Industry
Fairfax Financial Holdings Ltd. (TSX: FFH) has renewed its intent to acquire its own issued subordinate voting shares in a bid to boost shareholder value in the company’s listed equity. Fairfax says that, pending regulatory approval, it will purchase about one million subordinate voting shares that have been issued by the company from between September […]
By Canadian Underwriter | September 22, 2003
1 min read
Toronto-based Kingsway Financial Services (TSX, NYSE: KFS) says it will offer US$50 million in trust preferred securities in the U.S. Dividend rates for the securities have not yet been determined, the company notes, as the announcement is the start of the marketing campaign and sales have not yet begun. A registration statement has been made […]
By Canadian Underwriter | September 17, 2003
Although the hard market pricing seen since late 2000 is now being reflected in U.S. p&c insurer results, questions about future exposure, specifically to environmental risks, remain, says rating agency A.M. Best.Commenting on first-half 2003 results, the rater says net income is up 159%, to US$18.6 billion, from the US$7.2 billion reported for first-half 2002.Rate […]
By Canadian Underwriter | September 15, 2003
2 min read
For Insurance Bureau of Canada (IBC) chief economist Paul Kovacs has been named president and CEO of the industry’s guaranty fund. The Property and Casualty Insurance Compensation Corp. (PACICC) says Kovacs will take over immediately, with current CEO Alex Kennedy set to retire at the end of the year. Kennedy has held the post for […]
By Canadian Underwriter | September 12, 2003
With news of the retirement of Royal & SunAlliance Canada Group CEO Larry Simmons, Rowan Saunders has been named to take over the top spot in the company.Saunders was most recently president of Royal’s Agilon Financial, as well as vice president of personal insurance for Royal. He has been with the company since 1987.”Mr. Saunders […]
The Insurance Bureau of Canada (IBC) and the Consumers’ Association of Canada (CAC) are engaging in a war of words over the cost of auto insurance, following the release of a study by the CAC suggesting rates in Ontario are substantially higher than in provinces where insurance is government-run.The Consumers’ Association, which advocates public auto […]
By Canadian Underwriter | September 11, 2003
3 min read
Despite dire predictions for the global reinsurance sector in a report by A.M. Best earlier this week, rating agency Standard & Poor’s says reinsurers’ fate is not so bleak.”We’re nearing the point where we would stabilize our view of the reinsurance industry,” says Rob Jones, a managing director in S&P’s London office. “Prices, and perhaps […]
By Canadian Underwriter | September 10, 2003
Staffing costs took a bite out of earnings for Calgary-based brokerage Anthony Clark International Insurance Brokers Ltd. (TSX: ACL). The company posted revenue for the three months ending June 30 of $1.40 million, versus $1.25 million for the same period a year earlier. This was largely on the basis of new business commissions, while about […]
On the back of strong second-quarter 2003 results, Fairfax’s Odyssey Re Holdings Corp. (TSX, NYSE: ORH) says it will pay a cash dividend of $0.025 per share. The dividend is payable on September 30, to stockholders of record as of September 16.The company recently reported net earnings of US$112.7 million for the second quarter, or […]
By Canadian Underwriter | September 8, 2003
As Ontario heads into an early October election, auto insurance stands to be a key issue on the campaign trail. An early volley was thrown with the release of a study by The Fraser Institute, a conservative public policy organization advocating private market solutions.The study suggests drivers are safer under private auto insurance systems than […]
By Canadian Underwriter | September 5, 2003
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