Industry
Rating agency A.M. Best has placed the financial strength and senior unsecured debt ratings of Kingsway Financial Services under review pending its annual review of the company.A.M. Best’s concerns come from the company’s rapid growth and its “elevated underwriting leverage position”. Kingsway’s written premium growth this year has exceeded the rating agency’s expectations, with A.M. […]
By Canadian Underwriter | November 27, 2002
1 min read
Kingsway Financial Services Inc.’s (TSX: KFS) U.S. arm, Kingsway America Inc., says that last Thursday it executed an agreement for the private sale of US$15 million (Cdn$23.6 million) in 30-year floating rate trust preferred securities. The securities are issued by a financing subsidiary formed by Kingsway America, which has the right to call the securities […]
By Canadian Underwriter | November 25, 2002
Rating agency A.M. Best has downgraded Paris-based reinsurer SCOR in light of news the company is projecting yearend losses of EUR 400 million (Cdn$623 million). Best downgrade of SCOR’s financial strength from A- from A (excellent) follows on the heels of Moody’s withdrawing the reinsurer’s A rating.A.M. Best is keeping Scor under review pending further […]
2 min read
A report on reforming New Brunswick’s auto insurance system is getting a chilly reception from the Insurance Bureau of Canada (IBC).Proposals to control auto rates in the province made by the Select Committee on Auto Insurance will, the IBC says, actually increase costs for insurers.The report does not deal with reducing soft tissue injury claims, […]
The Liberal B.C. government announced that it has temporarily opted against open competition in the province’s basic, mandatory auto insurance market.The provincial government delivered its long-awaited “Core Review” findings in investigating the operation of crown insurer, the Insurance Corp. of British Columbia (ICBC), with the view of deregulating the insurance market as part of a […]
Following research into the improper adjustment of headrests and their role in soft tissue injuries, the Insurance Bureau of Canada (IBC) is launching a national awareness campaign.The three-year campaign, “Rest up! Save your neck.” is aimed at teaching drivers how to properly adjust headrests and stressing their importance in preventing injury. “Whiplash and other related […]
By Canadian Underwriter | November 21, 2002
GE is lowering its earnings expectations for the year after taking a US$1.4 billion charge to increase reserves at Employers Reinsurance Corp. (ERC). GE’s 2002 earnings target is not US$1.51 per share, versus earlier forecasts of US$1.65 per share, a year-on-year increase of 7%.”Reinsurance is an industry that has had a difficult time over the […]
Insurers are ahead of the rest of corporate Canada when it comes to managing fraud and misconduct, according to a survey from KPMG Forensic.Among the insurance industry’s responses to the survey, 100% said fraud risks are the responsibility of the CFO and head of internal audit, compared with 80% of corporate Canada placing this responsibility […]
By Canadian Underwriter | November 14, 2002
Amidst expectations of a large yearend loss for French reinsurer SCOR, rating agency Moody’s has taken away the company’s “A” rating.Moody’s has downgraded SCOR to Baa1 from A1 in terms of financial strength. Its senior debt is also downgraded to Baa3 from A2 and its subordinate debt to Ba1 from A3.The downgrade follows SCOR’s recent […]
Business IT solutions provider CGI Group Inc. (TSX: GIB.A) has signed an agreement to acquire claims specialist Underwriters Adjustment Bureau Ltd. (UAB) for $53 million. The deal is expected to close by the beginning of next year.UAB generates about $100 million in annual revenue. A statement released by CGI says the deal will benefit the […]
By Canadian Underwriter | November 13, 2002
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