Topic
Insurance
Hub acquires west-coast U.S. brokerage
October 7, 2003 by Canadian UnderwriterHub International Ltd. (TSX: HBG) has acquired Davis Bodie Insurance Services Inc. based in Thousand Oaks, CA for an undisclosed cash amount. The brokerage, which generates about US$600,000 in annual revenue, will form part of the broker network consolidator’s Hub…
Atlantic task force rejects public auto
October 6, 2003 by Canadian UnderwriterA task force established by Atlantic Canada’s premiers has come out against implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly…
MPI half-year results highlight investment improvement
October 6, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI) says it is on track for strong results in 2003, with net income coming in at $39.2 million for the first-half ending August 31. This is up from $26.1 million reported during the same period last…
Hub makes two U.S. acquisitions
October 3, 2003 by Canadian UnderwriterBroker consolidator Hub International has added two US brokerages to its stable. Boston-based Commonwealth Insurance Agency Inc. will become part of New England “hub” C.J. McCarthy, bringing about US$300,000 in annual revenue. The brokerage specializes in homeowners coverage in Massachusetts,…
Coachman downgraded, negative outlook on other SGI subs
October 3, 2003 by Canadian UnderwriterRating agency A.M. Best has downgraded the status of Ontario-based Coachman Insurance Co., and placed a negative outlook on other subsidiaries of Saskatchewan General Insurance (SGI).Overall, the rate has affirmed the A- (excellent) financial strength rating of SGI Canada with…
Kingsway completes private placement
October 2, 2003 by Canadian UnderwriterKingsway Financial Services Inc. (TSX, NYSE: KFS) says it has completed a private placement of trust preferred securities for net proceeds of US$9.7 milion.The almost US$10 million in 30-year floating rate trust preferred securities were sold only in Canada. The…
Hurricane Juan claims trickle in
October 2, 2003 by Canadian UnderwriterCanadian p&c insurers are bracing for significant claims in the wake of Hurricane Juan, which took its toll on Nova Scotia and PEI earlier this week.Insurers are just now looking at their exposures, with two companies making formal statements about…
Without power, telephones, damage from Hurricane Juan hard to assess
October 1, 2003 by Canadian UnderwriterAs most of Halifax continued on Tuesday to be without power and telephones, it is difficult to assess just how much insurers may be paying out in the aftermath of Hurricane Juan.Juan hit the Halifax-Dartmouth area late Sunday, killing at…
Silverstein WTC case suffers setback
September 30, 2003 by Canadian UnderwriterA unanimous decision by the U.S. Court of Appeals, second circuit, is being lauded by insurers as a “devastating blow” to the lawsuit by World Trade Center (WTC) leaseholder Larry Silverstein.The court supported in part insurers’ contention that the destruction…
Manulife and John Hancock join to form largest life insurer
September 30, 2003 by Canadian UnderwriterToronto-based Manulife Financial Corp. says it will enter into a stock-for-stock deal to buy Boston’s John Hancock Financial Services Inc. worth $34.7 billion (US$25.6 billion). The deal will make Manulife the largest life insurance company in Canada, second-largest in North…
U.S. insurers boost 2003 half-year profit by 3.3 times
September 30, 2003 by Canadian UnderwriterU.S. property and casualty insurers increased net taxed income for the first half of this year to US$14.5 billion – representing a 3.3 times rise on the US$4.4 billion reported for the same period last year, according to data released…
Condo association forms task force on insurance
September 29, 2003 by Canadian UnderwriterAn association representing the condominium industry is set to look into the impact of insurance rates and policy changes to its members. The Canadian Condominium Institute (CCI) says it has established a task force to look at “unprecedented” changes to…