Industry
Fairfax Financial Holdings Ltd. (TSX: FFH) says a preliminary prospectus for an initial public offering (IPO) of common shares of Northbridge Financial Corp., a Canadian insurance holding company, has been filed. It is intended that Northbridge would become the listed holding company for Fairfax’s Canadian operations of Lombard, Commonwealth, Markel and Federated. Based on returns […]
April 30, 2003
1 min read
Several senior management members at Pilot Insurance Co. – the Ontario personal lines carrier for CGU Group Canada Ltd. – were recently removed from their positions following an audit investigation of the company’s books which uncovered a reserve shortfall totaling about $195 million. The combined shortfall equates to a 50% increase in Pilot’s reserves based […]
3 min read
Bermuda-based reinsurer PartnerRe (NYSE: PRE) has confirmed that Swiss Re intends to sell its stake in the company. In a press release, PartnerRe says it has received a notice from Swiss Re to exercise their rights under the terms of the “registration rights agreement” between the two companies.PartnerRe will file with the New York Securities […]
By Canadian Underwriter | April 30, 2003
Insurers need to stand up to paralegals, tow truck operators, rehabilitation clinics and claimants who attempt to defraud the auto insurance system, Kingsway Financial Services CEO Bill Star told attendees at an industry luncheon today. At the Insurance Institute of Canada’s (IIC) Spring Luncheon, Star said that too many insurers are sitting back, waiting for […]
2 min read
Despite movement towards legislative reform on asbestos litigation in the U.S., rating agency Moody’s says this will not likely help boost insurer ratings.Currently, the Senate is looking at an asbestos “fund”, reported to be some US$90 billion, that would be used to settle claims. The fund would largely be paid for by insurers and defendants.In […]
By Canadian Underwriter | April 29, 2003
A study released by Tillinghast – Towers Perrin based on a survey of U.S. and Canadian corporations on the purchase of directors’ and officers’ (D&O) insurance indicates that pricing rose on average by 30% for 2003 covers despite an overall abatement in claims frequency and severity for last year. Even with the steep rise in […]
By Canadian Underwriter | April 28, 2003
Crawford Adjusters Canada reports it has been appointed to handle claims administration for the class action settlement of a recalled hip implant.The independent adjuster’s Montreal-based team, “Crawford Expertises Canada”, was appointed by a justice of the Quebec Superior Court to handle claims relating to the “Centerpulse” hip implant. The implants were recalled in December 2002, […]
The total reserve deficiencies at Pilot Insurance Co., a subsidiary of CGU Group Canada Ltd., have been pegged at about $195 million, according to a quarterly report on group business results released by U.K., London-based parent Aviva plc. The latest information follows a recent shock announcement by CGU Canada that reserve deficiencies had been uncovered […]
By Canadian Underwriter | April 25, 2003
Broker consolidator Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) has been charged with illegally inflating its share price by the Alberta Securities Commission (ASC).The announcement comes the same day the Calgary-based brokerage announced a share buy-back approved by the Toronto Stock Exchange and one day after announcing an agreement to expand into […]
At today’s agm for the Centre for Study of Insurance Operations (CSIO) attendees learned that the industry association is looking at different options for the development of future phases of its broker-insurer portal project.With the first phase of the portal, a web-based interface for insurers and brokers, about the move from testing into launch, the […]
By Canadian Underwriter | April 24, 2003
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