Industry
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”.Fairfax had filed a registration with the U.S. Securities and Exchange Commission in March to offer the common stock.The company also notes that it has netted US$69 million aggregate cash […]
By Canadian Underwriter | July 9, 2002
1 min read
Following the conviction of an insurance wholesaler in Saskatchewan, the Registered Insurance Brokers of Ontario (RIBO) and some insurers are issuing warnings to brokers.In a general warning in its quarterly newsletter, RIBO notes that brokers should proceed with “extreme caution” when dealing with unregulated intermediaries. Ontario is the only province that does not require wholesale […]
Sports and entertainment insurer K&K Insurance Group is back in business after having to find a new underwriting partner. K&K, the biggest managing general agent (MGA) for the leisure and entertainment industries, was on hold after its largest carrier TIG dropped out. Now a new carrier, Sovereign General Insurance Company, has signed a managing underwriter […]
By Canadian Underwriter | July 4, 2002
Broker consolidator network Western Financial Group Inc. (TSE: WES), formerly Hi-Alta Capital Inc., plans on repurchasing its outstanding 10% convertible, redeemable, subordinated debentures (issued in June 1998) for a total payment of $2 million. As part of the arrangement, Western is offering holders a cash payment and/or the option of new 9% convertible, unsecured, subordinated […]
By Canadian Underwriter | July 2, 2002
Kingsway Financial Services Inc. (TSE: KFS) has withdrawn a $75 million public share offering announced in early June. The company’s CEO Bill Star says the decision to terminate the offering was made primarily in response to the under-performing value of the share price subsequent to the June PO announcement. “Since announcing the transaction, the shares […]
June 30, 2002
Manitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants to keep rates stable for its basic “Autopac” coverage, according to its annual submission to […]
2 min read
As insurers, auto manufacturers and other claims supply chain representatives met for the annual AIM Forum in Toronto recently, cost control and injury reduction took the front seat. From the aftermarket parts debate to personal injury claims inflation, speakers noted that insurers and auto makers must find ways to protect against fraud and keep drivers safer, while still keeping a lid on expenses.
5 min read
As Alberta's brokers met in Edmonton for their annual convention, the situation in other provincial auto markets was at the forefront of discussion. The Independent Insurance Brokers Association of Alberta (IIBAA) has assembled a committee to look at cost and availability of auto insurance, anticipating that the growth in claims costs and rate hikes in the Ontario and Atlantic markets may soon move west.
3 min read
The Financial Services Commission of Ontario (FSCO) has named Anne Corbett as acting vice chair of FSCO and the Financial Services Tribunal. Corbett is a partner with law firm Borden Ladner Gervais LLP. Hub International Ltd. has appointed Joseph P. Flanagan as president and CEO of its Chicago-based Mack and Parker brokerage unit. Also, Richard […]
A new Toronto-based specialty lines operation from Royal & SunAlliance, “knowledgeworks”, is moving onto the scene with a primary offering of yacht coverage. Knowledgeworks spokesperson Jim McDonald says the new operation, with the tagline “an insurance think-tank”, wants to focus on specialty lines that require expert underwriting.Many of the customers are expected to be other […]
By Canadian Underwriter | June 28, 2002
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