News
Allianz Global Risks receives provincial licenses
January 4, 2005 by Canadian UnderwriterAllianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall.AGR Canada had been part of Allianz Insurance Co. of Canada prior to ING Canada’s acquisition of most of Allianz’s business in Canada.…
Tsunami disaster leads to calls for early warning system
January 3, 2005 by Canadian UnderwriterCountries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0…
Fairfax declares annual dividend
January 3, 2005 by Canadian UnderwriterToronto-based Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of US$1.40 per share on outstanding multiple and subordinate voting shares. The dividend is payable on January 28, to shareholders of record on January 14, a company release states.…
U.S. regulators approve broker disclosure rules
January 3, 2005 by Canadian UnderwriterU.S. regulators adopted model legislation on broker disclosure over the holidays, meeting with a lukewarm reception from brokers.The Independent Insurance Agents & Brokers of America (IIABA) says it credits the National Association of Insurance Commissioners (NAIC) for its work on…
What’s new: In brief (January 03, 2005)
January 3, 2005 by Canadian UnderwriterCanadian Alliance of Physical Damage Appraisers (CAPDA) and U.S.-based Insurance Appraisal Network (IAnet), national networks of appraisal and adjusting services, have signed a strategic relationship to offer services in both countries. CAPDA is a network of automotive appraisers and inspectors…
What’s new: in brief (January 02, 2005)
January 2, 2005 by Canadian UnderwriterKingsway Financial Services (TSX, NYSE: KFS) says it has reached an agreement with its lenders to extend the maturity date of its $150 million revolving credit facility from the original 364-day period. The maturity date is now March 3, 2006.…
FSCO issues cease and desist against benefits company
January 2, 2005 by Canadian UnderwriterOntario’s insurance regulator has issues a "cease and desist" order against the Myrtie Rose Benefit Program Inc. and the company’s four directors.The Financial Services Commission of Ontario (FSCO) says the benefits company is not licenced to sell insurance in Ontario.…
A.M. Best recounts "the year that could have been" for insurers
January 2, 2005 by Canadian UnderwriterIn its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004,…
Tsunami impact not expected to hurt reinsurer earnings
January 2, 2005 by Canadian UnderwriterDespite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to…
Seasons Greetings from the Staff at Canadian Underwriter!
December 23, 2004 by Canadian UnderwriterThis is the last installment of Canadian Underwriter’s Daily News for 2004 we will be returning on January 3rd with our regular coverage of Canadian insurance industry news.The staff of Canadian Underwriter wishes everyone a happy and healthy holiday season,…
New company formed as brokerages merge
December 23, 2004 by Canadian UnderwriterThe merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages.The two brokerages announced this week that they will join forces to create a new incorporated company writing…
Marsh & McLennan receives SEC subpoena on Trident
December 23, 2004 by Canadian UnderwriterThe U.S. Securities Exchange Commission (SEC) is investigating the insurance investment funds managed by Marsh & McLennan Cos. Ltd.In a filing this week, MMC acknowledge receipt of an SEC subpoena as part of a formal investigation. “The request for information…