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The debate surrounding compensation for unearned premiums was among the issues on the table at the recent annual general meeting of the Property and Casualty Insurance Compensation Corporation (PACICC). The corporation, set up to pay out claims following insurer insolvencies, had been asked by regulators to review its coverage of unearned premiums. PACICC had instituted […]
February 28, 2002
2 min read
Industry
Specialty insurer Kingsway Financial Services (TSE: KFS) capped off a successful 2001 financial year with record earnings and revenue for the last quarter. The specialty insurer’s net income increased to $10 million from $7.4 million for the same period in 2000. Earnings rose to a record 23 a share for the last quarter of 2001, […]
1 min read
Risk
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. ORIMS Seminar: Risk Management Resources. Toronto, ON. For registration information contact Bruce Tainsh at 416-979-6231. March 21. Canadian Association […]
Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or $0.97 per share, compared with income of $31.7 million, or $1.13 per share, in 2000. Losses for the fourth quarter 2001 were $2.6 […]
By Canadian Underwriter | February 28, 2002
The Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the cost of claims, specifically of soft-tissue personal injury claims. A recent “closed claim” study conducted […]
Claims
Swiss Re, the world’s second-largest reinsurer has increased its after-tax loss estimate from the September 11 terrorist attacks to US$1.73 billion from US$1.25 billion. This and other exposures have left the company predicting a loss of more than US$117 million.Other loss events adding to the difficult year include Tropical Storm Allison and the Enron collapse. […]
By Canadian Underwriter | February 27, 2002
In keeping with the recent success of its U.S. acquisitions, Mississauga-based Kingsway Financial Services (TSE, NYSE: KFS) is making an offer on American Country Holdings Inc.Kingsway, which owns several subsidiaries in the U.S. and Canada, is offering US$2.10 per share of common stock, US$12 for preferred stock and US$0.175 per class A common stock purchase […]
U.K.-based CGNU says it is changing a few things, beginning with its name. The company, including its Canadian operations will be called Aviva, a name chosen to reflect the company’s international focus. Currently the company operates with 50 different names worldwide.”We are looking forward to adopting the worldwide brand in Canada” says Igal Mayer, president […]
Broker consolidator Hi-Alta (TSE: HIA) made the maximum amount possible from its recent release of debentures, bringing in $7 million in new capital. The offering of 9% convertible unsecured subordinated debentures was expected to bring in between $4 million and $7 million. The debentures can be converted into Hi-Alta common shares at a conversion price […]
By Canadian Underwriter | February 26, 2002
Adjusting firm Lindsey Morden Group Inc. posted a net loss of $5.8 million for the 2001 financial year to end December compared with the $23 million loss reported the previous year. The company was able to lift to revenue by 16% to $438.9 million for 2001 (2000: $377.2 million) due to what the directors note […]
By Canadian Underwriter | February 25, 2002
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