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Hi-Alta raises $7 million with debenture sale

February 26, 2002 by Canadian Underwriter

Broker consolidator Hi-Alta (TSE: HIA) made the maximum amount possible from its recent release of debentures, bringing in $7 million in new capital. The offering of 9% convertible unsecured subordinated debentures was expected to bring in between $4 million and…

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Lindsey Morden shows modest recovery for 2001

February 25, 2002 by Canadian Underwriter

Adjusting firm Lindsey Morden Group Inc. posted a net loss of $5.8 million for the 2001 financial year to end December compared with the $23 million loss reported the previous year. The company was able to lift to revenue by…

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Court upholds $1 million punitive award against Pilot Insurance

February 22, 2002 by Canadian Underwriter

The Supreme Court of Canada has restored a jury award of $1 million in punitive damages made against Pilot Insurance Co. The Whiten v. Pilot case has been closely watched by insurers due to the magnitude of the punitive award.A…

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Kingsway continues to soar

February 21, 2002 by Canadian Underwriter

Specialty insurer Kingsway Financial Services (TSE, NYSE: KFS) capped off a successful 2001 with record earnings and revenue in the fourth quarter, ending December 31. The company has been on a winning streak, in the face of disastrous results in…

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ICBC reports $251 million loss in 2001

February 20, 2002 by Canadian Underwriter

British Columbia’s public insurer is reporting a loss of $251 million last year, but is predicting a close to break-even 2002. This compares with a net income of $139 million in 2000 for the Insurance Corporation of B.C. (ICBC).In fact,…

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Trade associations join in lobby group

February 19, 2002 by Canadian Underwriter

Trade associations representing the financial services will join together in a single lobby group, despite their differences on certain legislative issues. The Insurance Bureau of Canada (IBC), Canadian Bankers Association (CBA), Canadian Life & Health Insurance Association (CLHIA), Investment Dealers…

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Zurich sells off Canadian life unit (February 18, 2002)

February 18, 2002 by Canadian Underwriter

On the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares…

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ACE and Silverstein reach WTC settlement

February 18, 2002 by Canadian Underwriter

ACE Bermuda Insurance Ltd., a subsidiary of the ACE Ltd. (NYSE: ACE) group, has agreed to settle its property insurance claim with Silverstein Properties Inc., owners of the World Trade Center (WTC) buildings devastated during the September 11 terrorist attacks.…

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Risk managers face tough times, says new study

February 15, 2002 by Canadian Underwriter

Risk managers are being tested by insurance negotiations in the current market, says a new study by Prudential Financial. Rising rates, tighter terms and increased demand for information from corporate insurance buyers are leading to long, intense negotiations, reports the…

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Commercial insurance buyers urge terrorism pool

February 14, 2002 by Canadian Underwriter

U.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and…

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Profitability “first line of defence”, says regulator

February 13, 2002 by Canadian Underwriter

Profitability is the “first line of defence” for insurers facing rough financial times, says the country’s top regulator. In a speech to the Empire Club, superintendent Nick Le Pan of the Office of the Superintendent of Financial Institutions notes that…

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US airlines consider insuring themselves

February 12, 2002 by Canadian Underwriter

In response to the lack of available war risk coverage following the September 11 terrorist attacks, airlines south of the border are considering their own insurance scheme. This comes as government-backed coverage is set to run out on March 20.The…