Canadian Underwriter

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Insurance


News Insurance

Gerling Canada upgraded following sale

July 14, 2003 by Canadian Underwriter

On news of the finalized purchase of Gerling Canada Insurance Co. by a group of Toronto-based investors, A.M. Best has upgraded the company’s financial strength rating to “A” (excellent) from “A-” with a stable outlook.The new entity, to be known

News Insurance

B.C. government releases discussion paper to create “level playing field”

July 11, 2003 by Canadian Underwriter

As part of the move to make a more level playing field between B.C.’s public insurer and private insurers, the provincial government has released a discussion paper on proposed legislative changes.The changes would see optional coverage, whether provided by the

News InsuranceMergers and Aqcuisitions

Ontario auto “white paper” brings positive industry reaction

July 11, 2003 by Canadian Underwriter

Insurers are generally pleased with proposals set out in a new Ontario government “white paper” to further reform the auto insurance system.Many of the provisions are aimed at reducing health care costs and court awards on auto accident claims, something

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Fairfax makes U.S. debenture offering

July 11, 2003 by Canadian Underwriter

Fairfax Financial Holdings (TSX, NYSE: FFH) will offer US$150 million in convertible senior debentures due 2023, the company announces.Fairfax plans to use about US$20 million of the net procedds to pay for subordinated voting shares purchased concurrently with the offering.

News Insurance

Alberta government to introduce new underwriting rules

July 10, 2003 by Canadian Underwriter

In response to growing public concern over auto insurance rates, the Alberta government is the latest to introduce changes to its system.Among those changes will be a new underwriting system that focuses on driving records rather than other factors such

News InsuranceMergers and Aqcuisitions

Eves wants coordinated effort on auto insurance

July 10, 2003 by Canadian Underwriter

As premiers meet in Charlottetown this week, Ontario’s Ernie Eves wants to see the provinces working together on the auto insurance issue.Eves listed auto insurance as his top priority, alongside federal disaster relief for the SARS outbreak.Eves says that his

News InsuranceMergers and Aqcuisitions

Nova Scotia latest to cap “pain and suffering” awards

July 9, 2003 by Canadian Underwriter

Following the lead of New Brunswick, Nova Scotia has implemented a plan to cap “pain and suffering” awards on minor injuries that result from auto accidents.The cap means the in minor injury cases, such as whiplash, accident victims who go

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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

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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