Industry
A group representing Toronto’s financial services industry is asking the Ontario government to look at elimination of capital taxes. The Toronto Financial Services Alliance (TFSA), which includes the Insurance Bureau of Canada (IBC), released its pre-budget submission to the new Ontario Liberal government, asking for a tax system that would encourage business growth in the […]
By Canadian Underwriter | March 15, 2004
1 min read
Questions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for 2004, but signs of price moderation are creeping in, and there is still debate over […]
2 min read
Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full year return reflects a nine percentage point improvement in ROE on the meager 1.7% return posted for the 2002 financial year.Jane Voll, chief […]
By Canadian Underwriter | March 10, 2004
Fairfax’s Lindsey Morden Group has agreed to sell its U.S. third-party administration (TPA) businesses, which include RSKCo Services and Cunningham Lindsey Claims Management Inc. (CMI). The new owner, Broadspire Services Inc., says the two companies will be merged into its existing operations, with Broadspire management and CEO Dennis Replogle maintaining control of the company.Under the […]
Insurance giant Kingsway Financial Services says it has entered into a new revolving credit facility with a syndicate of three banks for $150 million. The new facility replaces two existing credit facilities, the company notes. The banks involved include CIBC, LaSalle National and The Bank of Nova Scotia.Kingsway has also responded to the recent downgrade […]
By Canadian Underwriter | March 9, 2004
The Canadian companies of Kingsway Financial Services Kingsway General Insurance Co. and York Fire and Casualty are being downgraded by rating agency A.M. Best, following release of the companies’ 2003 yearend results.A.M. Best has lowered the financial strength ratings on the two companies to “B++” (very good) from “A-” (excellent), and placed both on negative […]
By Canadian Underwriter | March 8, 2004
Private capital in the Lloyd’s market (also known as “Names”) rose to 3.3 billion pounds (Cdn$8.0 billion) for 2004, from 3.0 billion pounds (Cdn$7.3 billion) last year. This means the total market capacity of Names will rise to 22% from 20%, according to the Association of Lloyd’s Members, which represents private capital in the 300-year-old […]
By Canadian Underwriter | March 5, 2004
Calgary-based Anthony Clark International Insurance Brokers Ltd. says it has complete a private placement worth nearly $337,000, which will go to the company’s working capital.The offering, costing $1.28 per unit, involved 263,000 units consisting of one common share and one warrant to purchase a common share of the company sometime in the next 2 years […]
By Canadian Underwriter | March 4, 2004
The insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., are to be purchased by Canadian Western Bank according to a letter of intent signed by the banks. Terms of the deal are a cash payment of $25.4 million, including a 25% premium over book value. Canadian Direct will continue to operate […]
By Canadian Underwriter | March 3, 2004
Despite improving financial results, A.M. Best has downgraded the financial strength ratings of Allianz Insurance Co. of Canada and subsidiary Trafalgar Insurance Company of Canada. Allianz dropped to “A-” (excellent) from “A”, while Trafalgar fell to “B+” (very good) from A. Each has also been assigned a negative outlook.The downgrade comes despite acknowledge improved results […]
By Canadian Underwriter | March 2, 2004
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