Canadian Underwriter

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News Insurance

Over US$8 billion in commercial property deals affected by lack of terrorism coverage, says U.S. association

July 16, 2002 by Canadian Underwriter

About US$3.7 billion in commercial property deals have fallen through in the U.S. due to lack of available, affordable terrorism insurance, says the Mortgage Bankers Association of America (MBA). An additional US$4.5 billion in deals have either been delayed or

News Insurance

Submission calls for co-operative banks to sell insurance

July 15, 2002 by Canadian Underwriter

As the federal government looks at submissions on the possibility of establishing co-operative banks nationally, at least one credit union is calling for these institutions to be allowed to sell insurance.Banks are banned from selling insurance through their branches through

News InsuranceMergers and Aqcuisitions

Kingsway gains FSCO approval for auto changes

July 12, 2002 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE: KFS) has gained approval from the Financial Services Commission of Ontario (FSCO) to eliminate certain classes of personal auto business and implement an across-the-board 8.5% increase in rates. The rate adjustments take effect from the

News Insurance

Employers Re spin-off delayed by GE, says U.S. paper

July 12, 2002 by Canadian Underwriter

The Wall Street Journal is reporting that an expected spin-off of General Electric’s Employers Re is being put on hold. Citing un-named sources close to the matter, the paper says the expected partial initial public offering is now off the

News Insurance

Munich group boosts WTC reserves and shores up troubled American Re

July 11, 2002 by Canadian Underwriter

Global reinsurer Munich Re announced that it will increase reserves relating to losses stemming from the World Trade Center (WTC) terrorist attacks by US$500 million to a total of about US$2.9 billion. The company will also inject about US$2 billion

News Insurance

Pethealth proposes share placement

July 11, 2002 by Canadian Underwriter

Pet insurance provider Pethealth Inc. (TSX Venture: PTZ) is planning a private placement of up to 30 million units, at a price of $0.12 each. Units will consist of one common share and one common share purchase warrant. Warrants can

News Insurance

Texas flood damage estimated at US$1 billion

July 11, 2002 by Canadian Underwriter

Damage from flooding across Texas is being pegged at US$1 billion, with a death toll of at least 8. Over 30 inches of rainfall has caused flooding over a wide strip of the state starting in the San Antonio area,

News InsuranceMergers and Aqcuisitions

Sept. 11 losses not solely to blame for U.S. insurer woes, study shows

July 10, 2002 by Canadian Underwriter

Losses stemming from the September 11 terrorist are not the only thing to blame for the terrible performance by U.S. insurers last years, says a report from Florida-based Weiss Ratings Inc. But an overall leap in claims costs is certainly

News Insurance

Fairfax withdraws Crum & Forster IPO

July 9, 2002 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”.Fairfax had filed a registration with the U.S. Securities and Exchange Commission in March to

News Insurance

RIBO urges caution around unlicensed intermediaries

July 9, 2002 by Canadian Underwriter

Following the conviction of an insurance wholesaler in Saskatchewan, the Registered Insurance Brokers of Ontario (RIBO) and some insurers are issuing warnings to brokers.In a general warning in its quarterly newsletter, RIBO notes that brokers should proceed with “extreme caution”

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