Industry
Auto insurance premiums in Ontario have fallen 15% since Nov. 2003, leaving the average auto premium in the province at a rate of $1,279 a figure reached by dividing total premiums paid by the number of insured vehicles according to the Insurance Bureau of Canada (IBC). “Clearly, free market, private competition is alive and well […]
By Canadian Underwriter | July 19, 2005
2 min read
Kingsway Linked Return of Capital Trust (TSX:KSP.UN) has completed the public offering of $78 million of 5% Kingsway Linked Return of Capital Preferred Units (“LROC Preferred Units”) due June 30, 2015. The offering was made through a syndicate of underwriters led by Scotia Capital Inc. and included CIBC World Markets Inc., Desjardins Securities Inc. and […]
By Canadian Underwriter | July 15, 2005
1 min read
Royal & SunAlliance Insurance Company of Canada recently acquired the renewal rights of ING Insurance Company of Canada’s $13-million marine commercial insurance business.Royal & SunAlliance will control the business beginning Sept. 1, 2005. Under the terms of the agreement, Royal & SunAlliance has acquired the renewal rights to ING commercial ocean marine business, including hull, […]
General Electric Co. and Caisse de Depot et Placement du Quebec recently agreed to purchase Southern Star Central Corp.’s gas-pipeline system for $362 million from AIG Highstar Capital LP.This purchase almost doubles GE’s pipeline assets. GE and Caisse will assume $476 million in debt and preferred stock. GE Commercial Finance Energy Financial Services will hold […]
By Canadian Underwriter | July 12, 2005
A.M. Best Co. has downgraded the ratings of four Canadian insurers and upgraded the ratings of nine. The downgraded ratings affected the following Canadian property/casualty companies: Personal General Insurance Inc B+Primmum Insurance Company BTD General Insurance Company BTraders General Insurance Company B The upgraded ratings affected the following Canadian property/casualty companies: Algoma Mutual Insurance Company […]
The Royal Bank’s RBC Insurance subsidiary recently opened its first retail office evading the federal Bank Act’s ban on the sale of insurance at bank branches.The new office is located in Scarborough, ON and is located directly beside a Royal Bank branch. The new insurance office holds a separate lease, signage and entrance from the […]
People who use their mobile phones while driving are four times more likely to have a car crash than those who don’t, even if they aren’t holding the phone, according to a recent study published in the British Medical Journal. Researchers of the George Institute for International Health at the University of Sydney concluded that […]
The first results of a national study on auto insurance rates, recently released by the Consumers’ Association of Canada, found that consumers in Alberta pay an average of 30% more for their auto insurance than BC consumers. Auto insurance rates in Alberta averaged at around $1,714 as compared to $1,324 in BC. A comparison of […]
By Canadian Underwriter | July 8, 2005
In May, Canadian building permits saw a decrease in value of 2.1%, according to Staistics Canada, which recently announced that this decline directly reflects a noticeable drop in non-residential permits. Permit value was anticipated to fall a mere 0.5%, similar to the 0.4% decrease to $3.1 billion decrease in value that was seen in the […]
By Canadian Underwriter | July 7, 2005
In June, Canadian sales of cars and light trucks jumped 7.3%.Sales advanced from the previous year’s figure of 150,432 to 161,413, according to DesRosiers Automotive Consultants Inc. Sales for the first and second quarter of 2005 combined, showed an increase of 2.2% to 808,510 vehicles. According to Statistics Canada, new cars and light trucks represented […]
By Canadian Underwriter | July 5, 2005
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