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Fairfax establishes new credit facility; declares annual dividend

January 7, 2004 by Canadian Underwriter

Fairfax Financial Holdings Ltd. says it has set up a new revolving letter of credit with a syndicate of banks. The US$300 million credit facility will be used to provide letters of credit for reinsurance contracts of nSpire Re provided…

News Climate ChangeInsurance

Yearend catastrophes highlight rising exposure: Munich Re

January 7, 2004 by Canadian Underwriter

As 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re…

News Insurance

Casualty rates continue climb in 2004: JLT

January 6, 2004 by Canadian Underwriter

International broker Jardine Lloyd Thompson says commercial clients should prepare themselves for further increases in liability rates this year as insurers continue to repair balancesheets and shy away from long-tail exposures.In its annual “state of the market” report, JLT says…

News Insurance

US insurer income jumps 320% in first nine months of 2003

January 6, 2004 by Canadian Underwriter

U.S. property and casualty insurers saw their net income jump an impressive 320.6% to US$21.1 billion for the nine months ending September 30, 2003, versus the US$5 billion posted for the same period a year earlier. Equally welcome was a…

News Insurance

Western Financial share offering grosses $11 million

January 5, 2004 by Canadian Underwriter

Alberta-based Western Financial Group Inc. (TSX: WES) says its previously announced offering of almost 4.6 million share purchase warrants has grossed more than $11.3 million to finance further growth for the broker consolidator and western bank.The offering involved units including…

News Insurance

Fitch predicts recovery for US insurers in 2004

January 5, 2004 by Canadian Underwriter

Rating agency Fitch says U.S. p&c insurers can look forward to stronger returns in 2004, on the heels of price increases and tighter underwriting over the past two years. But those who have lagged behind this hard market trend may…

News Insurance

Happy New Year and Seasons Greetings from The Staff at Canadian Underwriter

December 23, 2003 by Canadian Underwriter

May this holiday season be filled with peace and contentment for all. Happy New Year and wishing you the very best in 2004!

News Insurance

New study highlights dangers of marijuana grow operations

December 23, 2003 by Canadian Underwriter

In a report highlighting concerns over commercial marijuana grow operations, insurance concerns over the increased danger of fire are being brought forward by the Ontario Association of Chiefs of Police (OACP).The OACP-commissioned report speaks to several concerns, including the cost…

News InsuranceMergers and Aqcuisitions

Auto accidents account for half of major injuries in Canada

December 23, 2003 by Canadian Underwriter

A new report from the Canadian Institute for Health Information (CIHI) notes that almost half of all major injuries sustained in 2001-2002, 47%, were the result of motor vehicle accidents. And men bore the brunt, accounting for 67% of all…

News Insurance

Rent Shield buys Lloyd’s provider

December 22, 2003 by Canadian Underwriter

Rent Shield Corp., which provides specialized insurance and reinsurance products, has signed a letter of intent to purchase Toronto-based Canadian Intermediaries Ltd. (CIL) for $5 million in stock and cash.Rent Shield chairman Stephen Stonhill is the majority shareholder in CIL,…

News Insurance

Kingsway placement raises US$12.6 million

December 22, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX, NYSE: KFS) has completed its sixth private placement of trust preferred securities for the past twelve months, this time netting US$12.6 million.The placement included US$13 million in 30-year floating rate securities, with the proceeds earmarked…

News Insurance

P&C reserves are actually improving, says Conning

December 19, 2003 by Canadian Underwriter

Despite reports from rating agencies suggesting reserve deficiencies remain a major concern for U.S. p&c insurers, Conning Research & Consulting says the situation is actually improving.Although reserve deficiencies persist, significant reserve additions made by companies in 2002 have turned the…