Canadian Underwriter

What’s new: In brief (June 07, 2004)

June 7, 2004   by Canadian Underwriter

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Anthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided the men artificially inflated the value of the brokerage’s stock when they purchased shares in 2000. However, the panel dismissed allegations against Roche Securities and its founder, Francis Roche, related to the same stock sale.

Newfoundland’s premier is making a “foolish mistake” in introducing auto legislation which has already caused at least three insurers to leave the province, says Kingsway Financial CEO Bill Star. Star’s companies left the province more than a year ago. He says the exodus of insurers such as Aviva and Dominion of Canada will lead to availability problems beyond the auto market, including in homeowners, marine and other lines of business.

A former municipal councillor convicted of arson in the fire that destroyed his farmhouse is suing his insurer for not paying his claim, according to Winnipeg Sun. The man, from Ste. Anne, Manitoba, claims Ecclesiastical Insurance was “high-handed” in not investigating the claim or paying to defend him against the arson charges.