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Canada’s InSystems sold for US$89 million

June 27, 2002 by Canadian Underwriter

Toronto-based industry technology provider InSystems is being sold to Standard Register, an Ohio company, for US$89 million cash. Standard Register (NYSE: SR), sells technology solutions to companies in 40 countries and has annual revenue exceeding US$1 billion. InSystems, in business…

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Hub receives US$11.8 million for over-allotment

June 27, 2002 by Canadian Underwriter

Following the sale of 6 million common shares last week, for net proceeds of US$77 million, broker consolidator Hub International (TSX, NYSE: HBG) has also netted US$11.8 million in an over-allotment offering.J.P. Morgan Securities, on behalf of a group of…

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Q1 2002 net income drops for U.S. p&c industry

June 26, 2002 by Canadian Underwriter

Despite widespread rate hardening and improved underwriting results, the U.S. p&c industry saw its net income fall 7.3% for the first quarter 2002 largely as a result of declining investment returns, says the Insurance Services Office (ISO). Net income was…

News Insurance

A.M. Best maintains negative stand for Optimum General companies

June 25, 2002 by Canadian Underwriter

Rating agency A.M. Best has affirmed a B (fair) rating for Optimum General Inc. and its subsidiary operations. The rating agency points out that this is a negative outlook based on the insurer’s weakened capital reserve stemming from losses incurred…

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Market survey shows Canadian/U.S. D&O rates up by 29%

June 25, 2002 by Canadian Underwriter

Tillinghast Towers Perrin’s latest annual survey of the directors and officers (D&O) liability market within Canada and the U.S. indicates that insurance rates for this particular class of cover rose year-on-year by an average 29% for 2001. This compares with…

News InsuranceMergers and Aqcuisitions

Quebec auto theft ring apprehended

June 21, 2002 by Canadian Underwriter

Members of an auto theft ring operating from Berthierville, Quebec were apprehended by the authorities after a stolen vehicle equipped with a Boomerang Tracking System was traced to their hideout. The police recovered 10 stolen vehicles as well as various…

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Bush urges Congress to formulate single terrorism insurance bill

June 20, 2002 by Canadian Underwriter

U.S. president George Bush called on Congress to act swiftly in packaging legislation that would allow for the passing of a single terrorism insurance bill guaranteeing government and insurance industry coverage for businesses against catastrophic terrorist attacks.This call came on…

News InsuranceMergers and Aqcuisitions

ISO raises WTC insured loss estimate by US$3.7 billion

June 19, 2002 by Canadian Underwriter

The New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure,…

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Hub International Announces Pricing Of Initial U.S. Offering

June 18, 2002 by Canadian Underwriter

Hub International Limited (NYSE: HBG and TSX: HBG) has announced that its initial U.S. public offering of 6,000,000 common shares has been priced at US$14 per share. Hub International has also granted the Underwriters an option to purchase up to…

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XL Capital Ltd Announces Plans to Integrate Le Mans Re

June 17, 2002 by Canadian Underwriter

XL Capital Ltd (NYSE: XL), today announced that it plans to integrate its reinsurance operations following the ratification in January this year of XL’s previously announced acquisition of a 67% majority shareholding in Le Mans Re. Le Mans Re is…

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Kingsway pulls share offering

June 17, 2002 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE: KFS) has withdrawn its previously announced $75 million public share offering. The company’s CEO Bill Star says the decision to terminate the offering was made primarily in response to under-performing value of the share price…

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Airlines gain Vermont captive license for terrorism exposures

June 14, 2002 by Canadian Underwriter

North American airlines have succeeded in gaining a license to operate a risk retention pool from Vermont’s "onshore" captive domicile. The "Equitime" pool will provide its airline members with cover against terrorism and war related third-party risks. European airlines are…