Canadian Underwriter

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News Insurance

What’s new: in brief (January 02, 2005)

January 2, 2005 by Canadian Underwriter

Kingsway 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.

News Insurance

New company formed as brokerages merge

December 23, 2004 by Canadian Underwriter

The 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

News Insurance

Marsh & McLennan receives SEC subpoena on Trident

December 23, 2004 by Canadian Underwriter

The 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

News Insurance

L&H insurers devise disclosure code

December 22, 2004 by Canadian Underwriter

Life and health insurers are following in the footsteps of their general insurance counterparts, announcing a plan for public disclosure of intermediary relationships and incentives from insurers. “”Not only in North America but around the world, developments in the financial

News Insurance

What’s new: In brief (December 22, 2004)

December 22, 2004 by Canadian Underwriter

Standard & Poor’s has affirmed the “B” counterparty credit on adjuster Lindsey Morden Group Inc., with a stable outlook. S&P says the rating reflects a positive view of the sale of the adjuster’s U.S. third-party administration business which should lead

News Insurance

What’s new: In brief (December 21, 2004)

December 21, 2004 by Canadian Underwriter

A.M. Best has issued an “A-” (excellent) financial strength rating to new reinsurer Glacier Re. The new Swiss company was formed by a consortium of investors, including funds advised by HBK Investments and Soros Fund Management, with reinsurance broker Benfield

News Insurance

RIBO publishes new broker disclosure rules

December 20, 2004 by Canadian Underwriter

The Registered Insurance Brokers of Ontario (RIBO) has just published its new regulations on broker disclosure.RIBO, the self-regulatory body for general insurance brokers, is responding to controversy begun in the U.S. over the level of disclosure related to broker commissions,

News Insurance

Western Financial to make public offering

December 20, 2004 by Canadian Underwriter

Alberta-based broker network Western Financial Group says it has filed a prospectus with Canadian securities regulators to offer subscription receipts. The offering would apply to all provinces.The receipts will entitle holders to purchase one common share of Western stock (TSX:

News InsuranceMergers and Aqcuisitions

What’s new: In brief (December 20, 2004)

December 20, 2004 by Canadian Underwriter

The November Consumer Price Index published by Statistics Canada finds auto insurance prices have gone down to a significant degree in total, premiums have dropped by 1.6% since last November alone, to have a “dampening” effect on the CPI. Unfortunately,

News Insurance

S&P asks “how will brokers replace contingent commission revenue?”

December 19, 2004 by Canadian Underwriter

In light of the investigations spurred by New York Attorney General Eliot Spitzer into broker compensation practices, and the resulting decision by most large brokers to discontinue receiving contingent commissions, the “million dollar question” is how this revenue will be

News Insurance

What’s new: In brief (December 19, 2004)

December 19, 2004 by Canadian Underwriter

Crawford Adjusters Canada has named John Sharoun as COO, to lead all operating units of the firm and working with CEO Glenn Gibson on a new three-year strategy for the company. Sharoun has more than 30 years industry experience, starting

News Climate ChangeInsurance

Aon adds voice to call for TRIA extension

December 16, 2004 by Canadian Underwriter

Following the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the