Canadian Underwriter

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News Insurance

Kingsway plans public offering of 7.5 million shares

November 21, 2001 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE:KFS, NYSE: KFS) says it is planning a public offering of 7.5 million common shares, and up to an additional 1.125 million common shares for over-allotments. The shares will be offered in both the U.S. and

News Insurance

Poll suggests public concerned with personal injury fraud

November 21, 2001 by Canadian Underwriter

A new poll, conducted by Pollara, suggests that almost one in four Canadians knows someone who has committed personal injury insurance fraud. These results, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), go hand-in-hand with an earlier CCAIF study

News Insurance

Concern grows over U.S. terrorism pool as yearend approaches

November 20, 2001 by Canadian Underwriter

With the arrival of the U.S. Thanksgiving weekend, concern is growing over when legislation creating a government-backed terrorism pool will be returned by Congress. The National Association of Professional Insurance Agents (PIA) is adding its voice to the concerns, calling

News Insurance

MPI gets rate approval

November 20, 2001 by Canadian Underwriter

Manitoba Public Insurance (MPI) has received approval for its 2002-2003 rate structure from the province’s Public Utilities Board. The structure means basic Autopac policyholders will pay an average of $555 in premiums, the same rate paid since 1998.MPI had hoped

News Insurance

Scor premiums up 45% in third quarter

November 19, 2001 by Canadian Underwriter

Paris-based reinsurer Scor says its premiums are up 45% for the third quarter 2001, with premium income totaling Cdn$4.851 billion. Even without the consolidation of Scor Life Re and Sorema, the company’s premium income was up 25% compared with the

News Insurance

Broker consolidator Hub produces healthy 3-Q revenue and earnings gain

November 16, 2001 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSE: HBG) increased net earnings for the third quarter of this year by 71% to $3.2 million compared with $1.9 million made for the same period a year prior. Earnings on a fully diluted

News Insurance

Allianz increases Sept. 11 loss estimate

November 15, 2001 by Canadian Underwriter

In reporting its third quarter 2001 results, German insurer Allianz says its original September 11 loss estimate of US$600 million has risen significantly to US$1.3 billion. The impact of the terrorist attack claims is a US$40.74 million loss for the

News InsuranceMergers and Aqcuisitions

Chubb tops FSCO claims survey

November 15, 2001 by Canadian Underwriter

Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat

News Insurance

U.S. insurers issue terrorism exclusion endorsements countrywide

November 14, 2001 by Canadian Underwriter

Approximately 600 insurers represented by the American Association of Insurance Services (AAIS) have begun filing endorsements excluding terrorism cover from commercial policies. AAIS president Paul Baiocchi says the filings are being made countrywide as an immediate step in reaction to

News Insurance

New capital will bolster reinsurance market

November 14, 2001 by Canadian Underwriter

Rating agency Standard and Poor’s says between US$10 billion and US$20 billion of new capital will enter the insurance market in the next six months, the majority of which will be in reinsurance.Already new companies have brought more than US$5

News Insurance

Insurers face terrorism “coverage gap”, says study

November 13, 2001 by Canadian Underwriter

A new study from A.M. Best Canada suggests Canadian insurers will face a “coverage gap”, with reinsurers reluctant to write terrorism coverage in their January 1 renewals, despite primary contracts covering the risk that go well into 2002.The report, authored

News Insurance

Corporate Canada will face insurer scrutiny, says KPMG

November 13, 2001 by Canadian Underwriter

In light of the events of September 11, Canadian companies can expect to see rising insurance rates, reduced availability of cover and closer scrutiny paid to business risk, say representatives of KPMG’s insurance practice. At the consulting firm’s annual Insurance