 2001 was not kind to any auto insurer in Canada," says MPI president and CEO Jack Zacharias. "But it is times like these that demonstrate the importance of preparing for the bad years with a plan that helps protect customers from the costs of a single bad experience."
While encouraging safer driving, he notes, "The reality is, however, that Manitobans file more claims than people in other parts of the country, and this continues to be a worrisome trend."
Nonetheless, he expects results for 2002 to improve. And although basic Autopac rates will remain the same, 53% of premiums will increase based on individual policy factors such as vehicle make and model, how and where it is driven and driving records. In two-thirds of these cases, the increase will be less than $50 per year. Motorcyclists will be the hardest hit, with a 15% increase.
For those receiving rate reductions, about 46%, most will decrease between $20 and $80. Trailer and off-road vehicles will see average reductions of 8.7-9.8%. For 1% of drivers, the rate will remain the same.
Other changes include a $40 annual discount for vehicle owners who have installed recognized aftermarket anti-theft devices.
"Since 1999, Manitoba Public Insurance has not increased auto insurance rates,'' says Zacharias. "I can't think of a single auto insurer in Canada that can say it has reduced auto rates twice and provided vehicle owners with an $81-million dividend during this time."
MPI notes that on average, auto premiums from private insurers increased from 8-28% last year.
(thanks to Canadian Underwriter)

COMMENTS FROM MANITOBA PUBLIC INSURANCE

Mr. Ashton: What is the trend in terms of cost of repairs?

Mr. Zacharias: Cost of repairs has been relatively stable over the last three years. We have implemented programs that are generating about $20 million in savings today compared to programs that we did not have four or five years ago. Recycled parts and after-market parts are probably the two biggest examples, quicker turn around on cycle times and trying to eliminate some of the down-time costs that were involved in the process. Our average cost to fix a vehicle damaged by collision in Manitoba is significantly less than the Canadian average. I think the number is somewhere around $1,100 less per collision than is the Canadian average, as reported by the insurance industry.

Manitoba Public Insurance will make no changes to its 2002/2003 Autopac rates, following approval by the Public Utilities Board.

According to MPI president and CEO Jack Zacharias, rates will remain stable for the fourth year in a row and the average basic premium next year will be $555. While premium revenue from passenger vehicles will remain the same, revenue from trailers and public vehicles will fall.

Due to rising claims costs, the rates for commercial vehicles and motorcycles will rise by 11 and 15 per cent respectively. (courtesy Canadian Insurance)



For more Information
Phone: (204) 261-5751
Fawcett Auto Body Ltd, 2741 Pembina Hwy, Winnipeg, Manitoba, R3T 2H5


Oakbank Autobody

Box 6 Grp 1 RR 2 Dugald, MB R0E 0K0
Phone: (204) 444-4458
Fax: (204) 444-4458