Industry
A new study is showing that many people think they do not need travel insurance. Almost one-quarter (23%) of those surveyed said that they believed they would be covered if they required emergency medical treatment in another country even without purchasing insurance.The poll, conducted by Ipsos-Reid and RBC Insurance, shows that people think their provincial […]
By Canadian Underwriter | January 29, 2004
1 min read
Oakville, Ontario-based pet insurer Pethealth Inc. (TSX VE: PTZ) has completed a private placement for aggregate proceeds of $10 million.The placement included five million of the company’s "series 1" convertible preference shares at $2.00 each. Each share is entitled to cumulative dividend at a fixed rate of 6% annually, or is convertible into 10 common […]
By Canadian Underwriter | January 28, 2004
Alberta-based broker network and bank, Western Financial Group Inc. (TSX: WES) has added to its string of recent acquisitions with the purchase of Meston’s Agencies of Okotoks, Alberta. The new brokerage will be combined with Western’s existing operations in that community.Also, the company announces completion of a private placement for gross proceeds of almost $4.5 […]
Vancouver-based TransWorldconneX has launched the first single-source online listing of international expatriate and local national policies.The free service is being offered to brokers, consulting houses and insurers, to locate and purchase insurance and other services for international benefits clients. Quotes for policies will be handled within 24 hours, the company says. "The market for both […]
The average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants believe that this year will also draw price increases of 30%-plus in D&O for many […]
By Canadian Underwriter | January 27, 2004
2 min read
Kingsway Financial Services Inc. (TSX: KFS) is planning a US$100 million private offering of senior debt notes through its wholly-owned subsidiary Kingsway America Inc. The offering will be made available to institutional buyers in the U.S.Kingsway says capital raised from the offering will primarily be used to repay existing debt of Kingsway America. The notes […]
By Canadian Underwriter | January 26, 2004
The Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate governance.The proposals released to industry groups are guidelines for best practices for corporate governance and […]
By Canadian Underwriter | January 23, 2004
Calgary-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is planning a non-brokered private placement of up to 468,750 units priced at $1.28 each, for total gross proceeds of $600,000. Each unit contains one common share and one share purchase warrant the warrant entitles the holder to purchase a further common share for […]
By Canadian Underwriter | January 22, 2004
Fairfax’s Fairmont Specialty Group Inc. which includes the remaining business of former subsidiaries TIG Insurance Group and Ranger Insurance Group says U.S. regulators have given a "thumbs up" to the company’s structure and capitalization.The announcement prompted rating agency A.M. Best to place under review with developing implications the financial strength ratings of Fairmont Insurance Co. […]
By Canadian Underwriter | January 21, 2004
TD Bank’s insurance arm has purchased the Canadian personal lines book of Liberty Mutual, a subsidiary of Boston-based Liberty Group. Meloche Monnex, which sells personal home and auto insurance as TD Insurance Home and Auto and under its own name, will become the largest direct writer of p&c insurance in Canada, and join the top […]
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