Canadian Underwriter

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Auto costs still higher in Atlantic Canada: Insurance industry financial results

June 4, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has released its most recent auto insurance financial results figures for 2000 and 2001 in the Atlantic Region confirming the continuation of losses being incurred on automobile insurance. “Costs are still on the rise

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Kingsway gains debt funding through banking syndicate

June 3, 2002 by Canadian Underwriter

Specialty risks auto insurer Kingsway Financial Services Inc. (TSE: KFS) has received a $66.5 million credit facility from a banking syndicate consisting of Canadian Imperial Bank of Commerce (CIBC), LaSalle Bank National Association and HSBC Bank Canada. The insurer says

News InsuranceMergers and Aqcuisitions

Allstate Canada and Pembridge ratings downgraded

June 3, 2002 by Canadian Underwriter

Rating agency A.M. Best is downgrading the “public data” financial strength rating of Allstate Insurance Company of Canada to B+ from B++. The rating of Markham-based affiliate Pembridge Insurance Company is also downgraded to B- from B+.The new “public data”

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Desjardins p&c ops contribute to strong first quarter

May 31, 2002 by Canadian Underwriter

The general insurance sector of Quebec-based financial services firm Desjardins Group contributed $0.3 million to a healthy first quarter 2002 for the company as whole. This compares with a $5 million negative contribution for the first three months of 2001

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Hub expects US$68.6 million from U.S. IPO

May 30, 2002 by Canadian Underwriter

Broker consolidator Hub International (TSE: HBG) is hoping to raise US$68.6 million when it launches an initial public offering on the New York Stock Exchange next month.The company says it will sell 5 million shares for between US$14 and US$16

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EU approves 30 day extension for aviation terrorism cover

May 29, 2002 by Canadian Underwriter

On the heels of the decision made by the U.S. government to extend its coverage of airline terrorism exposures by another 30 days, the European Union has granted approval to its members to do the same. As such, the airlines

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U.S. insurers hit $700 million from April tornado/storm spree

May 28, 2002 by Canadian Underwriter

U.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to

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Hi-Alta applies for banking license

May 27, 2002 by Canadian Underwriter

Western-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced today at the company’s annual general meeting.Tannas believes that the withdrawal by the big

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Co-operators shaves underwriting loss ratio for 1-Q

May 24, 2002 by Canadian Underwriter

Co-operators General Insurance Co. (TSE: CCS.PR.A) produced a net taxed loss of $2.2 million for the first quarter of this year compared with a $20 million loss reported for the same period of 2001. This translates to a loss of

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Hi-Alta net income doubles in first quarter

May 24, 2002 by Canadian Underwriter

Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) is reporting a 212% jump in net income for the first quarter of this year, compared with the same period in 2001. For the three months ending March 31, 2001, the company saw

News InsuranceMergers and Aqcuisitions

Canadian insurers regain early profit momentum in 2002

May 23, 2002 by Canadian Underwriter

Canadian property and casualty insurers lifted net profit by 25% to $123 million for the first quarter of this year compared with the $99 million in profit posted at the end of March 2001. Despite this improvement to the bottom-line,

News InsuranceMergers and Aqcuisitions

SGI gets initial A- rating

May 22, 2002 by Canadian Underwriter

Rating agency A.M. Best has assigned an initial financial strength rating of A- (excellent) to Saskatchewans public insurer, Saskatchewan Government Insurance Canada (SGI Canada). A rating of B+ (very good) has also been given to SGI Canada Insurance Services Ltd.