Industry
Insurers writing directors’ & officers’ (D&O) coverage will not expect substantially improved underwriting results in that line, predicts a new report by A.M. Best. In “The Directors & Officers Market: A Crisis in Remediation”, the rating agency notes that deterioration in the market over the last several years should carry into this year, despite continued […]
By Canadian Underwriter | May 22, 2003
2 min read
The issuance of US$200 million in senior notes by Fairfax Financial subsidiary Crum & Forster Holdings Corp. should help the parent improve its liquidity.Rating agency A.M. Best has placed a “bb+” senior unsecured debt rating on the notes, which mature in 2013. Assessing the offering, Best says that along with an IPO on Fairfax’s Canadian […]
1 min read
Rating agency Standard & Poor’s is predicting little good news in the near term for insurers in Europe and Japan.In a report on the European insurance sector, S&P says that continued pressure on credit quality, despite some signs of stability, should lead to further downgrades.In reviewing the fortunes of 34 debt-issuing insurers, S&P says that […]
The Saskatchewan government has opened the door for that province’s credit unions to own or invest in insurance agencies and brokerages.Credit Union Central of Saskatchewan is applauding the changes to “The Credit Union Regulations, 1999″.”We are very pleased about this regulatory change,” says Sid Bildfell, CEO of Credit Union Central of Saskatchewan. “It means that […]
By Canadian Underwriter | May 16, 2003
Kingsway Financial Services Inc. (TSX: KFS) has completed the placement of US$17.5 million in 30-year floating rate trust preferred securities. The net proceed to the company will be about US$17 million. Kingsway says that the funds raised will be used as supporting capital in growing the companies various operations. The proceeds may also be used […]
By Canadian Underwriter | May 15, 2003
Storms, including tornadoes, that ripped through several Midwest U.S. states the first week of May could well exceed the worst storm losses ever, says AIR Worldwide Corp., a division of the U.S. Insurance Services Office (ISO).The previously held record for damages as a result of thunderstorms is US$2.2 billion, set by a severe weather system […]
The Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based on escalating bodily injury claims costs. Nova Scotia recently introduced a bill to freeze auto […]
By Canadian Underwriter | May 14, 2003
Technology vendor Custom Software Solutions Inc. (CSSI) is benefiting from a $1.175 million boost from a non-profit Internet development fund.CANARIE, an organization supported by member companies, project partners and the Government of Canada to offer funding for development of “next-generation research networks and the applications and services that run on them”.Manitoba-based CSSI says the funding […]
By Canadian Underwriter | May 13, 2003
Connecticut-based The Hartford Financial Services Group says it is exiting p&c assumed reinsurance, written through HartRe, and taking a US$1.7 billion charge to first quarter results for asbestos reserving.In total, the company is putting US$2.6 billion, net of reinsurance, toward asbestos reserves.The moves are part of an overall restructuring that includes cost cutting, the elimination […]
New legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto insurance.”The new structure takes politics out of ICBC rate-setting and ensures open, transparent and independently […]
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