What’s new: In brief (August 24, 2004)

Fairfax Financial Holdings Ltd. is selling US$95 million in 7.75% senior notes due 2012 at an issue price of 97.25%. The company says it plans to use the proceeds to purchase its outstanding debt from time to time, based on market conditions, or for general corporate purposes. The offering is expected to close August 27.

Crawford Adjusters Canada is linking up with its U.S. offices to assign vehicle appraisals thorough the proprietary Vtech technology. In future, the technology is planned for use with direct repair and auto glass networks.

The U.S. House Financial Services Committee has released its draft of a new regulatory structure for p&c insurance. The “State Modernization Regulatory Transparency Act” would give states three years to upgrade regulatory systems, including greater transparency. The rules would also loosen up many of the controls on p&c coverage. The draft does not include an optional federal charter, which had been discussed previously.