Topic
Insurance
Kingsway disposes of holding in U.S., Florida-based MGA
November 14, 2003 by Canadian UnderwriterKingsway Financial Services (TSX: KFS) has sold its approximate 25% equity stake in USA Insurance Group to BISYS Group Inc. (NYSE: BSG) for a net proceed (consisting of both cash and stock in BSG) of about US$19.6 million. USA Insurance…
Moody’s ups California wildfire estimate to US$2.5 billion
November 13, 2003 by Canadian UnderwriterRating agency Moody’s predicts insured losses stemming from the wildfires that raged through Southern California this fall will be in the US$2.5 billion-US$3.5 billion range.Nonetheless, Moody’s does not expect the fires to materially impact the ratings or the overall outlook…
Industry still meeting consumers’ expectations on claims
November 13, 2003 by Canadian UnderwriterWith the release of the annual Ontario auto insurance claims satisfaction survey, it seems consumer ire over rates is being offset by high satisfaction with claims handling. A full 85% of people experiencing a claim over the past year were…
Income benefits limit reinstated in Ontario
November 12, 2003 by Canadian UnderwriterA move by the former Ontario Conservative government to reduce income replacement benefits (IRBs) for auto accident victims has been revoked by the new Liberal leadership.This week, the Financial Services Commission of Ontario (FSCO) announced that the move to reduce…
Anthony Clark buys second U.S. brokerage; faces $500,000 judgement in civil case
November 12, 2003 by Canadian UnderwriterIt was a case of good news and bad news for Calgary-based Anthony Clark International Insurance Brokers Ltd. this week. The company announced it has purchased its second brokerage in the U.S., but in other news, it faces a $515,000…
Public auto rates higher, says Fraser Institute report
November 11, 2003 by Canadian UnderwriterA conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually…
New risks challenge insurers and corporate clients
November 11, 2003 by Canadian UnderwriterAs Canadian businesses face a new host of risks, the applicability of insurance as the proper means to cover those risks is coming into question, according to experts from KPMG LLP.SARS, blackouts, floods and hurricanes experienced through 2003 have put…
Employers’ Re to exit life & health business in Canada
November 11, 2003 by Canadian UnderwriterGeneral Electric’s Employers’ Reinsurance Corp. says it will stop writing life and health reinsurance in Canada as it changes focus in that side of its business.With the goal of creating “a smaller, higher return” life and health business, the company…
Tiburon tops IBC “most stolen vehicles” list for fourth year
November 10, 2003 by Canadian UnderwriterFor the fourth year in a row, the two-door Hyundai Tiburon has been listed as the “most stolen car in Canada” by the Insurance Bureau of Canada (IBC). But this could be the last year, as the vehicle maker have…
Downgrades more frequent than upgrades again this year
November 10, 2003 by Canadian UnderwriterFor the third year in a row, downgrades have outpaced upgrades from rating agency A.M. Best, with adverse reserve development and liability exposures among the culprits.The rating agency says that asbestos and environmental liability exposures, medical cost inflation, weather catastrophes,…
E-L Financial recovery hampered by investments
November 10, 2003 by Canadian UnderwriterToronto-based E-L Financial Corp. Ltd. (TSX: ELF) posted higher net income in the first three quarters ending September 30, 2003, but investment losses hampered the recovery.Overall, the company posted net income of $42.3 million for the nine-month period, versus $41.3…
Lindsey Morden loss narrows
November 7, 2003 by Canadian UnderwriterWhile reporting a net loss for the third quarter and nine months ending September 30, 2003, international adjuster Lindsey Morden Group Inc. (TSX: LM) has seen its loss narrow compared with last year.Net loss for the third quarter 2003 is…