Industry
One of the men facing charges from Ontario’s insurance regulator says those allegations have left him “surprised and disappointed”. Stu Kistruck, former CEO of Pilot Insurance Co. says it is difficult at this time to comment on the charges he faces because he has only received a short statement from the regulator regarding them and […]
By Canadian Underwriter | May 13, 2004
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The Financial Services Commission of Ontario (FSCO) confirms that charges have been laid against two former executives of Pilot Insurance Co. for allegedly providing the regulator with false information. Former Pilot CEO Stuart Kistruck and CFO Colin Simpson face two charges each, says FSCO spokesperson Rowena MacDougall. The first, under section 447.2 of the Ontario […]
By Canadian Underwriter | May 12, 2004
AXA Canada Inc’s subsidiaries have seen their financial strength ratings affirmed by A.M. Best. AXA Assurances and AXA Assurances Agricoles are affirmed at “A+” (excellent) with a stable outlook. AXA Pacific is affirmed at “A” (excellent with a stable outlook. But the “A-” (excellent) ratings affirmed for AXA Insurance, Anglo Canada General and Insurance Corp. […]
1 min read
The average premiums facing the aviation industry dropped by 14% during the first quarter of 2004, says a new report by London-based Aon Ltd. While just 7% of the market renews in the first quarter, Aon says those airlines report rate declines across coverage lines.Hull rates dropped by 10% on average, as did liability rates. […]
The Association of Lloyd’s Members (ALM) is telling the market’s “Names” they could double their money in two years in the current climate of profitability at the 300-year-old insurance market.The Association’s “Lloyd’s Results Summary” forecasts individual members of the market, so-called Names, could make pure year profits of 20% of capacity for 2002 and 2003. […]
By Canadian Underwriter | May 11, 2004
Toronto-based Danier Leather says it will appeal an Ontario Superior Court verdict which could amount to a $15 million payout.The verdict stems from a 1998 initial public offering (IPO), which spawned a class action suit alleging the company and two of its senior officers had disclosed an incorrect financial forecast at the time.The Superior Court […]
By Canadian Underwriter | May 10, 2004
Once more, legislation to tackle U.S. asbestos litigation has stalled, this time with negotiations breaking down on Senate bill S.2290. The bill would have established a trust fund to compensate victims of illness related to asbestos exposures, and is an attempt to curb widespread litigation which has led to the bankruptcy of several companies and […]
Broker network Hub International Ltd. has announced its second acquisition in the past two weeks, with the purchase of Lyman Insurance Agency Inc. and Conly-Lyman Insurance Agency Inc.The Wilmington-based agencies were purchased by “hub” brokerage C.J. McCarthy to expand the network reach in middle-market New England business.While terms of the cash deal were not disclosed, […]
By Canadian Underwriter | May 9, 2004
Lloyd’s has received permission to expand in seven of the new European Union (EU) accession countries, including the Czech Republic, Poland and Hungary. The company now trades in 72 territories worldwide, including all 25 EU countries. Mississauga-based Kingsway Financial Services announces the appointment of John Clark as president and CEO of its Lincoln General subsidiary, […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) CEO Bill Star says the company has started 2004 off well, posting net income up 26% for the first quarter ending March 31.While net income rose to $30.8 million for the quarter, from $24.4 million the year prior, earnings per share were up 12% to $0.55 from $0.49. […]
By Canadian Underwriter | May 6, 2004
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