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FSCO charges paralegal for fraudulent activities

December 10, 2002 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has charged Michael Ricci, a paralegal, for making false and misleading statements. Ricci will appear in court on January 23, 2003.Ricci faces seven charges of making a false or misleading statement or representation…

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Kingsway offerings net almost $100 million

December 9, 2002 by Canadian Underwriter

Specialty insurer Kingsway Financial Services (TSX, NYSE: KFS) has closed two offerings which combined have netted the company almost $100 million in new capital.The public offering of $78 million in 8.25% unsecured senior debentures netted the company about $77.1 million.…

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Vector sells Ontario operations, reports earnings gain for 2002

December 9, 2002 by Canadian Underwriter

Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) has sold its Ontario operations under Vector Insurance Network (Ontario) to the Huestis Group for $4.6 million. The deal is expected to close by the beginning of next year. Vector says the…

News InsuranceMergers and Aqcuisitions

Manitoba PUB orders 1% drop in rates

December 6, 2002 by Canadian Underwriter

Following a request from Manitoba Public Insurance (MPI) to keep rates the same in that province, the Public Utilities Board (PUB) has ordered a 1% reduction in basic public auto insurance rates. This represents the fifth year MPI has held…

News InsuranceMergers and Aqcuisitions

Robert Cooke named new IBC chair

December 6, 2002 by Canadian Underwriter

At the recently held Insurance Bureau of Canada (IBC) annual general meeting, outgoing chair George Cooke commended the bureau for the gains made over the past year in securing government dialogue on auto product reform countrywide. The greatest success has…

News Insurance

Government works towards risk management program for farmers

December 5, 2002 by Canadian Underwriter

In the wake of devastatingly bad conditions, both drought and flood, damaging crops this year, governments are working towards a risk management program for the agriculture industry.This week, federal, provincial and territorial agriculture departments met to review proposals on the…

News Insurance

U.S. tornadoes more costly than estimated

December 5, 2002 by Canadian Underwriter

A series of tornadoes and severe storms that hit several states early in November have been pegged to cost insurers US$460 million, according to the Property Claims Services division of the Insurance Services Office (ISO).This is considerably higher than earlier…

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Capital crunch and cat claims still plague reinsurance market: S&P

December 5, 2002 by Canadian Underwriter

Despite hardening prices, the reinsurance industry continues to be dragged down by the lack of capital and prior years’ claims development, according to rating agency Standard & Poor’s.In its 2003 Global Reinsurance Outlook, S&P says that while some companies are…

News Insurance

Markel and Royal reach agreement on trucking renewals

December 4, 2002 by Canadian Underwriter

With the recent disclosure that Royal & SunAlliance Canada would be reducing its long-haul trucking business, specialty insurer Markel says it will step in to offer coverage to clients.Through an agreement between the two insurers, Markel will become a market…

News InsuranceMergers and Aqcuisitions

Auto insurance still topping IBC concerns

December 4, 2002 by Canadian Underwriter

Despite the introduction of new legislation to deal with some of the issues plaguing Ontario’s auto insurance market, and the decision not to open up B.C.’s auto market to competition, auto remains a top priority for the Insurance Bureau of…

News Insurance

Consumer ombudservice launched

December 3, 2002 by Canadian Underwriter

The new financial institutions ombudservice is now up and running with the establishment of the Centre for the Financial Services OmbudsNetwork (CFSON). The center is the first step in the complaints process, with a free customer assistance and referral service.…

News Insurance

Western Financial granted bank charter

December 2, 2002 by Canadian Underwriter

Broker consolidator Western Financial Group (formerly Hi-Alta) has been incorporated as a bank by the federal Finance Ministry. Known as “Bank West”, the operation is expected to be up and running early in 2003, says Western Financial CEO Scott Tannas.…