Industry
Anthony Clark Insurance Brokers Ltd. has announced the purchase of the customer accounts of Universal Insurance Brokers Ltd., a Calgary-based general insurance broker. Anthony Clark purchased the customers accounts for $468,000. The purchase price was financed with cash and seller financing, according to a statement from the firm. Anthony Clark is a general insurance brokerage […]
By Canadian Underwriter | January 31, 2007
1 min read
Last year was a record year for cat bond activity, but Chris McGhee, managing director of Guy Carpenter’s investment banking specialty practice in New York, predicts that 2007 will see a slowing-down in both cat bond and side car activity.McGhee, addressing the crowd at Guy Carpenter’s Property Specialty Seminar in Toronto, noted that in 2006 […]
By Canadian Underwriter | January 30, 2007
2 min read
Travelers Guarantee Company of Canada (“Travelers”) has designed a new policy to give improved protection to mineral exploration companies.”Travelers Mineral Exploration Policy helps junior mining companies and their executives deal with the multitude of exposures they face in their business,” the company announced in a press release. Such exposures, the company added, are “stemming from […]
Munich Re renewed about two thirds of its property-casualty treaty business (i.e. excluding facultative reinsurance), which corresponds to a premium volume of around 9billion, according to a press release.The prices, terms and conditions negotiated on the reinsurance treaties were again in line with the risks.”We are satisfied with the outcome of renewals at 1 January. […]
American International Group, Inc. (AIG) is proposing to acquire the outstanding 38.1% publicly held shares of 21st Century Insurance Group (21st Century) (NYSE: TW) for approximately US$690 million.”Following the transaction, 21st Century would become a wholly owned subsidiary of AIG,” according to a news release posted on AIG’s Web site.”Our proposal represents an excellent opportunity […]
By Canadian Underwriter | January 26, 2007
Crawford Adjusters Canada’s employees presented a cheque in the amount of $50,000 to the Women in Insurance Cancer Crusade (WICC) recently.Since its inception in 2004, Crawford Cares has raised over $150,000 for WICC. “Our employees have once again stepped up to not only raise awareness of this horrible disease, but also to donate their own […]
Crawford Adjusters Canada’s employees recently presented a cheque in the amount of $50,000 to the Women in Insurance Cancer Crusade (WICC).Since its inception in 2004, Crawford Cares has raised over $150,000 for WICC. “Our employees have once again stepped up to not only raise awareness of this horrible disease, but also to donate their own […]
SCM Adjusters Canada Ltd. has announced the successful completion of an acquisition agreement resulting in Leonard French & Co. Ltd. joining the SCM team. Leonard French & Co was founded in 1977 by Leonard French and more recently, under the leadership of Norman French, Denis Rivard, Drew Knox and Doug Friesen, “has built a solid […]
By Canadian Underwriter | January 25, 2007
The Canadian government has picked a substantial amount of the costs associated with insuring the country’s nuclear facilities against terrorist attack, according to the Halifax newspaper, The ChronicleHerald.”The Nuclear Liability Act, passed in 1976, limits liability for damages caused by a nuclear accident to $75 million,” the paper reports online. “It is widely considered to […]
A.M. Best Co.’s issuer credit rating (ICR) of “bbb-” for Kingsway Financial Services Inc. (Kingsway) (Mississauga, Ontario) [TSX/NYSE: KFS] remains unchanged following Kingsway’s announcement that it intends to acquire the Mendota Insurance Company (Mendota), a wholly owned subsidiary of The St. Paul Travelers Companies, Inc. [NYSE: STA]. The transaction includes Mendota’s wholly owned subsidiaries, Mendakota […]
By Canadian Underwriter | January 24, 2007
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