What’s new: In brief (December 05, 2004)

The Financial Services Commission of Ontario (FSCO) has order two Toronto paralegals operating as “Castro and Associates” to cease and desist holding themselves out as paralegals. The interim order requires Carlos Castro, Manuel Castro and any of their representatives to stop acting as paralegals on statutory accident benefits (SABS) auto insurance claims. They must also notify all of their clients with outstanding claims that they can no longer act as representatives, and discontinue advertising their services as SABS representatives in Ontario.

XN Risk Canada has named Sylvia Herreck as an underwriter, to be based out of its Montreal office. She brings 10 years of insurance industry experience with specific expertise in underwriting management liability products. Most recently she worked in the risk management and insurance department of Quebecor Media and has served as treasurer to the Quebec Risk & Insurance Management Association (QRIMA).

Fairfax says that as of the close of business December 2, US$112.0 million aggregate principal amount of notes had been tendered through its offer to repurchase outstanding debt securities of Fairfax and its TIG Holdings subsidiary. Along with US$27.5 million of 2005 notes which will be retired when they mature next April, this means the company has retired US$409.7 million or 75% of its 2005, 2006 and 2008 debt maturities since the beginning of the year. The offer remains open until December 20, with US$69.4 million in 2006 notes and US$63.7 million in 2008 notes outstanding.