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Swiss Re enters into unique "risk swap" agreement

July 12, 2001 by Canadian Underwriter

Swiss Re, the parent company of Swiss Re Canada, has entered into a unique "risk swapping" agreement with Japanese insurer Tokio Marine and Fire, through Tokio Millennium Re of Bermuda. The catastrophe risk swapping deal, worth US$450 million covers losses

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Chubb, Allstate tally Allison losses

July 11, 2001 by Canadian Underwriter

Both Chubb and Allstate recently announced estimated catastrophe losses for the second quarter of 2001, predicting a heavy hit from Tropical Storm Allison. The Chubb Corporation (NYSE: CB) reports an estimated US$80 million in pre-tax cat losses, equaling US$0.29 per

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Hi-Alta expands in Saskatchewan

July 9, 2001 by Canadian Underwriter

Hi-Alta Capital’s broker network, the Western Insurance Network (WIN), has grown its presence in Saskatchewan with the acquisition of two brokerages. Assiniboia Agencies and its sister office, Willow Bunch Agencies have been added to the WIN roster.The firms serve a

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Crawford to handle Pondimin settlement

July 9, 2001 by Canadian Underwriter

Crawford Adjusters Canada has been appointed to administer the class action settlement arising from the use of diet drug Pondimin, the company has announced in a press release. An Ontario Superior Court Justice has approved the appointment, and the process

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Alberta Government Warns Public Against Unlicensed Insurers

July 6, 2001 by Canadian Underwriter

Earlier in the week, the Alberta government warned consumers about purchasing insurance from unlicensed insurers. According to an Insurance Bureau of Canada (IBC) news release issued about the warnings, injunctions have been obtained against Combined Services Ltd., Citadel General Surety

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Insurers respond to riots (July 06, 2001)

July 6, 2001 by Canadian Underwriter

In the wake of Canada Day riots that rocked the city of Edmonton last week, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds

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Law firms merge to form Bay Street giant

July 5, 2001 by Canadian Underwriter

Law firms Gowling Lafleur Henderson LLP and Smith Lyons LLP have agreed to merge, forming the second largest practice in Canada. The new firm, operating under the Gowlings name, will have about 690 lawyers, second only to McCarthy Tetrault which

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Auto theft firm boasts 1,000 recoveries last year

July 5, 2001 by Canadian Underwriter

Boomerang Tracking Inc. (TSE: BMG) notes that during the past 12 months, through agreements with 32 insurance companies in Quebec and 14 in Ontario, the company’s vehicle tracking device has led to the recovery of over 1,000 vehicles valued at

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Kingsway amends rights offering allocation

July 4, 2001 by Canadian Underwriter

Kingsway Financial Services (TSE: KFS) has filed an amended rights offering prospectus with the Canadian securities regulator that now offers five million of the company’s common shares through the recently announced public offering. An additional 750,000 common shares have been

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Anthony Clarke seeks "poison pill" approval

July 4, 2001 by Canadian Underwriter

Calgary-based brokerage group Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) is looking to implement a shareholders’ rights plan that would enable the company to block hostile takeover bids. ACL shareholders will be asked to approve the rights plan at

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Co-operators Receives Approval to Sell 50% Interest in Echelon

July 4, 2001 by Canadian Underwriter

Co-operators General Insurance Company has obtained regulatory approval to sell 50% of its interest in Echelon Insurance, a wholly-owned subsidiary catering to the higher risk, “non-standard” auto insurance market. Under the terms of the sale agreement, EGI Investments Limited of

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IBAC stands behind CSIO (July 03, 2001)

July 3, 2001 by Canadian Underwriter

The Insurance Brokers Association of Canada (IBAC) today called on all broker-supporting insurers to support the industry’s attempt to develop a business-to-business, real-time Internet portal through the Centre for the Study of Insurance Operations (CSIO). The first development phase of