Industry
The latest acquisition for specialty insurer Kingsway Financial Services (TSE, NYSE: KFS) has passed two hurdles. The purchase of American Country Insurance Company in Illinois has been approved by the state regulator and is being endorsed by the board of parent company American Country Holdings Inc. Kingsway is offering US$2.10 for each common share, US$12 […]
By Canadian Underwriter | March 27, 2002
1 min read
Montreal-based insurer Optimum General is shutting down its Atlantic offices following unacceptable losses in the region’s auto market. The company will cease to write new business and stop renewing policies as of July 1, 2002. Current policies will be honored, with a minimum staff at the Moncton office to handle claims. The Halifax office will […]
By Canadian Underwriter | March 26, 2002
Broker network consolidator Vector Intermediaries Inc. (CDNX: VTE) has sold its Atlantic Canada operation, King Financial Ltd., to Huestis Group for an undisclosed amount. The deal, which is subject to due diligence review and approval by the CDNX, is expected to be finalized by the end of April this year.Huestis is a local brokerage operator […]
By Canadian Underwriter | March 25, 2002
Canada’s insurance regulators have finished a project intended to harmonize and streamline the classes of insurance across provincial borders. There are now 16 classes, reduced from the 50 different types of insurance found overall in various provinces and territories, says the Canadian Council of Insurance Regulators (CCIR). The only exception is Quebec, where there are […]
By Canadian Underwriter | March 22, 2002
Despite a change in public attitudes towards tort reform in Newfoundland, the Insurance Bureau of Canada is continuing to push for changes to the auto insurance system there. In an address to the St. John’s Rotary Club, IBC regional vice president Don Forgeron reiterated the industry lobby group’s position that changes are needed to the […]
By Canadian Underwriter | March 21, 2002
2 min read
In the wake of the Supreme Court of Canada’s decision not to allow an appeal in the case of McNaughton v. The Co-operators General Insurance Company of Canada, similar suits are now being launched in Ontario and Alberta. The case, which involves insurance companies charging a deductible on cars written off following collisions and then […]
By Canadian Underwriter | March 19, 2002
Cologne, Germany-based Gerling Versicherungs Beteiligungs A.G. which operates globally in the primary insurance, reinsurance and life sectors has been put up for sale by one of the company’s majority shareholders, Deutsche Bank, a statement released by the group says.The troubled insurance group, which wrote total gross premiums of around US$8.5 billion for 2000, indicated earlier […]
By Canadian Underwriter | March 15, 2002
Canadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just released Insurance Bureau of Canada (IBC) data.Speaking at the Swiss Reinsurance Co. Canada’s annual Statistical […]
By Canadian Underwriter | March 12, 2002
3 min read
In the face of public defiance by some key shareholders, the mega-merger of lifecos Clarica and Sun Life was passed by Clarica shareholders yesterday. The deal creates Canada’s largest life insurer, with $398.8 billion in assets under management and combined revenue in 2001 of $23 billion.Dissenters had objected to a break-up fee of $310 million, […]
By Canadian Underwriter | March 7, 2002
European airliners represented by the Association of European Airlines (AEA) have rejected an insurance industry proposal for third-party war and terrorism coverage on grounds that the latest offering remains too costly.The AEA estimates that the latest insurance proposal would cost its members an additional Euro 600 million a year in coverage costs. The AEA rejection […]
By Canadian Underwriter | March 6, 2002
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