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Pethealth completes $10 million placement

January 28, 2004 by Canadian Underwriter

Oakville, Ontario-based pet insurer Pethealth Inc. (TSX VE: PTZ) has completed a private placement for aggregate proceeds of $10 million.The placement included five million of the company’s "series 1" convertible preference shares at $2.00 each. Each share is entitled to…

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Western Financial adds brokerage, completes share placement

January 28, 2004 by Canadian Underwriter

Alberta-based broker network and bank, Western Financial Group Inc. (TSX: WES) has added to its string of recent acquisitions with the purchase of Meston’s Agencies of Okotoks, Alberta. The new brokerage will be combined with Western’s existing operations in that…

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Vancouver company launches expatriate insurance site

January 28, 2004 by Canadian Underwriter

Vancouver-based TransWorldconneX has launched the first single-source online listing of international expatriate and local national policies.The free service is being offered to brokers, consulting houses and insurers, to locate and purchase insurance and other services for international benefits clients. Quotes…

News InsuranceMergers and Aqcuisitions

D&O remains tight in North America: Tillinghast Towers Perrin

January 27, 2004 by Canadian Underwriter

The average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants…

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Kingsway announces U.S. private paper offering

January 26, 2004 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) is planning a US$100 million private offering of senior debt notes through its wholly-owned subsidiary Kingsway America Inc. The offering will be made available to institutional buyers in the U.S.Kingsway says capital raised from…

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CIAB survey shows commercial p&c rate softening

January 26, 2004 by Canadian Underwriter

A survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases…

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OSC releases corporate governance guidelines for comment

January 23, 2004 by Canadian Underwriter

The Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate…

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Almost 40% of private companies anticipate d&o-based suit in 2004

January 23, 2004 by Canadian Underwriter

Nearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by…

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CEOs extol virtues of ERM, but implementation is slow to catch on

January 23, 2004 by Canadian Underwriter

Global CEOs understand the need for enterprise-wide risk management (ERM), but say there are many barriers to full implementation, according to the 7th annual Global CEO Survey by PricewaterhouseCoopers.The survey found CEOs confident of future growth in revenue (80% of…

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Reinsurance price stability predicted for 2004: Benfield Group

January 22, 2004 by Canadian Underwriter

U.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the…

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Anthony Clark announces private placement (January 22, 2004)

January 22, 2004 by Canadian Underwriter

Calgary-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is planning a non-brokered private placement of up to 468,750 units priced at $1.28 each, for total gross proceeds of $600,000. Each unit contains one common share and one…

News Insurance

Commercial property rates dropping; signs of flattening in liability

January 22, 2004 by Canadian Underwriter

Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.Risk managers report not only are…