Industry
Fairfax Financial Holdings Ltd. says some of its affiliates have priced an offering of 3.1 million shares of common stock of Zenith National Insurance Corp. for gross proceeds of US$133 million. An overallotment of 400,000 shares was also offered to underwriters, with the offering set to close July 30. Following on the heels of Converium’s […]
By Canadian Underwriter | July 28, 2004
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Statutory accident benefits (SABS) representatives will face new rules coming into effect September 1, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those representatives have been convicted of an applicable Criminal Code violation. The bulletin includes a list […]
By Canadian Underwriter | July 27, 2004
Raters gave mixed reviews, although generally produced a fast ratings hit to correspond with the announcement of a US$1.625 billion reserve boost by the newly merged St. Paul Travelers. St. Paul Travelers says the reserve addition, which will be recorded in second-quarter 2004 results, could produce a loss of US$275-$300 million for the quarter. A […]
By Canadian Underwriter | July 25, 2004
U.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance Agents & Brokers (CIAB). As a result, CIAB members once again highlighted rapid price weakening […]
By Canadian Underwriter | July 22, 2004
A legal action brought by the Insurance Corp. of British Columbia (ICBC) against Speedy Glass for having allegedly violated market practices under the crown insurer’s "Glass Express" repair program has been settled.ICBC charged that a number of Speedy Glass outlets operating in B.C. waived deductibles on repairs and had paid referral fees to auto dealerships […]
By Canadian Underwriter | July 21, 2004
The gap between reinsurance recoverable expectations of cedants and reinsurers is widening, and is now estimated between US$14-$24 billion, according to a study by Conning Research and Consulting Inc. The estimate is based on expectations reported by cedants which are significantly higher than those of reinsurers.”While there are filing data issues that distort the net […]
By Canadian Underwriter | July 20, 2004
Swiss reinsurer Converium AG and its subsidiaries have seen their counterparty credit and financial strength ratings lowered by Standard & Poor’s to “A-” from “A”. The downgrade is a result of Converium’s announcement that it would take an earnings hit in 2004 to boost reserves for U.S. casualty business by US$400 million at least. A […]
By Canadian Underwriter | July 19, 2004
Rate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in effect for most of the last quarter of 2003, under auto legislation from the new […]
By Canadian Underwriter | July 18, 2004
Groupe Promutuel has named Adrien Viens as its new president, following the departure of former president Mario Fortier for health reasons. Mr. Viens had been filling the president’s role in the interim, and the board of directors voted to offer him a three-year term in the position at a special meeting last week.Viens is president […]
Fairfax’s reinsurance subsidiary, Odyssey Re has seen its financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service, concluding a review announced in mid-May.The rater points to Odyssey Re’s strong financial performance in the past two years in particular, with increased earnings, shareholders’ equity, and even improved underwriting leverage despite an increase in […]
By Canadian Underwriter | July 14, 2004
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