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Weak first-quarter 2003 leads to SCOR downgrade

July 7, 2003 by Canadian Underwriter

Paris-based SCOR and its subsidiaries have lost their “A” rating from Standard & Poor’s (S&P) on the back of poor first-quarter 2003 results, says the rating agency. SCOR has dropped to BBB+ from A- in its financial strength and long-term…

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Reider Insurance purchases Winnipeg brokerage

July 4, 2003 by Canadian Underwriter

Manitoba’s Reider Insurance Services has acquired Winnipeg-based brokerage Allan K.B. and Associates Insurance Agency. The brokerage, which is more than 20 years old, will be merged with Reider’s Munroe Shopping Centre Location.“We are very pleased with the most recent purchase…

News InsuranceMergers and Aqcuisitions

Insurance Co. of PEI latest to lower New Brunswick rates

July 4, 2003 by Canadian Underwriter

SGI-owned The Insurance Co. of PEI says it will defer a previously announced rate increase on New Brunswick auto insurance, which should result in premiums dropping 10%-18% for policies renewed after July 1.The company calls the move “an interim step”…

News Insurance

Kingsway nets $101 million from offering

July 4, 2003 by Canadian Underwriter

Kingsway Financial Services (TSX, NYSE: KFS) has completed its previously announced public offering of 6.1 million common shares at $16.70 per share for gross proceeds of $101.87 million.The offering was made on a “bought deal” basis to a syndicate of…

News Insurance

Odyssey Re realized gains up; Crum and Forster facility in place

July 4, 2003 by Canadian Underwriter

In advance of reporting its second-quarter 2003 results, Fairfax company Odyssey Re Holdings Corp. (NYSE, TSX: ORH) says its net pre-tax realized capital gains will be about US$130 million for the period ending June 30, 2003.This makes year-to-date pre-tax capital…

News Insurance

ING Western Union merged into ING Insurance

July 3, 2003 by Canadian Underwriter

ING Canada is merging its property and casualty operations under one brand. ING Western Union will merge with ING Insurance Co. of Canada to play into ING’s desire to brand itself as a financial services giant.“As ING is expanding its…

News InsuranceMergers and Aqcuisitions

Ontario auto regulations meet insurer approval

July 3, 2003 by Canadian Underwriter

After more than six months, Ontario has finally put auto insurance regulations on the books in response to Bill-198. The changes were as anticipated and met with insurer approval as a means to address rising accident benefits (AB) costs.Among the…

News Insurance

Gerling Canada purchase by local investors finalized

July 2, 2003 by Canadian Underwriter

The acquisition of Gerling Canada Insurance Co. by a consortium of investors led by Torquest Partners Inc. has been completed. The terms of the deal were not disclosed.The Gerling primary operation will be renamed GCAN Insurance Co., a subsidiary of…

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Small businesses cite insurance costs as top concern

June 30, 2003 by Canadian Underwriter

A new study by the Canadian Federation of Independent Business (CFIB) shows its members see insurance costs as their top concern. Business confidence in the economy in the second quarter of 2003 dropped, with insurance costs heading up the list…

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Employers Re downgraded on concerns over GE support

June 30, 2003 by Canadian Underwriter

Employers Reinsurance Corporation (ERC) has been downgraded by rating agency A.M. Best on concerns over the level of support the reinsurer can expect from parent General Electric.ERC and its international reinsurance companies have been downgraded from A+ (superior) to A…

News Insurance

Canadian ops of The Home Insurance Co. face liquidation

June 27, 2003 by Canadian Underwriter

The Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which…

News Insurance

Dominion of Canada adds to business in northern New Brunswick

June 27, 2003 by Canadian Underwriter

Hot on the heels of the New Brunswick government’s decision to limit “pain and suffering” awards to auto collision victims, the Dominion of Canada General Insurance Co. says it has authorized brokers in The Huestis Group to do business with…