Industry
Standard & Poor’s recently placed a “BBB-” rating on Kingsway ROC GP’s $125 million, 10-year senior unsecured debt.The notes for Kingsway ROC GP a new general partnership organized under the laws of Delaware and owned by a subsidiary of Kingsway (the guarantor) will be placed into the Kingsway Note Trust as referenced in the Kingsway […]
By Canadian Underwriter | June 9, 2005
1 min read
Co-operators General Insurance Co.(CGIC) counterparty credit and financial strengths rating has been raised to a ‘BBB+’ from ‘BBB’, according to Standard & Poor’s (S&P). The Guelph,ON-based Company’s rating outlook is stable seeing a rise in its Canadian national scale preferred stock rating from ‘P-3’ to ‘P-3(High)’ and a rise in its global scale preferred stock […]
Former CEO of American Insurance Group (AIG) Maurice “Hank” Greenberg recently resigned from the Company’s board of directors. Citing scant access to AIG’s company information and its operations as the motivation behind his decision to resign, Greenberg has now cut his ties to the Company after already stepping down as chairman and chief executive last […]
In an effort to determine the prevalence of anti-competitive activity, the European Commission (EC) will soon begin to investigate Europe’s commercial insurance market. Investigations will determine if regulatory barriers led to anti-competitive behavior in insurance sectors including energy, telecommunications and transportation, according to an EC spokesperson. This initiative is reportedly unrelated to recent US insurance […]
By Canadian Underwriter | June 7, 2005
Government elements of the Insurance Companies Act will be amended based on recent plans to introduce new legislation to modernize the corporate governance framework for Canada’s federally regulated financial institutions, according to Minister of Finance Ralph Goodale.The Insurance Companies Act regulates rules relating to rights of shareholders, policyholders and members, the role of directors, auditors […]
2 min read
Insurers of recently Ridley Inc. a North American commercial animal nutrition company have recently been of law suits seeking recovery of damages for losses Canadian cattle farmers incurred from the international bans on the export of Canadian beef and cattle as a result of the discovery of a BSE infected cow in Alberta. Due to […]
By Canadian Underwriter | June 6, 2005
3 min read
The Insurance Bureau of Canada (IBC) recently sent its submission to the federal Department of Finance on the Government’s consultation paper, “An Effective and Efficient Legislative Framework for the Canadian Financial Services Sector.” Part of “Budget 2005,” the consultation paper was released in February as a step towards the next periodic review of financial institutions […]
By Canadian Underwriter | June 2, 2005
Computer Sciences Corporation (NYSE: CSC) recently announced that annual studies conducted by Celentm – global financial services information technology (IT) research and consulting firm identify CSC as a dominant provider of insurance software. This is the second consecutive year Celent’s Insurance Software Deal Trends studies cited CSC as a leading provider for property and casualty […]
By Canadian Underwriter | June 1, 2005
Double entry, merging of documents and a chronic inability to access information for management reports are familiar obstacles in the insurance policy issuance process. A new solution from the Nuclear Insurance Association of Canada (NIAC) enhances the Microsoft operating environment to create straight-through processing of policies. However, it may also have broader applications for the property and casualty insurance industry as a whole.
By Craig Harris | May 31, 2005
4 min read
In the decade or so since the World-Wide-Web (WWW) became a part of our business environment it has suffered from those who promised it as the instant future as well as those, like CB radios, who predicted it was just another fad. However, for more and more people, a company's website is now the first "face" they see.
By Grant Fairley of Strategic Seminars | May 31, 2005
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