Industry
Toronto-based industry technology provider InSystems is being sold to Standard Register, an Ohio company, for US$89 million cash. Standard Register (NYSE: SR), sells technology solutions to companies in 40 countries and has annual revenue exceeding US$1 billion. InSystems, in business since 1989, has annual revenue of about US$24 million and employs about 230 people. InSystems […]
By Canadian Underwriter | June 27, 2002
1 min read
Following the sale of 6 million common shares last week, for net proceeds of US$77 million, broker consolidator Hub International (TSX, NYSE: HBG) has also netted US$11.8 million in an over-allotment offering.J.P. Morgan Securities, on behalf of a group of underwriters, exercised the option to acquire 900,000 common shares. Also among the group were Cochran, […]
Rating agency A.M. Best has affirmed a B (fair) rating for Optimum General Inc. and its subsidiary operations. The rating agency points out that this is a negative outlook based on the insurer’s weakened capital reserve stemming from losses incurred in 2001 in primarily Ontario, the Atlantic provinces and Texas.Optimum’s management has initiated a profit […]
By Canadian Underwriter | June 25, 2002
Hub International Limited (NYSE: HBG and TSX: HBG) has announced that its initial U.S. public offering of 6,000,000 common shares has been priced at US$14 per share. Hub International has also granted the Underwriters an option to purchase up to 900,000 additional shares to cover over allotments, if any. All shares are being issued and […]
By Canadian Underwriter | June 18, 2002
XL Capital Ltd (NYSE: XL), today announced that it plans to integrate its reinsurance operations following the ratification in January this year of XL’s previously announced acquisition of a 67% majority shareholding in Le Mans Re. Le Mans Re is a joint venture reinsurer formed by XL and MMA in 1999. The proposed integration, which […]
By Canadian Underwriter | June 17, 2002
2 min read
Kingsway Financial Services Inc. (TSE: KFS) has withdrawn its previously announced $75 million public share offering. The company’s CEO Bill Star says the decision to terminate the offering was made primarily in response to under-performing value of the share price subsequent to the June PO announcement. "Since announcing the transaction, the shares have been trading […]
By Canadian Underwriter | June 16, 2002
The Insurance Bureau of Canada (IBC) is urging the provincial government to make changes to auto insurance in New Brunswick. In its submission to the Select Committee on Private Passenger Automobile Insurance in Fredericton, IBC has provided various models for auto reform to maintain an affordable and available product for New Brunswick drivers. The role […]
By Canadian Underwriter | June 13, 2002
New requirements for marine insurance proposed by the B.C. government are coming under fire from the province’s tourism operators. The Council of Tourism Associations is concerned that the new requirements may not respect “the unique nature” or individual marine-based adventure tourism operations.”Reputable tourism operators already work with their insurance brokers to carry coverage that is […]
By Canadian Underwriter | June 10, 2002
Toronto-based Kingsway Financial Services (TSE: KFS, NYSE: KFS) has announced it hopes to offer $75 million in common shares, with a 15% overallotment on both the U.S. and Canadian markets.A prospectus has been filed with the Canadian securities regulator, and a registration statement in the U.S. to this effect.The offering of common shares will be […]
By Canadian Underwriter | June 7, 2002
Rating agency A.M. Best has downgraded the financial strength rating of Ontario’s Gore Mutual Insurance Company to B+ from B++ on the back of deteriorating operating results and its heavy concentration of business in the troubled Ontario market. “For the past three years, net income has declined due to large underwriting losses and declining investment […]
By Canadian Underwriter | June 6, 2002
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