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Munich group boosts WTC reserves and shores up troubled American Re

July 11, 2002 by Canadian Underwriter

Global reinsurer Munich Re announced that it will increase reserves relating to losses stemming from the World Trade Center (WTC) terrorist attacks by US$500 million to a total of about US$2.9 billion. The company will also inject about US$2 billion…

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Pethealth proposes share placement

July 11, 2002 by Canadian Underwriter

Pet insurance provider Pethealth Inc. (TSX Venture: PTZ) is planning a private placement of up to 30 million units, at a price of $0.12 each. Units will consist of one common share and one common share purchase warrant. Warrants can…

News Insurance

Texas flood damage estimated at US$1 billion

July 11, 2002 by Canadian Underwriter

Damage from flooding across Texas is being pegged at US$1 billion, with a death toll of at least 8. Over 30 inches of rainfall has caused flooding over a wide strip of the state starting in the San Antonio area,…

News InsuranceMergers and Aqcuisitions

Sept. 11 losses not solely to blame for U.S. insurer woes, study shows

July 10, 2002 by Canadian Underwriter

Losses stemming from the September 11 terrorist are not the only thing to blame for the terrible performance by U.S. insurers last years, says a report from Florida-based Weiss Ratings Inc. But an overall leap in claims costs is certainly…

News Insurance

Fairfax withdraws Crum & Forster IPO

July 9, 2002 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”.Fairfax had filed a registration with the U.S. Securities and Exchange Commission in March to…

News Insurance

RIBO urges caution around unlicensed intermediaries

July 9, 2002 by Canadian Underwriter

Following the conviction of an insurance wholesaler in Saskatchewan, the Registered Insurance Brokers of Ontario (RIBO) and some insurers are issuing warnings to brokers.In a general warning in its quarterly newsletter, RIBO notes that brokers should proceed with “extreme caution”…

News Insurance

Collision repair standards get dealer support

July 8, 2002 by Canadian Underwriter

A bill introduced in Ontario’s legislature to create standard for the collision repair industry is receiving support from the association representing the province’s car dealers. In a press release, the Ontario Automobile Dealers Association (OADA), says the Collision Repair Standards…

News Insurance

Anderson, Davenport receive country’s highest honor

July 8, 2002 by Canadian Underwriter

Former Insurance Bureau of Canada (IBC) president George Anderson is about to receive the nation’s highest honor, the Order of Canada. Anderson retired from the IBC earlier this year, after ten years in the top spot.“It is overwhelming to receive…

News Insurance

K&K resumes business with new partner

July 4, 2002 by Canadian Underwriter

Sports and entertainment insurer K&K Insurance Group is back in business after having to find a new underwriting partner. K&K, the biggest managing general agent (MGA) for the leisure and entertainment industries, was on hold after its largest carrier TIG…

News Insurance

EC extends government-backed terrorism cover for airlines

July 3, 2002 by Canadian Underwriter

The European Commission has granted approval to its member countries to extend existing government insurance coverages of terrorism and war risks for airlines to the end of October this year. This follows the expiry of existing government insurance agreements which…

News Insurance

Western announces debenture buyback

July 2, 2002 by Canadian Underwriter

Broker consolidator network Western Financial Group Inc. (TSE: WES), formerly Hi-Alta Capital Inc., plans on repurchasing its outstanding 10% convertible, redeemable, subordinated debentures (issued in June 1998) for a total payment of $2 million. As part of the arrangement, Western…

News Insurance

New specialty operation in the “works”

June 28, 2002 by Canadian Underwriter

A new Toronto-based specialty lines operation from Royal & SunAlliance, “knowledgeworks”, is moving onto the scene with a primary offering of yacht coverage. Knowledgeworks spokesperson Jim McDonald says the new operation, with the tagline “an insurance think-tank”, wants to focus…