Industry
Insurers are generally pleased with proposals set out in a new Ontario government “white paper” to further reform the auto insurance system.Many of the provisions are aimed at reducing health care costs and court awards on auto accident claims, something the industry has been pushing for. “We strongly support the government’s intention to more closely […]
By Canadian Underwriter | July 11, 2003
3 min read
Fairfax Financial Holdings (TSX, NYSE: FFH) will offer US$150 million in convertible senior debentures due 2023, the company announces.Fairfax plans to use about US$20 million of the net procedds to pay for subordinated voting shares purchased concurrently with the offering. The remainder will be used for “general corporate purposes” including investing in cash, short-term investments […]
1 min read
Insurance giant Fairfax Financial Holdings Ltd. say its Sphere Drake Insurance unit has won a battle in the U.K. courts against underwriting agents and brokers the company says defrauded it.Sphere Drake (part of Fairfax’s European run-off group) alleged the underwriting agents and brokers had fraudulently written reinsurance contracts exposing the company to “grossly under-priced” U.S. […]
By Canadian Underwriter | July 9, 2003
Rating agency Moody’s has lowered the financial strength ratings of Royal & SunAlliance Insurance Plc (RSA) and it subsidiaries to Baa2 from Baa1 as a result of concerns over its U.S. operations. The subordinated debt rating of Royal & SunAlliance Insurance Group was also lowered to Ba2 from Ba1. The outlook for all ratings is […]
By Canadian Underwriter | July 7, 2003
2 min read
Manitoba’s Reider Insurance Services has acquired Winnipeg-based brokerage Allan K.B. and Associates Insurance Agency. The brokerage, which is more than 20 years old, will be merged with Reider’s Munroe Shopping Centre Location.”We are very pleased with the most recent purchase of Allan K.B. and Associates Insurance Agency, rounding off our sixth acquisition to date and […]
By Canadian Underwriter | July 4, 2003
SGI-owned The Insurance Co. of PEI says it will defer a previously announced rate increase on New Brunswick auto insurance, which should result in premiums dropping 10%-18% for policies renewed after July 1.The company calls the move “an interim step” as it reviews New Brunswick’s changes to the Insurance Act over the next 60 days. […]
Kingsway Financial Services (TSX, NYSE: KFS) has completed its previously announced public offering of 6.1 million common shares at $16.70 per share for gross proceeds of $101.87 million.The offering was made on a “bought deal” basis to a syndicate of underwriters led by Scotia Capital Inc.Underwriting the offering were Scotia Capital Inc., CIBC World Markets […]
In advance of reporting its second-quarter 2003 results, Fairfax company Odyssey Re Holdings Corp. (NYSE, TSX: ORH) says its net pre-tax realized capital gains will be about US$130 million for the period ending June 30, 2003.This makes year-to-date pre-tax capital gains of $170, largely realized on its fixed income securities portfolio.The company notes the portion […]
ING Canada is merging its property and casualty operations under one brand. ING Western Union will merge with ING Insurance Co. of Canada to play into ING’s desire to brand itself as a financial services giant.”As ING is expanding its product offering in Canada to include more financial products, it becomes important that consumers across […]
By Canadian Underwriter | July 3, 2003
After more than six months, Ontario has finally put auto insurance regulations on the books in response to Bill-198. The changes were as anticipated and met with insurer approval as a means to address rising accident benefits (AB) costs.Among the changes is a pre-approved framework for minor injury treatment, a code of conduct for paralegals […]
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