News
Kingsway Canadian ops downgraded by A.M. Best
March 8, 2004 by Canadian UnderwriterThe Canadian companies of Kingsway Financial Services Kingsway General Insurance Co. and York Fire and Casualty are being downgraded by rating agency A.M. Best, following release of the companies’ 2003 yearend results.A.M. Best has lowered the financial strength ratings on…
U.S. p&c insolvencies drop in 2003 on price corrections
March 5, 2004 by Canadian UnderwriterRising premiums in both the commercial and personal lines p&c sectors led to the lowest level of insurer insolvency in the U.S. since 1998, says rating agency Standard & Poor’s. Reporting on 2003 yearend figures, S&P says a total of…
Lloyd’s Names increase capacity for 2004
March 5, 2004 by Canadian UnderwriterPrivate capital in the Lloyd’s market (also known as “Names”) rose to 3.3 billion pounds (Cdn$8.0 billion) for 2004, from 3.0 billion pounds (Cdn$7.3 billion) last year. This means the total market capacity of Names will rise to 22% from…
2003 catastrophes cost insurers US$18.5 billion
March 4, 2004 by Canadian Underwriter2003 will go down as a costly year for catastrophes, most significantly in human terms, with 60,000 people losing their lives in 380 catastrophic events, according to Swiss Re’s annual sigma study of catastrophes. Most serious was the earthquake striking…
Anthony Clark raises $337,000 in private placement
March 4, 2004 by Canadian UnderwriterCalgary-based Anthony Clark International Insurance Brokers Ltd. says it has complete a private placement worth nearly $337,000, which will go to the company’s working capital.The offering, costing $1.28 per unit, involved 263,000 units consisting of one common share and one…
Optimum General “back in the black” in 2003
March 3, 2004 by Canadian UnderwriterMontreal-based Optimum General Inc. (TSX: OGI.A) made its return to profitability official posting net income of $2 million, or $0.17 per share, for 2003. This is a rebound from the net loss of US$7.4 million, or $0.68 per share, recorded…
ICBC income five-times higher in 2003
March 3, 2004 by Canadian UnderwriterB.C.’s public insurer is reporting significant growth for 2003, with net income exploding by five-times to $225 million from $45 million in 2002.The Insurance Corp. of B.C.’s (ICBC) earned premiums grew to $2.86 billion in 2003, up from $2.63 billion…
Canadian Western Bank buys HSBC insurance operations
March 3, 2004 by Canadian UnderwriterThe insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., are to be purchased by Canadian Western Bank according to a letter of intent signed by the banks. Terms of the deal are a cash payment of…
Allianz, Trafalgar downgraded by A.M. Best
March 2, 2004 by Canadian UnderwriterDespite improving financial results, A.M. Best has downgraded the financial strength ratings of Allianz Insurance Co. of Canada and subsidiary Trafalgar Insurance Company of Canada. Allianz dropped to “A-” (excellent) from “A”, while Trafalgar fell to “B+” (very good) from…
Uniform data standard needed for risk modelers: EQECAT
March 2, 2004 by Canadian UnderwriterJust as insurers work toward uniformity of data transmissions on the distribution end, they should also be asking risk modeling firms to work toward uniform data standards. So says EQECAT Inc. president Rick Clinton at the risk modeling company’s recent…
Sedans luring thieves: Crime Bureau
March 1, 2004 by Canadian UnderwriterThieves are targeting sedans, including older model vehicles, for parts, says a new report by the U.S. National Insurance Crime Bureau (NICB).The non-profit organization, which was established to fight vehicle theft and insurance fraud, looked at the most stolen vehicles…
Brouwer Claims and McLarens Canada to merge
March 1, 2004 by Canadian UnderwriterThe merger of Brouwer Claims Canada & Co. with McLarens Canada is a “natural step”, says Brouwer chairman and CEO Jacob Brouwer.The two adjusting firms have signed an agreement in principle to merge, creating a national firm with 75 locations.The…