Industry
French reinsurer SCOR Group is “formally contesting” the downgrade it suffered at the hands of rating agency Fitch. SCOR says the downgrade to BB+ from BBB- is “unfounded, ill-timed and causes serious damage to the company”.In a statement, the reinsurer says the downgrade, which comes just two weeks before the company is set to complete […]
By Canadian Underwriter | November 24, 2003
1 min read
Montreal-based Optimum General continued to climb back into the black in the third quarter ending September 30, 2003, posting net profit of $411,000, or $0.04 per share, compared with a net loss of $743,000, or $0.07 per share, in third-quarter 2002. For the first nine months of 2003, the company posted net profit of $903,00, […]
By Canadian Underwriter | November 20, 2003
2 min read
SCOR Canada president & CEO Henry Klecan Jr. will be adding another title to his business card, with the parent company announcing he will assume responsibility for SCOR US. Klecan says he is “extremely flattered by the confidence SCOR Group has shown in inviting him to take on the secondment to restructure the US operations. […]
By Canadian Underwriter | November 19, 2003
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) says it has made an agreement with a syndicate of underwriters to sell US$75 million in 10-year senior notes. The notes will bear interest of 7.65% annually, paid semi-annually starting in May 2004.The offering is actually a re-opening of an issuance made on October 31, and in total, […]
Responding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.”Despite a lot of negative attention given recently to the auto insurance industry, Ontario’s auto insurers have shown once […]
By Canadian Underwriter | November 18, 2003
Kingsway Financial Services (TSX: KFS) has sold its approximate 25% equity stake in USA Insurance Group to BISYS Group Inc. (NYSE: BSG) for a net proceed (consisting of both cash and stock in BSG) of about US$19.6 million. USA Insurance Group is a Florida-based managing general agent (MGA) specializing in commercial automobile lines.A Kingsway statement […]
By Canadian Underwriter | November 13, 2003
A move by the former Ontario Conservative government to reduce income replacement benefits (IRBs) for auto accident victims has been revoked by the new Liberal leadership.This week, the Financial Services Commission of Ontario (FSCO) announced that the move to reduce weekly maximum IRBs to $300 from $400 has been rescinded. The change was previously announced […]
By Canadian Underwriter | November 12, 2003
It was a case of good news and bad news for Calgary-based Anthony Clark International Insurance Brokers Ltd. this week. The company announced it has purchased its second brokerage in the U.S., but in other news, it faces a $515,000 judgement against the company for a stock deal gone bad.James Bonifiglio was awarded the $515,000 […]
A conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually fall below levels in provinces where auto insurance is government-run Saskatchewan, B.C., Manitoba and Quebec […]
By Canadian Underwriter | November 11, 2003
General Electric’s Employers’ Reinsurance Corp. says it will stop writing life and health reinsurance in Canada as it changes focus in that side of its business.With the goal of creating “a smaller, higher return” life and health business, the company with focus its global life and health writings on Europe, and write only accident and […]
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