Industry
Arch Capital Group Ltd.’s (NASDAQ:ACGL) proposed $100 million issuance of Class B, noncumulative preferred shares recently received a ‘BB+’ preferred stock rating from Standard & Poor’s Ratings Services. In addition, S & P’s also affirmed its ‘BBB’ long-term counterparty credit and senior debt ratings on Arch Capital Group Ltd. and affirmed its ‘A-‘ long-term counterparty […]
By Canadian Underwriter | May 16, 2006
2 min read
Business property insurer FM Global’s financial performance rating of A+ (Superior) was recently affirmed by A.M. Best Ratings Co.Noting that FM Global continues to be “a market leader among providers of commercial property insurance,” the insurance ratings company went on to affirm the insurers “stable” rating outlook. The A+ rating is assigned to insurers with, […]
1 min read
A & B Insurance Damage Restoration, Inc. recently joined Disaster Kleenup International, Inc.The addition of A & B to DKI’s membership will strengthen the network’s Northeast market. As a DKI member, A & B Insurance Damage Restoration can utilize DKI’s 24-hour call center and its DIAMOND claims tracking technology to enhance service to insurance and […]
By Canadian Underwriter | May 15, 2006
EGI Financial Holdings Inc. (TSX:EFH) announced strong results for the first quarter ended Mar. 31, 2006, including “solid increases in net written premiums, investment income and income before extraordinary gains, as the company continues to build its specialty general insurance business.”EGI Financial generated direct written premiums totaling CD$26.1 million for the 2006 period, compared with […]
An increase in premiums during the first quarter 2006 caused net profit’s for reinsurer Hannover Re to spike 7% reaching US$134 million (105 million).However, forecasts had quoted a greater profit of around US$149.3 million (117 million).Hannover Re’s gross written premiums also rose by about 9%% to to reach US$3.57 billion (2.8 billion) for the Q1 […]
By Canadian Underwriter | May 12, 2006
Hub International Limited (TSX:HBG) will offer 4,000,000 common shares in a public offering in the United States. Hub International will also grant the underwriters an over-allotment option to purchase up to 600,000 additional common shares. Stephens Inc. and Wachovia Securities will act as joint book-running managers for the offering and Cochran Caronia Waller; Ferris, Baker […]
Swiss Reinsurance Co. has raised over $1 billion in a capital market transaction to finance its bid to take over General Electric Co.’s (GE) reinsurance arm. Swiss Re placed 13.9 million new shares at CHF92.25 apiece with shareholders and investors. The proceeds are CHF1.3 billion, or $1 billion. The settlement will be made on May […]
By Canadian Underwriter | May 11, 2006
The first quarter of 2006 brought strong results for ING Canada Inc. (TSX: IIC.LV) with a net income to $185.9 million, representing a 17.3% increase from $158.5 million the first quarter of 2005. Revenue also increased to $1,133.8 million, up 3.2% from $1,098.8 million in the comparable quarter of 2005.Earnings per share for Q1 2006 […]
Royal & SunAlliance started the 2006 year off strong with a combined operating ratio (COR) for the core Group of 91.6% and 95.8% for the Canadian operation, which represents almost a three-point improvement over Q1 2005.In addition Royal & SunAlliance Canada saw an increase in its underwriting profit of 50% to $18 million. While its […]
The existing legislation limiting Canada’s banks marketing of insurance products should be upheld by the federal government, according to chief executive of Sun Life Financial Inc. Donald Stewart.During Sun Life Financial’s recent annual meeting, Stewart commended the new Conservative government’s election platform, which promises to “maintain the current regulations governing insurance marketing by the chartered […]
By Canadian Underwriter | May 10, 2006
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