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Members of an auto theft ring operating from Berthierville, Quebec were apprehended by the authorities after a stolen vehicle equipped with a Boomerang Tracking System was traced to their hideout. The police recovered 10 stolen vehicles as well as various disassembled auto parts and other valuable stolen assets from the 4,000 square foot “chop shop”. […]
By Canadian Underwriter | June 21, 2002
1 min read
Risk
U.S. president George Bush called on Congress to act swiftly in packaging legislation that would allow for the passing of a single terrorism insurance bill guaranteeing government and insurance industry coverage for businesses against catastrophic terrorist attacks.This call came on the heels of the Senate’s unanimous approval of the Terrorism Insurance Act (S 2600) this […]
By Canadian Underwriter | June 20, 2002
2 min read
The New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure, which takes into account commercial and personal property claims as well as related covers such […]
By Canadian Underwriter | June 19, 2002
Industry
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
Kingsway Financial Services Inc. (TSE: KFS) has withdrawn its previously announced $75 million public share offering.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
North American airlines have succeeded in gaining a license to operate a risk retention pool from Vermont’s "onshore" captive domicile. The "Equitime" pool will provide its airline members with cover against terrorism and war related third-party risks. European airlines are currently seeking EU approval to establish a similar "self-insurance" mechanism in the wake of steep […]
By Canadian Underwriter | June 14, 2002
Claims
Wildfires running through Colorado’s Iron Mountain, near Canon City, recently are estimated to have caused US$75 million in insured damages, says the Rocky Mountain Insurance Information Association.In a press release, the association notes that the number is based on a majority of insurers having reported claims filed thus far. About 78 claims have been filed, […]
In it submission to the New Brunswick select committee on auto insurance, the Facility Association is asking that it be subject to the same “file and use” rate system as the rest of the industry. Although 1997 legislation in New Brunswick allows the voluntary market flexibility to increase rates through the “file and use” system, […]
By Canadian Underwriter | June 13, 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 […]
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