Industry
Investors Group has received notice that staff of the Ontario Securities Commission (OSC) are considering proceedings against the company for mutual fund dealings between March, 2000 and September, 2003. The financial services firm says it will respond to the notice, and notes that while an OSC review resulted in allegations of “market timing” activities in […]
By Canadian Underwriter | September 23, 2004
1 min read
American International Group (AIG) announced this week it has received notice from the U.S. Securities Exchange Commission (SEC) that it may face a civil action for alleged violation of federal securities laws.SEC staff are recommending the action against AIG and its AIG Financial Products Corp. (AIGFP) relative to an investigation of transactions between an AIGFP […]
By Canadian Underwriter | September 22, 2004
Western Financial Group has named Jim Dinning as chair of the board, to replace James A. Robb. Dinning had been vice chair of the board, and company CEO Scott Tannas says the change is in anticipation opportunities the company is facing in the western Canadian financial services market. Bill Yuill has also been appointed to […]
Despite signs of sluggishness in the U.S. economy, the Federal Reserve Board shows no signs of being deterred from its measured approach to raising federal fund rates, notes a report by Swiss Re chief economist Kurt Karl.”The Fed [Tuesday] reinforced its often-mentioned intent to raise the federal funds rate to a more neutral level, by […]
Fairfax Financial Holdings (TSX: FFH) says it will buy back up to 950,000 of its subordinate voting shares, representing less than 10% of its public float of over 13 million outstanding subordinate voting shares. “Fairfax is making this normal course issuer bid because it believes that in appropriate circumstances its subordinate voting shares represent an […]
By Canadian Underwriter | September 21, 2004
Co-operators General Insurance Co. of Guelph, ON has seen its “BBB-” rating affirmed and its outlook revised to positive by rating agency Standard & Poor’s.”The financial strength rating on CGIC reflects the insurance company’s position as one of Canada’s larger property and casualty insurers, and its strong capitalization, asset quality and liquidity,” says S&P analyst […]
While market conditions for Lloyd’s in 2005 will be less favorable than in recent years, A.M. Best still sees opportunities for underwriting profit in the London market.Price weakening is already being seen in 2004, with pricing having peaked in 2003 for most classes, A.M. Best notes in a special report on the Lloyd’s market. Short-tail […]
By Canadian Underwriter | September 20, 2004
U.S. insurers posted a whopping US$9 billion underwriting profit in the first six months of 2004, compared to a loss of US$2.7 billion during the first half of 2003, according to data compiled by A.M. Best.In its report on the first-half 2004 results of U.S. p&c insurers, the rating agency finds net income atUS$23.6 billion, […]
2 min read
Converium will keep its stake in Global Aerospace thanks to a “fronting” arrangement now in place. Converium currently has a 27.25% share in the provider of airline coverage. The fronting arrangement is with Berkshire Hathaway’s National Indemnity and Munich Re, with each providing security for 50% of Converium’s share.However, a Global Aerospace release notes that […]
By Canadian Underwriter | September 19, 2004
In the wake of a ratings downgrade, Coverium says it will not add additional capacity to it Converium Insurance (North America) Inc. operations to offset the run-off of Coverium Reinsurance (North America).This means effectively the company will no longer write reinsurance business in the U.S. the Canadian branch of Converium Re has already been placed […]
By Canadian Underwriter | September 13, 2004
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