Industry
May this holiday season be filled with peace and contentment for all. Happy New Year and wishing you the very best in 2004!
By Canadian Underwriter | December 23, 2003
1 min read
Kingsway Financial Services Inc. (TSX, NYSE: KFS) has completed its sixth private placement of trust preferred securities for the past twelve months, this time netting US$12.6 million.The placement included US$13 million in 30-year floating rate securities, with the proceeds earmarked for support business growth and other corporate purposes.Since December 2002, the company has raised about […]
By Canadian Underwriter | December 22, 2003
Despite reports from rating agencies suggesting reserve deficiencies remain a major concern for U.S. p&c insurers, Conning Research & Consulting says the situation is actually improving.Although reserve deficiencies persist, significant reserve additions made by companies in 2002 have turned the tide, according to Conning’s report, “Property-Casualty Loss Reserves: Strengthening Numbers”.”In many ways 2002 appeared to […]
By Canadian Underwriter | December 19, 2003
Statistics Canada data on auto insurance premiums is not only misleading, it caused the Bank of Canada to incorrectly hike interest rates, suggests a new study by right-wing think tank The Fraser Institute.The study says that StatsCan has been incorrectly measuring auto insurance inflation for the last seven years, overstating provincial auto insurance increases and […]
By Canadian Underwriter | December 18, 2003
2 min read
The Bermuda market experienced blue skies in the first nine months of 2003, according to data from rating agency A.M. Best. The top 15 Bermuda-based reinsurers and insurers posted a combined ratio of 87.5% year-to-date at the end of the third quarter, for underwriting income of US$3.0 billion.Overall, the 15 companies posted net premiums of […]
Wall Street analysts are predicting a solid 2004 for the U.S. insurance industry, according to the annual “earlybird forecast issued by the Insurance Information Institute (III).Analyst tell the III that a combined of premium growth and investment market recovery could produce a “Goldilocks” market in 2004, when the perfect storm of the past couple years […]
By Canadian Underwriter | December 17, 2003
Decelerating premium increases and adverse loss-reserve development chipped away at the strong premium growth and improved underwriting results of U.S. insurers in the first nine months of 2003, says rating agency A.M. Best. Each of reinsurance, commercial primary and personal lines primary achieved premium growth which reduced underwriting losses to US$5.2 billion for the first […]
By Canadian Underwriter | December 16, 2003
Rating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been assigned a negative outlook.”The ratings on AZ Canada [Allianz and Trafalgar collectively] were lowered due […]
By Canadian Underwriter | December 15, 2003
In its annual “Insurance Review” held both in London and New York, Swiss Re said that if insurers can maintain underwriting discipline, results through 2004 should highlight recovery.In Europe, strong pricing in 2003 was hampered by several factors, notes Thomas Hess, chief economist for Swiss Re. “To a large extent, the price increases achieved this […]
By Canadian Underwriter | December 12, 2003
Western Financial Group Inc. (TSX: WES) plans to raise approximately $10 million through a private placement, which the company says the proceeds will be used to fund its ongoing acquisition program, as well as for “general corporate purposes”. Subject to regulatory approval, the placement closes on December 18 this year.Western expects to issue just over […]
By Canadian Underwriter | December 11, 2003
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