Topic
Insurance
Hub continues acquisition binge with Garnet Health buy
October 10, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSX, NYSE: HBG) made its fourth acquisition in less than a month, with the purchase of New Hampshire-based Garnet Health Systems Corp. and Garnet Insurance Services, LLC. The deal was made for an undisclosed amount…
Co-op Re rating withdrawn as company winds up
October 9, 2003 by Canadian UnderwriterRating agency A.M. Best has withdrawn the rating of Ireland-based Co-operators of Canada Reinsurance International Ltd., assigning it an NR-3 rating in light of the decision to wind up its operations by the end of the year. Co-op Re’s assets…
A&E reserves remain inadequate: A.M. Best
October 8, 2003 by Canadian UnderwriterThe U.S. p&c industry remains under-funded for potential future asbestos and environmental (A&E) claims, says a new study by A.M. Best. Commercial insurers, and to a lesser extent reinsurers, are under-reserved by almost 40%, the rating agency predicts. Thus far,…
IBC survey shows mixed support for Quebec reforms
October 8, 2003 by Canadian UnderwriterA new survey by the Insurance Bureau of Canada suggests Quebec’s drivers may not be quite so pleased with possible reforms to their auto insurance system.The survey comes as Quebec’s government considers changes to its auto insurance system such as…
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…