What’s new: in brief (January 02, 2005)

Kingsway Financial Services (TSX, NYSE: KFS) says it has reached an agreement with its lenders to extend the maturity date of its $150 million revolving credit facility from the original 364-day period. The maturity date is now March 3, 2006.

Life reinsurer Revios Reinsurance Canada Ltd. and its U.S. counterpart have seen the financial strength rating of "A-" (excellent) affirmed by A.M. Best, with a stable outlook. The ratings reflect capital and retrocessional support from German parent Revios Rueckversicherung AG, offset by corporate reorganization and the resulting challenge to regain "marketing momentum in North America.

Connecticut-based W.R. Berkley says an internal investigation has uncovered "certain limited instance of conduct which could be characterized as involving inappropriate solicitation practices" at one of its operating units. The company says it is taking unspecified corrective action and tightening internal controls, but made no other details available about the issues involved. It did note that the internal investigation was undertaken following New York Attorney General Eliot Spitzer’s investigation into broker contingent commissions and alleged bid-rigging activities in the insurance industry.