News
RIFCO to provide loans through CARSTAR
February 3, 2006 by Canadian UnderwriterRIFCO INC. (TSX.V: RFC) has signed an agreement with CARSTAR Automotive Canada (CARSTAR) to offer repair loans through more than 110 stores across Canada.Doug Decksheimer, RIFCO’s vice president of marketing, said “RIFCO is proud to announce a strategic alliance with…
Fitch affirms St Paul Travelers Companies’ ratings
February 3, 2006 by Canadian UnderwriterFitch Ratings has affirmed all ratings of The St. Paul Travelers Companies, Inc. (STA), including the ‘A-‘ long-term issuer rating, ‘A-‘ ratings on STA’s senior unsecured notes, and ‘BBB+’ ratings on STA’s subordinated notes and capital securities.Additionally, Fitch has affirmed…
Kingsway’s rating confirmed, trend stable
February 2, 2006 by Canadian UnderwriterDominion Bond Rating Service (DBRS) has confirmed the ‘BBB’ rating of Kingsway Financial Services Inc. (TSX:KFS) and its U.S. holding company, Kingsway America Inc. in a reflection of Kingsway’s successfully executed Group niche strategy.The Company’s success is a result of…
CGI acquires western Canada-based IT services company
February 2, 2006 by Canadian UnderwriterCGI Group Inc.’s plan to acquire the Calgary, AB-based information technology services company Pangaea Systems Inc. is expected to be finalized when the transaction closes by the end of February 2006.Pangaea is a privately-held company that specializes in systems development…
Canadian Direct challenges proposed ICBC rate hike
February 2, 2006 by Canadian UnderwriterCanadian Direct Insurance, a wholly-owned subsidiary ofCanadian Western Bank, says the ICBC’s recent proposed 6.5% increase in mandatory basic auto insurance premiums is an “unsupportable raid on consumers.”An ICBC competitor, Canadian Direct says the BC Utilities Commission (BCUC) should review…
What’s New: In Brief (February 02, 2006)
February 2, 2006 by Canadian UnderwriterSheldon Rankin, 69, former chairman and CEO of Marsh Canada, has been named chairman of Integro Canada Ltd.Rankin has 50 years of experience in the insurance industry. He progressed through the ranks of Marsh to become CEO and later chairman…
Economic capital to become key P&C issue
February 1, 2006 by Canadian UnderwriterEuropean regulations are establishing more common insurance industry standards and this is instigating an international push that’s moving insurers towards economic capital even in North American where there is currently no standard economic capital methodology, according to a report recently…
Anthony Clark announces private placement (February 01, 2006)
February 1, 2006 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX: ACL) recently implemented a non-brokered private placement of up to 334,000 units at a price of $0.60 per unit to raise gross proceeds of up to $200,400. The general insurance broker reports that…
Guy Carpenter notes ratings, reinsurance changes post-Katrina
February 1, 2006 by Canadian UnderwriterUnprecedented catastrophe losses in 2005 were true ‘market-changing’ events for the property segment, with substantial short- and long-term consequences for pricing, capitalization, reinsurance and insurance ratings, according to Guy Carpenter & Company Inc.The 2005 catastrophes “have led reinsurers to readjust…
ICBC raises $641,000 for United Way
February 1, 2006 by Canadian UnderwriterICBC and its employees broke a record for contributing funds towards the United Way, raising $641,000 in 2005.The total is almost $100,000 more than the ICBC’s 2005 campaign goal and a record amount for the corporation.Almost 30% of managers, executive…
Validus Re reports premiums of US$220 million
January 31, 2006 by Canadian UnderwriterBermuda start-up Validus Reinsurance Ltd. has reported gross written premiums of US$220 million during the January 2006 renewal season a performance that the company describes as exceeding expectations.The holding company formed on Dec. 12, 2005, to add capacity to the…
Fidelity National buys Sedgwick for US$635 million
January 31, 2006 by Canadian UnderwriterFidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of outsourced products and services, has paid $635 million to purchase Sedgwick CMS Holdings, Inc.Sedgwick CMS Holdings is the sole shareholder of Sedgwick CMS, a North American provider of outsourced claims…