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Fairfax reinsurance subsidiary lists on Wall St.

June 14, 2001 by Canadian Underwriter

Fairfax Financial Holdings’ U.S.-based reinsurance operation, Odyssey Re, began trading yesterday on the New York Stock Exchange following a successful public placement of 17.1 million shares valued at US$18 a share. The company, which is ranked among the top ten

News Insurance

Swiss Re report predicts explosive growth in risk securitization products

June 14, 2001 by Canadian Underwriter

A recently released Swiss Re Sigma report titled "Capital Market Innovation in the Insurance Industry" suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into

News Insurance

Desjardins launch wireless customer service

June 14, 2001 by Canadian Underwriter

Members of Quebec’s desjardins caisses have joined forces to introduce a wireless Internet service which will enable their clients to access information and perform transactions through cellular telephones. The movement announced the wireless technology today, in conjunction with developer Wysdom

News Insurance

Western Surety opens first branch office

June 14, 2001 by Canadian Underwriter

Western Surety Company has opened its first branch office located in Halifax, Nova Scotia. “We’ve been looking at expanding our operations, and with the excellent business we have already established in Atlantic Canada, it just made sense to open an

News Insurance

Ontario financial services superintendent resigns office

June 13, 2001 by Canadian Underwriter

On the verge of the merger of the Financial Services Commission of Ontario (FSCO) with the Ontario Securities Commission (OSC) set to take place in the early fall of this year, former FSCO head Dina Palozzi has announced her early

News Insurance

Desjardins raises capital for acquisitional expansion

June 13, 2001 by Canadian Underwriter

Le Mouvement des caisses Desjardins plans to raise US$ 400 million this coming fall to finance acquisitional growth outside of the Quebec market, specifically with the intent of acquiring insurance and brokerage interests.The Quebec-based financial services co-operative will issue debentures

News Insurance

Co-operators hits loss rut again (June 13, 2001)

June 13, 2001 by Canadian Underwriter

Following improved financial performance for the last quarter of 2000, the Co-operators General Insurance Co. reported a net loss of $20 million for the first quarter of this year, equal to 107c a common share against last year’s first quarter

News Insurance

Alberta homeowners covered for "living expense" following fire evacuation

June 13, 2001 by Canadian Underwriter

Homeowners of Chisholm and Slave Lake, located 150 kilometers north of Edmonton, Alberta, will be covered under most insurance policies for additional living expenses they incurred when the areas in question were evacuated as a result of a forest fire

News Insurance

Assurex acquires B.C. brokerage

June 12, 2001 by Canadian Underwriter

Ohio, U.S.-based commercial brokerage group Assurex International has acquired risk management specialist CMW Insurance Services Ltd. located in Burnaby, British Columbia. Details of the transaction were not made public. CMW Insurance specializes in the risk areas of construction, property development,

News InsurancePersonal Lines

Insurers battle against rising claims tide

June 12, 2001 by Canadian Underwriter

The Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of

News Insurance

New RIMS designation takes shape

June 11, 2001 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) has announced the formation of an advisory council to lead the development of its new “fellow” designation. Based on the Canadian-made Fellow of Risk Management, the new educational level promises to take a

News Insurance

Federal Bill C-8 a "done deal"

June 11, 2001 by Canadian Underwriter

Canada’s new federal financial services legislation under Bill C-8 entered the final stage of debate by the Senate following approval last week by the finance committee of the Senate. It is expected that the new legislation will be enacted by