Industry
Kingsway Financial Services Inc. (TSE:KFS,NYSE:KFS) has announced that it has reached a definitive agreement to acquire HI Holdings, Inc. (HI), including HI’s wholly owned Zephyr Insurance Company Inc. HI and Zephyr were formed in 2000 by its current shareholders, including Everest Reinsurance Company, Guy Carpenter & Company, Inc., Hannover Ruckversicherung AG, and Island Holdings, Inc. […]
September 30, 2005
2 min read
The Supreme Court of Canada has ruled that the B.C. government may sue tobacco companies to recover health care costs related to smoking, raising the question of whether tobacco insurers would ultimately be on the hook for any liability tobacco companies may incur.In a 1999 report entitled ‘Tobacco in Canada,” Swiss Reinsurance Company Canada noted […]
By Canadian Underwriter | September 30, 2005
Stan Griffin, the current president and CEO of the Insurance Bureau of Canada (IBC), is one of two board of directors appointed Sept. 28 by the General Insurance OmbudService (GIO).Dr. Roger Palmer, Ph.D. (Theoretical Physics), of the business school at the University of Alberta also received an appointment to the GIO board. Palmer served as […]
By Canadian Underwriter | September 29, 2005
ING Canada (TSX – IIC.LV) ha appointed Mark Tullis as senior vice president and chief financial officer. Tullis will replace Mike Cunningham in March 2006, who willretire from ING after 15 years of service. Currently, since joining ING Americas in 1999, Tullis is president of ING US Institutional Businesses and a member of ING Canada’s […]
1 min read
The SEC has issued another subpoena to Fairfax Holdings Ltd. and a “Wells Notice” to Bermuda-based reinsurer RenaissanceRe Holdings Ltd. as part of its ongoing investigation into the U.S. insurance industry.<br>RenaissanceRe (NYSE: RNR) recently confirmed it has received a Wells Notice from the staff of the U.S. Securities and Exchange Commission (SEC) in connection with […]
By Canadian Underwriter | September 27, 2005
The Insurance Corporation of British Columbia (ICBC) predicts that if no action is taken to reduce the number of motor vehicle crashes involving BC residents that approximately 22,000 vehicle collisions will occur in October, with 6,500 injuries. In lieu of these figures and October’s designation as “Zero Crash Month,” the ICBC and the provincial government […]
By Canadian Underwriter | September 26, 2005
Sun Life Financial Inc. will double its business in China in the next three years, according to chief executive Donald Stewart.Stewart says the Canadian-based insurance company will need to grow at about 23% per year in order to double in the Chinese market over the next three years. Insurers including American International Group Inc. and […]
By Canadian Underwriter | September 23, 2005
Aon Corporation (NYSE: AOC) recently signed a definitive agreement to sell Swett & Crawford, its U.S.-based wholesale broking operation, to an investor group including Hicks, Muse, Tate & Furst Inc. (HMTF), Banc of America Capital Investors and Emerald Capital. A number of key Swett & Crawford employees have made a long-term professional commitment to the […]
Working collaboratively through the National Association of Insurance Commissioners (NAIC), over 30 state insurance regulators recently adopted a multi-state regulatory settlement with Marsh & McLennan Cos. Inc. The settlement agreement will ensure that Marsh implements the compensation and disclosure reforms including the Company’s requirement to pay its clients $850 million in restitution it agreed to […]
By Canadian Underwriter | September 22, 2005
Allstate Insurance Company of Canada has created an alliance with Pethealth and its PetCare Insurance Programs to bring economic accident and illness care to the estimated 55% of Canadian households who own dogs and cats.”We are receiving more questions from consumers concerned about the costs of treatment for unexpected illness and accident suffered by their […]
By Canadian Underwriter | September 20, 2005
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