Industry
The Ontario Superior Court of Justice today issued a wind up order for Markham General Insurance Co. This move follows application earlier this week by the Financial Services Commission of Ontario (FSCO) to seize the assets of the insurer.The court has appointed Deloitte and Touche Inc. as the provisional liquidator. Markham General was licensed to […]
By Canadian Underwriter | July 24, 2002
1 min read
The Financial Services Commission of Ontario (FSCO) has issued notice that the regulator will take possession of the assets of troubled insurer, Markham General Insurance Co. The insurer recently cancelled active policies and ceased writing new business.FSCO says its action against Markham had followed close monitoring of the company’s financial affairs, and after having been […]
By Canadian Underwriter | July 22, 2002
Following several years of disappointing underwriting experience, Lloyd’s of London today unveiled a restructuring plan which it hopes will "modernize" the market and create a more comparable financial performance environment.Lloyd intends for the market to be operated as a "franchise of businesses" under the directorship of a "franchise board". The Lloyd’s market consists of syndicates […]
By Canadian Underwriter | July 19, 2002
Canada’s public companies and their auditors will be under increased scrutiny with the creation of the Canadian Public Accountability Board (CPAB), announced by the Canadian Securities Administrators (CSA), the Office of the Superintendent of Financial Institutions (OSFI) and the Canadian Association of Chartered Accountants (CACA).The new system will oversee public company auditors and enforce new […]
By Canadian Underwriter | July 17, 2002
2 min read
Bryan Davies has been named the new superintendent and CEO of the Financial Services Commission of Ontario (FSCO). He replaces Philip Howell, acting superintendent since the retirement of Dina Palozzi last year.Davies was most recently senior vice president of regulatory affairs for the Royal Bank of Canada. Prior to that he was senior vice president […]
By Canadian Underwriter | July 16, 2002
As the federal government looks at submissions on the possibility of establishing co-operative banks nationally, at least one credit union is calling for these institutions to be allowed to sell insurance.Banks are banned from selling insurance through their branches through Bill C-8, but credit unions in certain provinces are allowed to do so.The submission, from […]
By Canadian Underwriter | July 15, 2002
Kingsway Financial Services Inc. (TSE: KFS) has gained approval from the Financial Services Commission of Ontario (FSCO) to eliminate certain classes of personal auto business and implement an across-the-board 8.5% increase in rates. The rate adjustments take effect from the beginning of September this year on new business, while renewal business will be subject to […]
By Canadian Underwriter | July 12, 2002
Pet insurance provider Pethealth Inc. (TSX Venture: PTZ) is planning a private placement of up to 30 million units, at a price of $0.12 each. Units will consist of one common share and one common share purchase warrant. Warrants can be used to buy a common share for $0.18 prior to close of business December […]
By Canadian Underwriter | July 11, 2002
Damage from flooding across Texas is being pegged at US$1 billion, with a death toll of at least 8. Over 30 inches of rainfall has caused flooding over a wide strip of the state starting in the San Antonio area, and forced thousands from their homes.According to the American Red Cross, upwards of 48,000 homes […]
Losses stemming from the September 11 terrorist are not the only thing to blame for the terrible performance by U.S. insurers last years, says a report from Florida-based Weiss Ratings Inc. But an overall leap in claims costs is certainly the biggest factor is 2001’s US$9 billion industry loss. Claims for the year were a […]
By Canadian Underwriter | July 10, 2002
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