Segment
P&C Companies
What’s new: in brief (January 02, 2005)
January 2, 2005 by Canadian UnderwriterKingsway 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.…
Seasons Greetings from the Staff at Canadian Underwriter!
December 23, 2004 by Canadian UnderwriterThis is the last installment of Canadian Underwriter’s Daily News for 2004 we will be returning on January 3rd with our regular coverage of Canadian insurance industry news.The staff of Canadian Underwriter wishes everyone a happy and healthy holiday season,…
New company formed as brokerages merge
December 23, 2004 by Canadian UnderwriterThe 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…
Marsh & McLennan receives SEC subpoena on Trident
December 23, 2004 by Canadian UnderwriterThe 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…
Divergent outlooks for U.S. personal v. commercial lines in 2005: S&P
December 23, 2004 by Canadian UnderwriterThe future looks very different for U.S. personal lines insurance versus its commercial lines counterpart, according to the yearend review and outlook by Standard & Poor’s.The rating agency says that while the outlook for personal lines is stable, with earnings…
What’s new: In brief (December 23, 2004)
December 23, 2004 by Canadian UnderwriterKingsway Financial Services and its U.S. holding company, Kingsway America Inc., have had their ratings affirmed by Dominion Bond Rating Service, based on its consistent execution of strategy and strong underwriting performance. Specific note was taken of improvement in the…
P&C insurers continue to face reserve deficiency: Fitch
December 22, 2004 by Canadian UnderwriterFitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses.Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus.And this…
L&H insurers devise disclosure code
December 22, 2004 by Canadian UnderwriterLife 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…
What’s new: In brief (December 22, 2004)
December 22, 2004 by Canadian UnderwriterStandard & 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…
ICBC nets two guilty pleas on “false information” charges
December 22, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. says two residents of the provinces have pleaded guilty to charges stemming from providing false information to the public auto insurer in two separate incidents.In the first case, Ahmad Reza Ahmadj of New Westminster, B.C.…
U.S. insurers on track for first underwriting profit in decades
December 21, 2004 by Canadian UnderwriterU.S. insurers’ results of the first nine months of 2004 show them well on their way to the first underwriting profit in more than 25 years. According to data released by the Insurance Services Office (ISO) and Property-Casualty Insurers Association…
Collision repair reps meet with Colle on tow truck rules
December 21, 2004 by Canadian UnderwriterRepresentatives of the collision repair industry recently met with the man in charge of reforming Ontario’s auto insurance rules to discuss proposals relating to bodyshops and tow trucks.Hamilton District Autobody Repair Association (HARA) executive director John Norris says he and…