Canadian Underwriter

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Insurance


News Insurance

Canadian companies feel confident of fraud coverage

July 9, 2003 by Canadian Underwriter

Despite almost half of Canadian companies reporting themselves a victim of economic crime, most feel they are well prepared to deal with the problem.In a study by Pricewaterhouse Coopers, 50% of Canadian companies say they have been a victim of

News Insurance

Fairfax wins British court battle

July 9, 2003 by Canadian Underwriter

Insurance giant Fairfax Financial Holdings Ltd. say its Sphere Drake Insurance unit has won a battle in the U.K. courts against underwriting agents and brokers the company says defrauded it.Sphere Drake (part of Fairfax’s European run-off group) alleged the underwriting

News InsuranceMergers and Aqcuisitions

Health care providers support Ontario auto regs

July 8, 2003 by Canadian Underwriter

A group representing many health care providers is going public with its support for auto insurance reforms implemented by the Ontario government.The Coalition of Regulated Health Professional Associations and Allied Organizations says it supports regulations for Bill-198 which put in

News Insurance

Broker and insurance exchange set up oil & gas specialist

July 8, 2003 by Canadian Underwriter

Calgary-based brokerage Jones Brown Inc. has joined with the Canadian Petroleum Insurance Exchange Ltd. (CPIXL) to set up a new oil & gas specialist operation. JB Oil & Gas Insurance Ltd. will offer insurance solutions and risk management aimed specifically

News Insurance

Moody’s lowers Royal & SunAlliance rating on U.S. concerns

July 7, 2003 by Canadian Underwriter

Rating agency Moody’s has lowered the financial strength ratings of Royal & SunAlliance Insurance Plc (RSA) and it subsidiaries to Baa2 from Baa1 as a result of concerns over its U.S. operations. The subordinated debt rating of Royal & SunAlliance

News Insurance

Weak first-quarter 2003 leads to SCOR downgrade

July 7, 2003 by Canadian Underwriter

Paris-based SCOR and its subsidiaries have lost their “A” rating from Standard & Poor’s (S&P) on the back of poor first-quarter 2003 results, says the rating agency. SCOR has dropped to BBB+ from A- in its financial strength and long-term

News Insurance

Reider Insurance purchases Winnipeg brokerage

July 4, 2003 by Canadian Underwriter

Manitoba’s Reider Insurance Services has acquired Winnipeg-based brokerage Allan K.B. and Associates Insurance Agency. The brokerage, which is more than 20 years old, will be merged with Reider’s Munroe Shopping Centre Location.“We are very pleased with the most recent purchase

News InsuranceMergers and Aqcuisitions

Insurance Co. of PEI latest to lower New Brunswick rates

July 4, 2003 by Canadian Underwriter

SGI-owned The Insurance Co. of PEI says it will defer a previously announced rate increase on New Brunswick auto insurance, which should result in premiums dropping 10%-18% for policies renewed after July 1.The company calls the move “an interim step”

News Insurance

Kingsway nets $101 million from offering

July 4, 2003 by Canadian Underwriter

Kingsway Financial Services (TSX, NYSE: KFS) has completed its previously announced public offering of 6.1 million common shares at $16.70 per share for gross proceeds of $101.87 million.The offering was made on a “bought deal” basis to a syndicate of

News Insurance

Odyssey Re realized gains up; Crum and Forster facility in place

July 4, 2003 by Canadian Underwriter

In advance of reporting its second-quarter 2003 results, Fairfax company Odyssey Re Holdings Corp. (NYSE, TSX: ORH) says its net pre-tax realized capital gains will be about US$130 million for the period ending June 30, 2003.This makes year-to-date pre-tax capital

News Insurance

ING Western Union merged into ING Insurance

July 3, 2003 by Canadian Underwriter

ING Canada is merging its property and casualty operations under one brand. ING Western Union will merge with ING Insurance Co. of Canada to play into ING’s desire to brand itself as a financial services giant.“As ING is expanding its

News InsuranceMergers and Aqcuisitions

Ontario auto regulations meet insurer approval

July 3, 2003 by Canadian Underwriter

After more than six months, Ontario has finally put auto insurance regulations on the books in response to Bill-198. The changes were as anticipated and met with insurer approval as a means to address rising accident benefits (AB) costs.Among the