Industry
Earlier in the week, the Alberta government warned consumers about purchasing insurance from unlicensed insurers. According to an Insurance Bureau of Canada (IBC) news release issued about the warnings, injunctions have been obtained against Combined Services Ltd., Citadel General Surety Ltd., Vanguard Marine and General Ltd., and Tri-Continental Exchange Ltd., ordering them to stop carrying […]
By Canadian Underwriter | July 6, 2001
2 min read
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In the wake of Canada Day riots that rocked the city of Edmonton last week, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds of thousands of dollars as a result of the uprising, which broke out early Canada […]
1 min read
Law firms Gowling Lafleur Henderson LLP and Smith Lyons LLP have agreed to merge, forming the second largest practice in Canada. The new firm, operating under the Gowlings name, will have about 690 lawyers, second only to McCarthy Tetrault which has 730.Both firms practice insurance law, and are headquartered in Toronto. Over the past several […]
By Canadian Underwriter | July 5, 2001
Boomerang Tracking Inc. (TSE: BMG) notes that during the past 12 months, through agreements with 32 insurance companies in Quebec and 14 in Ontario, the company’s vehicle tracking device has led to the recovery of over 1,000 vehicles valued at more than $50 million. In announcing its year-end financial results, the company also says that […]
Kingsway Financial Services (TSE: KFS) has filed an amended rights offering prospectus with the Canadian securities regulator that now offers five million of the company’s common shares through the recently announced public offering. An additional 750,000 common shares have been allocated for over-allotments. The underwriting managers for the public offering now comprise CIBC World Markets […]
By Canadian Underwriter | July 4, 2001
Calgary-based brokerage group Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) is looking to implement a shareholders’ rights plan that would enable the company to block hostile takeover bids. ACL shareholders will be asked to approve the rights plan at the upcoming annual general meeting. The Toronto Stock Exchange has conditionally accepted the rights plan, […]
Risk
Co-operators General Insurance Company has obtained regulatory approval to sell 50% of its interest in Echelon Insurance, a wholly-owned subsidiary catering to the higher risk, “non-standard” auto insurance market. Under the terms of the sale agreement, EGI Investments Limited of Toronto is to acquire 50% ownership of Echelon and will be responsible for day-to-day management. […]
The Insurance Brokers Association of Canada (IBAC) today called on all broker-supporting insurers to support the industry’s attempt to develop a business-to-business, real-time Internet portal through the Centre for the Study of Insurance Operations (CSIO). The first development phase of the CSIO’s portal, which will allow brokers to secure online comparative price quoting on personal […]
By Canadian Underwriter | July 3, 2001
Broker consolidator Hub International Ltd. (TSE: HGB) says the previously announced acquisition of U.S.-based brokerage Kaye Group Inc. has been finalized. Kaye shareholders will receive US$14 a share in cash under the terms of the deal.As part of the transaction, Hub issued US$35 million in subordinate convertible debentures to its parent company, Fairfax Financial Holdings […]
Last year may have been a period in "hell" for global reinsurers. after seven consecutive years of declining rate adjustments spurred by weak market conditions, reinsurers were struck a double whammy of soaring catastrophic losses and a sudden reduction in retrocession capacity. action had to be taken, and was taken with treaty renewal rates rising around the globe. However, if last year was "hell", then this year the industry must face "purgatory", where the sins of the past will be tested against the resolve of reinsurers to implement the necessary premium rate adjustments desperately needed to regain profitability.
June 30, 2001
10 min read
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