Canadian Underwriter

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Insurance


News Insurance

U.S. May storm losses could be higher than expected

June 20, 2003 by Canadian Underwriter

If Missouri’s Insurance Department (MDI) is correct, insured losses from tornadoes and storms that struck several states in early May. In Missouri alone, insurers can expect to pay out US$500 million or more, says the department’s director, Scott Lakin.The Insurance

News Insurance

Alea closes Canadian branch

June 20, 2003 by Canadian Underwriter

Reinsurer Alea Europe Ltd. is closing its Canadian branch and will stop writing reinsurance here as of August 1.“This decision was taken because of the branch’s diminishing premium volume and the continuing inadequate level of profit available for Canadian reinsurance

News InsuranceMergers and Aqcuisitions

MPI asks for first rate increase in five years

June 19, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs

News Insurance

Markel sells U.K. auto book

June 19, 2003 by Canadian Underwriter

Fairfax subsidiary Markel is selling its U.K. auto portfolio to Brit Insurance Ltd. Markel International is selling the portfolio that includes fleet, self drive hire (rental) and taxi business. In total, the book is worth about 16.25 million pounds in

News InsuranceMergers and Aqcuisitions

Atlantic premiers to look at public auto option

June 18, 2003 by Canadian Underwriter

Atlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met

News Insurance

Kingsway raises $102 million through share placement

June 18, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) will issue about 6.1 million common shares to a group of underwriters led by Scotia Capital Inc. at a price of $16.70 a share, a company statement says. The underwriters also have the option

News InsuranceMergers and Aqcuisitions

Insurers pleased with NB cap on minor injury claims

June 17, 2003 by Canadian Underwriter

Insurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key

News Insurance

Ratings on eight Canadian companies downgraded: A.M. Best

June 17, 2003 by Canadian Underwriter

In releasing public data ratings on 44 Canadian p&c companies, eight faced downgrades, while only two saw their ratings go up, states New Jersey-based A.M. Best.Public data ratings are based on more limited information than interactive ratings, but does take

News Insurance

U.S commercial reserves deficient by US$20 billion

June 16, 2003 by Canadian Underwriter

A new study suggests reserves in U.S. commercial lines could be deficient by as much as US$20 billion. The report, by investment bank Cochran, Caronia Securities LLC, says reserves for 1997 to 2001 could be deficient by US$13-$20 billion. This

News InsuranceMergers and Aqcuisitions

Consumer group wants public auto insurance in New Brunswick

June 16, 2003 by Canadian Underwriter

The Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a

News Insurance

Goran posts almost $30 million loss for 2002

June 16, 2003 by Canadian Underwriter

Toronto-based specialty insurer Goran Capital Inc. (OTCBB: GNCNF; TSX: GNC) for 2002 reported a net loss $29.7 million, or $5.51 per share, a slight improvement over the loss of $34.1 million, or $5.99 per share, reported in 2001. It is

News Insurance

Hub private debt placement complete

June 13, 2003 by Canadian Underwriter

The previously announced private debt placement by Hub International Ltd. (TSX, NYSE: HBG) has been completed. The US$65 million in principal of unsecured senior notes were sold in the U.S. to private institutional buyers.“Net proceeds of the sale of the