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News Insurance

FSCO issues cease and desist against benefits company

January 2, 2005 by Canadian Underwriter

Ontario’s insurance regulator has issues a "cease and desist" order against the Myrtie Rose Benefit Program Inc. and the company’s four directors.The Financial Services Commission of Ontario (FSCO) says the benefits company is not licenced to sell insurance in Ontario.

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A.M. Best recounts "the year that could have been" for insurers

January 2, 2005 by Canadian Underwriter

In its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004,

News Climate ChangeInsurance

Tsunami impact not expected to hurt reinsurer earnings

January 2, 2005 by Canadian Underwriter

Despite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to

News Insurance

What’s new: in brief (January 02, 2005)

January 2, 2005 by Canadian Underwriter

Kingsway Financial Services (TSX, NYSE: KFS) says it has reached an agreement with its lenders to extend the maturity date of its $150 million revolving credit facility from the original 364-day period. The maturity date is now March 3, 2006.

News Insurance

New company formed as brokerages merge

December 23, 2004 by Canadian Underwriter

The merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages.The two brokerages announced this week that they will join forces to create a new incorporated company writing

News Insurance

Seasons Greetings from the Staff at Canadian Underwriter!

December 23, 2004 by Canadian Underwriter

This is the last installment of Canadian Underwriter’s Daily News for 2004 we will be returning on January 3rd with our regular coverage of Canadian insurance industry news.The staff of Canadian Underwriter wishes everyone a happy and healthy holiday season,

News Insurance

Marsh & McLennan receives SEC subpoena on Trident

December 23, 2004 by Canadian Underwriter

The U.S. Securities Exchange Commission (SEC) is investigating the insurance investment funds managed by Marsh & McLennan Cos. Ltd.In a filing this week, MMC acknowledge receipt of an SEC subpoena as part of a formal investigation. “The request for information

News InsuranceMergers and Aqcuisitions

Divergent outlooks for U.S. personal v. commercial lines in 2005: S&P

December 23, 2004 by Canadian Underwriter

The future looks very different for U.S. personal lines insurance versus its commercial lines counterpart, according to the yearend review and outlook by Standard & Poor’s.The rating agency says that while the outlook for personal lines is stable, with earnings

News InsuranceMergers and Aqcuisitions

What’s new: In brief (December 23, 2004)

December 23, 2004 by Canadian Underwriter

Kingsway Financial Services and its U.S. holding company, Kingsway America Inc., have had their ratings affirmed by Dominion Bond Rating Service, based on its consistent execution of strategy and strong underwriting performance. Specific note was taken of improvement in the

News Insurance

P&C insurers continue to face reserve deficiency: Fitch

December 22, 2004 by Canadian Underwriter

Fitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses.Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus.And this

News Insurance

L&H insurers devise disclosure code

December 22, 2004 by Canadian Underwriter

Life and health insurers are following in the footsteps of their general insurance counterparts, announcing a plan for public disclosure of intermediary relationships and incentives from insurers. “”Not only in North America but around the world, developments in the financial

News InsuranceMergers and Aqcuisitions

ICBC nets two guilty pleas on “false information” charges

December 22, 2004 by Canadian Underwriter

The Insurance Corp. of B.C. says two residents of the provinces have pleaded guilty to charges stemming from providing false information to the public auto insurer in two separate incidents.In the first case, Ahmad Reza Ahmadj of New Westminster, B.C.