Industry
The U.K.-based Royal & SunAlliance Insurance Group plc has appointed Andy Haste as the new group CEO. Haste will take up his position from the beginning of April next year. Former CEO Bob Mendelsohn resigned earlier this year against a backdrop of poor company financial performance and plummeting stock values. Royal & SunAlliance recently announced […]
By Canadian Underwriter | December 20, 2002
1 min read
A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the combined ratio to an average of 103.3% for 2003 compared with this year’s 106.3%.The III […]
By Canadian Underwriter | December 16, 2002
The act to place Ontario’s bodyshops under industry self-regulation was passed on the last night of the Ontario legislature’s sitting before Christmas break. The Collision Repair Standards Act of 2002 puts the collision, auto body and auto refinishing industries under the authority of a 10-member board which will institute industry standards. The board is made […]
The Lloyd’s of London insurance market says in 2003 it will hit its highest capacity ever, with an estimated US$22.44 billion (Cdn$35.02). At a speech today in New York, Lloyd’s chairman Nick Prettejohn announced that market would leap over this year’s capacity of US$18 billion (Cdn$28.09 billion). The figure represents the maximum volume of insurance […]
By Canadian Underwriter | December 13, 2002
2 min read
CGU Insurance Co. of Canada will be offering renewals on Royal & SunAlliance’s Quebec personal lines book, notes a joint press release from the insurers. This will commence with April 1, 2003 renewals, as policies expire. Some of Royal’s Quebec staff will be offered positions with CGU, although no numbers were disclosed. The deal with […]
By Canadian Underwriter | December 12, 2002
CGU Group Canada Ltd., the Canadian arm of the global Aviva plc. Insurance group, issued a media statement clarifying its decision to withdraw from A.M. Best’s rating services. A.M. Best issued a statement on Monday of this week indicating that the financial strength ratings of the CGU Group and its subsidiary companies of "A (excellent)" […]
By Canadian Underwriter | December 11, 2002
In a release today, Montreal-based Optimum Group Inc. says it has bought 83,900 class A subordinate shares in Optimum General (TSX: OGI.A), through subsidiaries Optimum Re and Optimum Vie.Since November 30, Optimum Re has purchased 66,200 and Optimum Vie, 17,700, of the shares at the current market price, in the range of $2.50-$2.75. This increases […]
By Canadian Underwriter | December 10, 2002
The Financial Services Commission of Ontario (FSCO) has charged Michael Ricci, a paralegal, for making false and misleading statements. Ricci will appear in court on January 23, 2003.Ricci faces seven charges of making a false or misleading statement or representation to an insurer in order to obtain payment for goods or services provided to an […]
By Canadian Underwriter | December 9, 2002
Specialty insurer Kingsway Financial Services (TSX, NYSE: KFS) has closed two offerings which combined have netted the company almost $100 million in new capital.The public offering of $78 million in 8.25% unsecured senior debentures netted the company about $77.1 million. Kingsway notes that the debentures are due December 31, 2007 and yield to maturity is […]
Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) has sold its Ontario operations under Vector Insurance Network (Ontario) to the Huestis Group for $4.6 million. The deal is expected to close by the beginning of next year. Vector says the funds raised from the disposal will be used to reduce its long-term debt position. The […]
By Canadian Underwriter | December 8, 2002
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
