Canadian Underwriter

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News Insurance

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.

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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

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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

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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

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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

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Weak first-quarter 2003 leads to SCOR downgrade

July 7, 2003 by Canadian Underwriter

Paris-based SCOR and its subsidiaries have lost their “A” rating from Standard & Poor’s (S&P) on the back of poor first-quarter 2003 results, says the rating agency. SCOR has dropped to BBB+ from A- in its financial strength and long-term

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Reider Insurance purchases Winnipeg brokerage

July 4, 2003 by Canadian Underwriter

Manitoba’s Reider Insurance Services has acquired Winnipeg-based brokerage Allan K.B. and Associates Insurance Agency. The brokerage, which is more than 20 years old, will be merged with Reider’s Munroe Shopping Centre Location.“We are very pleased with the most recent purchase

News InsuranceMergers and Aqcuisitions

Insurance Co. of PEI latest to lower New Brunswick rates

July 4, 2003 by Canadian Underwriter

SGI-owned The Insurance Co. of PEI says it will defer a previously announced rate increase on New Brunswick auto insurance, which should result in premiums dropping 10%-18% for policies renewed after July 1.The company calls the move “an interim step”