Canadian Underwriter

Topic
Insurance


News Insurance

Collision repair standards get dealer support

July 8, 2002 by Canadian Underwriter

A bill introduced in Ontario’s legislature to create standard for the collision repair industry is receiving support from the association representing the province’s car dealers. In a press release, the Ontario Automobile Dealers Association (OADA), says the Collision Repair Standards

News Insurance

Anderson, Davenport receive country’s highest honor

July 8, 2002 by Canadian Underwriter

Former Insurance Bureau of Canada (IBC) president George Anderson is about to receive the nation’s highest honor, the Order of Canada. Anderson retired from the IBC earlier this year, after ten years in the top spot.“It is overwhelming to receive

News Insurance

K&K resumes business with new partner

July 4, 2002 by Canadian Underwriter

Sports and entertainment insurer K&K Insurance Group is back in business after having to find a new underwriting partner. K&K, the biggest managing general agent (MGA) for the leisure and entertainment industries, was on hold after its largest carrier TIG

News Insurance

EC extends government-backed terrorism cover for airlines

July 3, 2002 by Canadian Underwriter

The European Commission has granted approval to its member countries to extend existing government insurance coverages of terrorism and war risks for airlines to the end of October this year. This follows the expiry of existing government insurance agreements which

News Insurance

Western announces debenture buyback

July 2, 2002 by Canadian Underwriter

Broker consolidator network Western Financial Group Inc. (TSE: WES), formerly Hi-Alta Capital Inc., plans on repurchasing its outstanding 10% convertible, redeemable, subordinated debentures (issued in June 1998) for a total payment of $2 million. As part of the arrangement, Western

News Insurance

New specialty operation in the “works”

June 28, 2002 by Canadian Underwriter

A new Toronto-based specialty lines operation from Royal & SunAlliance, “knowledgeworks”, is moving onto the scene with a primary offering of yacht coverage. Knowledgeworks spokesperson Jim McDonald says the new operation, with the tagline “an insurance think-tank”, wants to focus

News Insurance

Canada’s InSystems sold for US$89 million

June 27, 2002 by Canadian Underwriter

Toronto-based industry technology provider InSystems is being sold to Standard Register, an Ohio company, for US$89 million cash. Standard Register (NYSE: SR), sells technology solutions to companies in 40 countries and has annual revenue exceeding US$1 billion. InSystems, in business

News Insurance

Hub receives US$11.8 million for over-allotment

June 27, 2002 by Canadian Underwriter

Following the sale of 6 million common shares last week, for net proceeds of US$77 million, broker consolidator Hub International (TSX, NYSE: HBG) has also netted US$11.8 million in an over-allotment offering.J.P. Morgan Securities, on behalf of a group of

News Insurance

Q1 2002 net income drops for U.S. p&c industry

June 26, 2002 by Canadian Underwriter

Despite widespread rate hardening and improved underwriting results, the U.S. p&c industry saw its net income fall 7.3% for the first quarter 2002 largely as a result of declining investment returns, says the Insurance Services Office (ISO). Net income was

News Insurance

A.M. Best maintains negative stand for Optimum General companies

June 25, 2002 by Canadian Underwriter

Rating agency A.M. Best has affirmed a B (fair) rating for Optimum General Inc. and its subsidiary operations. The rating agency points out that this is a negative outlook based on the insurer’s weakened capital reserve stemming from losses incurred

News Insurance

Market survey shows Canadian/U.S. D&O rates up by 29%

June 25, 2002 by Canadian Underwriter

Tillinghast Towers Perrin’s latest annual survey of the directors and officers (D&O) liability market within Canada and the U.S. indicates that insurance rates for this particular class of cover rose year-on-year by an average 29% for 2001. This compares with

News InsuranceMergers and Aqcuisitions

Quebec auto theft ring apprehended

June 21, 2002 by Canadian Underwriter

Members of an auto theft ring operating from Berthierville, Quebec were apprehended by the authorities after a stolen vehicle equipped with a Boomerang Tracking System was traced to their hideout. The police recovered 10 stolen vehicles as well as various