Canadian Underwriter

News


News Insurance

ICBC to get $862,000 damages from staged accident ring

July 16, 2003 by Canadian Underwriter

B.C.’s public insurer has been awarded compensatory and punitive damages to the tune of $643,000 from defendants involved in a stage accident ring by a provincial Supreme Court jury. This is on top of $219,000 recovered in pre-trial settlements by…

News Insurance

Insurers unhappy with U.S. asbestos bill

July 15, 2003 by Canadian Underwriter

A U.S. Senate bill to reform asbestos litigation is meeting with displeasure from insurers.The Senate Judiciary Committee’s S.1125, the “Fairness in Asbestos Injury Resolution (“FAIR”) Act of 2003″, includes amendments that would create a asbestos liability trust fund and ban…

News InsuranceMergers and Aqcuisitions

Ontario auto rates jump 8.5% in second quarter 2003

July 15, 2003 by Canadian Underwriter

Ontario auto insurance rates went up an average 8.48% in the second quarter of 2003, based on rate applications approved by the Financial Services Commission of Ontario (FSCO).These changes came into effect prior to the implementation of regulations tied to…

News Insurance

Underwriters exercise Kingsway over allotment option

July 15, 2003 by Canadian Underwriter

Underwriters have exercised their over allotment option to purchase 610,000 common shares of Kingsawy Financial Services (NYSE, TSX: KFS) following a public offering that closed earlier this month.The syndicate of underwriters, led by Scotia Capital Inc., purchased the shares for…

News Insurance

Hanover Re sees little impact from Sphere Drake decision

July 15, 2003 by Canadian Underwriter

A decision in favor of Fairfax’s Sphere Drake should not materially impact Germany’s Hanover Re, the reinsurer says.The decision, against brokers and underwriting agents who the court says fraudulently exposed Sphere Drake to U.S. workers’ compensation carve out business, means…

News Insurance

Louisiana pegs Tropical Storm Bill damage at US$16 million

July 14, 2003 by Canadian Underwriter

The Louisiana Department of Insurance is estimating insured damage from Tropical Storm Bill at US$16 million, including claims under the federal flood insurance program.These losses are of the nature of a severe thunderstorm, rather than a tropical storm, says insurance…

News Insurance

U.S. med mal bill hits the skids

July 14, 2003 by Canadian Underwriter

The U.S. Senate failed to pass its version of medical malpractice reform last week, much to the chagrin of insurers and President Georg W. Bush.The “Patients First Act of 2003” (S. 11), which would have capped certain medical malpractice awards…

News Insurance

Gerling Canada upgraded following sale

July 14, 2003 by Canadian Underwriter

On news of the finalized purchase of Gerling Canada Insurance Co. by a group of Toronto-based investors, A.M. Best has upgraded the company’s financial strength rating to “A” (excellent) from “A-” with a stable outlook.The new entity, to be known…

News Insurance

B.C. government releases discussion paper to create “level playing field”

July 11, 2003 by Canadian Underwriter

As part of the move to make a more level playing field between B.C.’s public insurer and private insurers, the provincial government has released a discussion paper on proposed legislative changes.The changes would see optional coverage, whether provided by the…

News InsuranceMergers and Aqcuisitions

Ontario auto “white paper” brings positive industry reaction

July 11, 2003 by Canadian Underwriter

Insurers are generally pleased with proposals set out in a new Ontario government “white paper” to further reform the auto insurance system.Many of the provisions are aimed at reducing health care costs and court awards on auto accident claims, something…

News Insurance

Fairfax makes U.S. debenture offering

July 11, 2003 by Canadian Underwriter

Fairfax Financial Holdings (TSX, NYSE: FFH) will offer US$150 million in convertible senior debentures due 2023, the company announces.Fairfax plans to use about US$20 million of the net procedds to pay for subordinated voting shares purchased concurrently with the offering.…

News Insurance

Alberta government to introduce new underwriting rules

July 10, 2003 by Canadian Underwriter

In response to growing public concern over auto insurance rates, the Alberta government is the latest to introduce changes to its system.Among those changes will be a new underwriting system that focuses on driving records rather than other factors such…