News
Kingsway completes private placement
October 2, 2003 by Canadian UnderwriterKingsway Financial Services Inc. (TSX, NYSE: KFS) says it has completed a private placement of trust preferred securities for net proceeds of US$9.7 milion.The almost US$10 million in 30-year floating rate trust preferred securities were sold only in Canada. The…
Hurricane Juan claims trickle in
October 2, 2003 by Canadian UnderwriterCanadian p&c insurers are bracing for significant claims in the wake of Hurricane Juan, which took its toll on Nova Scotia and PEI earlier this week.Insurers are just now looking at their exposures, with two companies making formal statements about…
Without power, telephones, damage from Hurricane Juan hard to assess
October 1, 2003 by Canadian UnderwriterAs most of Halifax continued on Tuesday to be without power and telephones, it is difficult to assess just how much insurers may be paying out in the aftermath of Hurricane Juan.Juan hit the Halifax-Dartmouth area late Sunday, killing at…
Silverstein WTC case suffers setback
September 30, 2003 by Canadian UnderwriterA unanimous decision by the U.S. Court of Appeals, second circuit, is being lauded by insurers as a “devastating blow” to the lawsuit by World Trade Center (WTC) leaseholder Larry Silverstein.The court supported in part insurers’ contention that the destruction…
Manulife and John Hancock join to form largest life insurer
September 30, 2003 by Canadian UnderwriterToronto-based Manulife Financial Corp. says it will enter into a stock-for-stock deal to buy Boston’s John Hancock Financial Services Inc. worth $34.7 billion (US$25.6 billion). The deal will make Manulife the largest life insurance company in Canada, second-largest in North…
U.S. insurers boost 2003 half-year profit by 3.3 times
September 30, 2003 by Canadian UnderwriterU.S. property and casualty insurers increased net taxed income for the first half of this year to US$14.5 billion – representing a 3.3 times rise on the US$4.4 billion reported for the same period last year, according to data released…
Condo association forms task force on insurance
September 29, 2003 by Canadian UnderwriterAn association representing the condominium industry is set to look into the impact of insurance rates and policy changes to its members. The Canadian Condominium Institute (CCI) says it has established a task force to look at “unprecedented” changes to…
Kingsway reveals $30 million adverse reserve development
September 29, 2003 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as…
Kinesiologists unhappy with Bill-198 regulations
September 26, 2003 by Canadian UnderwriterThe Ontario Kinesiology Association (OKA) is speaking out against regulations in support of Ontario’s Bill-198 which they say will preclude their members from working on auto accident claims.The regulations, which come into force on October 2, are worded such that…
Moody’s predicts $8.3 billion profit for Lloyd’s
September 26, 2003 by Canadian UnderwriterThe London market of Lloyd’s could post profits as high as $8.3 billion (3.7 billion pounds) for 2002 and 2003, says Moody’s Investor Service. This follows a loss of $4.7 billion (2.1 billion pounds) in 2001.Moody’s says 2002 should produce…
RIMS gives “thumbs up” to COSO draft ERM guidelines
September 25, 2003 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) is praising a new draft document on enterprise risk management (ERM). The draft, created by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), its project advisory council and Pricewaterhouse Coopers LLP,…
Nova Scotia report advocates lower auto rates and public education
September 24, 2003 by Canadian UnderwriterWhile pushing for limits on auto insurance rates in Nova Scotia, a new report also suggest the public needs to become more educated about how to shop for insurance.The provincial government’s “consumer advocate”, George Jordan, released his final report following…