Industry
Fairfax Financial Holdings Ltd. is selling US$95 million in 7.75% senior notes due 2012 at an issue price of 97.25%. The company says it plans to use the proceeds to purchase its outstanding debt from time to time, based on market conditions, or for general corporate purposes. The offering is expected to close August 27. […]
By Canadian Underwriter | August 24, 2004
1 min read
A new study by the U.S. Insurance Research Council shows that of the highest-level auto accident cases, almost 75% of claimants who did not hire an attorney were satisfied with their payment, while less than half with an attorney were satisfied. One reason, the study speculates, may be the average 32% contingency fee being paid […]
By Canadian Underwriter | August 22, 2004
The Canadian and U.S. life reinsurance markets are characterized by consolidation, with three players Swiss Re, Munich Re and RGA dominating the market, according to a new report by A.M. Best. The result has been price and term discipline, but also capacity issues within the marketplace.While the hard market has turned much of the focus […]
2 min read
Ontario’s Financial Services Commission (FSCO) is streamlining its operations and announcing several management changes. The Licensing and Compliance Division has changed to the Licensing and Market Conduct Division, to be led still by Grant Swanson, reflecting the regulator’s increased focus on market conduct and its reduced role in solvency regulation. The Examination division is being […]
By Canadian Underwriter | August 19, 2004
Boomerang Tracking is being purchased by Massachusetts-based LoJack Corp., for US$48 million in cash/stock options to shareholders. “By joining LoJack, we believe we can more effectively increase our penetration in existing markets and enter new markets through the synergy created by our two organizations,” says Boomerang CEO Peter Lashchuk. The deal is expected to close […]
By Canadian Underwriter | August 18, 2004
Western Financial Group (TSX: WES) has closed the second tranche of a private placement of 1.7 million common shares valued at $4.2 million. The recent transaction completes the private placement which had been announced on May 26 of this year, a company statement says.
By Canadian Underwriter | August 16, 2004
Rating agency A.M. Best has upgraded the financial strength rating of Lloyd’s of London to “A” from “A-“, citing overall improvement for the London market and the expectation of further growth.A.M. Best predicts the market’s central solvency capital will rise by 2008 to US$3.7 billion, and that as market conditions deteriorate the market will reduce […]
By Canadian Underwriter | August 12, 2004
New guidelines offered up by the DRC Trade Show Services for insurers, adjusters and contractors are being released via a national roadshow. DRC struck a committee of indoor environmental professionals, building science engineers and restoration contractors to address what was seen as a void in mold handling practices the need for more standardized documentation, explains […]
By Canadian Underwriter | August 11, 2004
Alberta-based broker network and bank Western Financial Group (TSX: WES) saw its earnings rise 104.4% in the first half of 2004, up to $2.0 million from $957,000 in the first six months of 2003. Earnings per share were up to $0.09 from $0.05, an 80% increase, over the same comparative period.Revenue for the first half […]
Those handling complaints for insurers under the new Financial Serves OmbudsNetwork system have on online tool now available to them. The package deals with a number of topics including listening to consumers, developing company practices, use of historical complaint data. It also includes a resource library of sources for complaint handling information and standards.The Centre […]
By Canadian Underwriter | August 10, 2004
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