News
Airline cover extended to new flyers
June 6, 2002 by Canadian UnderwriterCanadian Transport Minister David Collenette says new entrants into the airline industry will enjoy the same war-risk coverage currently being extended by the government to existing companies. The temporary cover is for third-party war-risk liability and was introduced after insurers…
Poor operating results see Gore Mutual downgraded by A.M. Best
June 6, 2002 by Canadian UnderwriterRating agency A.M. Best has downgraded the financial strength rating of Ontario’s Gore Mutual Insurance Company to B+ from B++ on the back of deteriorating operating results and its heavy concentration of business in the troubled Ontario market. “For the…
Quebec moves to create “super regulator”
June 6, 2002 by Canadian UnderwriterQuebec’s insurers could soon find themselves under the umbrella of a “super regulator” which would also oversee securities, deposit-taking institutions and other financial services.The new regulator, proposed in Bill 107, would enforce the Insurance Act and Automobile Insurance Acts in…
CEOs say hard market is here to stay
June 5, 2002 by Canadian UnderwriterAnyone living under the impression that the current hard market will be short-lived may have pause to reconsider, members of an industry panel tell delegates at the 12th Annual Canadian Insurance Congress this week. Panelists agree it will take prolonged…
Auto costs still higher in Atlantic Canada: Insurance industry financial results
June 4, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has released its most recent auto insurance financial results figures for 2000 and 2001 in the Atlantic Region confirming the continuation of losses being incurred on automobile insurance. “Costs are still on the rise…
Kingsway gains debt funding through banking syndicate
June 3, 2002 by Canadian UnderwriterSpecialty risks auto insurer Kingsway Financial Services Inc. (TSE: KFS) has received a $66.5 million credit facility from a banking syndicate consisting of Canadian Imperial Bank of Commerce (CIBC), LaSalle Bank National Association and HSBC Bank Canada. The insurer says…
Allstate Canada and Pembridge ratings downgraded
June 3, 2002 by Canadian UnderwriterRating agency A.M. Best is downgrading the “public data” financial strength rating of Allstate Insurance Company of Canada to B+ from B++. The rating of Markham-based affiliate Pembridge Insurance Company is also downgraded to B- from B+.The new “public data”…
Desjardins p&c ops contribute to strong first quarter
May 31, 2002 by Canadian UnderwriterThe general insurance sector of Quebec-based financial services firm Desjardins Group contributed $0.3 million to a healthy first quarter 2002 for the company as whole. This compares with a $5 million negative contribution for the first three months of 2001…
Hub expects US$68.6 million from U.S. IPO
May 30, 2002 by Canadian UnderwriterBroker consolidator Hub International (TSE: HBG) is hoping to raise US$68.6 million when it launches an initial public offering on the New York Stock Exchange next month.The company says it will sell 5 million shares for between US$14 and US$16…
EU approves 30 day extension for aviation terrorism cover
May 29, 2002 by Canadian UnderwriterOn the heels of the decision made by the U.S. government to extend its coverage of airline terrorism exposures by another 30 days, the European Union has granted approval to its members to do the same. As such, the airlines…
U.S. insurers hit $700 million from April tornado/storm spree
May 28, 2002 by Canadian UnderwriterU.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to…
Hi-Alta applies for banking license
May 27, 2002 by Canadian UnderwriterWestern-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced today at the company’s annual general meeting.Tannas believes that the withdrawal by the big…