Canadian Underwriter

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Insurance


News Insurance

Kingsway announces U.S. private paper offering

January 26, 2004 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) is planning a US$100 million private offering of senior debt notes through its wholly-owned subsidiary Kingsway America Inc. The offering will be made available to institutional buyers in the U.S.Kingsway says capital raised from

News Insurance

CIAB survey shows commercial p&c rate softening

January 26, 2004 by Canadian Underwriter

A survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases

News Insurance

OSC releases corporate governance guidelines for comment

January 23, 2004 by Canadian Underwriter

The Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate

News Insurance

Almost 40% of private companies anticipate d&o-based suit in 2004

January 23, 2004 by Canadian Underwriter

Nearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by

News Insurance

CEOs extol virtues of ERM, but implementation is slow to catch on

January 23, 2004 by Canadian Underwriter

Global CEOs understand the need for enterprise-wide risk management (ERM), but say there are many barriers to full implementation, according to the 7th annual Global CEO Survey by PricewaterhouseCoopers.The survey found CEOs confident of future growth in revenue (80% of

News Insurance

Reinsurance price stability predicted for 2004: Benfield Group

January 22, 2004 by Canadian Underwriter

U.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the

News Insurance

Anthony Clark announces private placement (January 22, 2004)

January 22, 2004 by Canadian Underwriter

Calgary-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is planning a non-brokered private placement of up to 468,750 units priced at $1.28 each, for total gross proceeds of $600,000. Each unit contains one common share and one

News Insurance

Commercial property rates dropping; signs of flattening in liability

January 22, 2004 by Canadian Underwriter

Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.Risk managers report not only are

News Insurance

Fairmont Specialty given okay by US regulators

January 21, 2004 by Canadian Underwriter

Fairfax’s Fairmont Specialty Group Inc. which includes the remaining business of former subsidiaries TIG Insurance Group and Ranger Insurance Group says U.S. regulators have given a "thumbs up" to the company’s structure and capitalization.The announcement prompted rating agency A.M. Best

News InsurancePersonal Lines

Meloche Monnex buys Liberty Mutual personal lines book

January 21, 2004 by Canadian Underwriter

TD Bank’s insurance arm has purchased the Canadian personal lines book of Liberty Mutual, a subsidiary of Boston-based Liberty Group. Meloche Monnex, which sells personal home and auto insurance as TD Insurance Home and Auto and under its own name,

News InsurancePersonal Lines

Study confirms auto injury losses skyrocketing in the U.S.

January 20, 2004 by Canadian Underwriter

While it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council

News InsurancePersonal Lines

Insurers prepared for Alberta auto rebates while reform talks continue

January 20, 2004 by Canadian Underwriter

About 90% of the auto insurance companies in Alberta had filed for rate rebates or credits as of January 14, although customers may wait months to actually receive their rebate.The rollbacks are part of a provincial government plan to reform