May 9, 2004 by Canadian Underwriter
Lloyd’s has received permission to expand in seven of the new European Union (EU) accession countries, including the Czech Republic, Poland and Hungary. The company now trades in 72 territories worldwide, including all 25 EU countries.
Mississauga-based Kingsway Financial Services announces the appointment of John Clark as president and CEO of its Lincoln General subsidiary, replacing Gary Bhojwani. Also, Tom Ossmann has been named president and CEO of Kingsway’s American Service Insurance Co.
New accounting changes for European insurers under the International Financial Reporting Standards (IFRS) will provide greater transparency and should not lead directly to any rating actions on individual companies, says Fitch Ratings. While some insurers have voiced concerns over greater volatility in numbers as a result of IFRS in phase I, coming into effect in 2005, Fitch says any volatility is outweighed by the benefits of more up to date and accurate financial reporting.