News
People misinformed about travel insurance: RBC study
January 29, 2004 by Canadian UnderwriterA new study is showing that many people think they do not need travel insurance. Almost one-quarter (23%) of those surveyed said that they believed they would be covered if they required emergency medical treatment in another country even without…
Political risks a US$800 billion drain on world economy: Aon
January 29, 2004 by Canadian UnderwriterWith the release of its annual "Political and Economic Risk Map", global broker Aon Corp. estimates political risks cost the world economy US$800 billion last year, the equivalent of a 0.25% tax on global GDP growth.The losses come from reduced…
Pethealth completes $10 million placement
January 28, 2004 by Canadian UnderwriterOakville, Ontario-based pet insurer Pethealth Inc. (TSX VE: PTZ) has completed a private placement for aggregate proceeds of $10 million.The placement included five million of the company’s "series 1" convertible preference shares at $2.00 each. Each share is entitled to…
Western Financial adds brokerage, completes share placement
January 28, 2004 by Canadian UnderwriterAlberta-based broker network and bank, Western Financial Group Inc. (TSX: WES) has added to its string of recent acquisitions with the purchase of Meston’s Agencies of Okotoks, Alberta. The new brokerage will be combined with Western’s existing operations in that…
Vancouver company launches expatriate insurance site
January 28, 2004 by Canadian UnderwriterVancouver-based TransWorldconneX has launched the first single-source online listing of international expatriate and local national policies.The free service is being offered to brokers, consulting houses and insurers, to locate and purchase insurance and other services for international benefits clients. Quotes…
D&O remains tight in North America: Tillinghast Towers Perrin
January 27, 2004 by Canadian UnderwriterThe average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants…
Kingsway announces U.S. private paper offering
January 26, 2004 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) is planning a US$100 million private offering of senior debt notes through its wholly-owned subsidiary Kingsway America Inc. The offering will be made available to institutional buyers in the U.S.Kingsway says capital raised from…
CIAB survey shows commercial p&c rate softening
January 26, 2004 by Canadian UnderwriterA survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases…
OSC releases corporate governance guidelines for comment
January 23, 2004 by Canadian UnderwriterThe Ontario Securities Commission (OSC) has released for discussion new guidelines for accounting and disclosure for publicly-traded companies. The guidelines follow a Toronto Stock Exchange (TSX) announcement last fall that provincial securities regulators would now set the standards for corporate…
Almost 40% of private companies anticipate d&o-based suit in 2004
January 23, 2004 by Canadian UnderwriterNearly two in every five privately-held U.S. companies anticipates lawsuits aimed at their directors and officers from shareholders, customers or vendors this year, notes a new study sponsored by New Jersey-based Chubb Group.The survey of private company risks, conducted by…
CEOs extol virtues of ERM, but implementation is slow to catch on
January 23, 2004 by Canadian UnderwriterGlobal CEOs understand the need for enterprise-wide risk management (ERM), but say there are many barriers to full implementation, according to the 7th annual Global CEO Survey by PricewaterhouseCoopers.The survey found CEOs confident of future growth in revenue (80% of…
Reinsurance price stability predicted for 2004: Benfield Group
January 22, 2004 by Canadian UnderwriterU.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the…