Industry
The sale of Fairfax’s Federated Life to Western Financial Group is now complete, with the company’s name to be changed to Western Life Assurance Co. Western Financial purchased the life insurer from Fairfax’s Northbridge Financial Corp. for $20 million, with the sale first announced last May.Concurrent with the sale, Western Financial issued 10.35 million common […]
By Canadian Underwriter | February 28, 2005
1 min read
Bermuda-based RenaissanceRe Holdings Ltd. says it has received a subpoena from the U.S. Securities Exchange Commission (SEC) in connection with the SEC’s investigation of “non-traditional” insurance products. As well, the SEC is seeking further information on RenRe’s recent announcement that it would restate earnings for the years 2001-2003. RenRe says it also expects to receive […]
A new media campaign already underway for the Insurance Brokers Association of Canada (IBAC) includes television vignettes featuring independent brokers talking about the value they bring to consumers.IBAC spokesperson Janine Cavin says that as part of its media buy, the association’s advertising agency negotiated a contract to run eight 45-second vignettes on Bell Globemedia channels, […]
By Canadian Underwriter | February 27, 2005
Reliance Insurance Group, which was placed in liquidation in the U.S. in 2001, has made a settlement with Pennsylvania Insurance Commissioner Diane Koken. Koken filed suit against the parent Reliance Group Holdings’ CEO Saul Steinberg and other directors and officers for mismanagement in 2002.Essentially the settlement is a means to ensure there are funds left […]
New York Attorney General Eliot Spitzer has announced another guilty plea on the part of a Marsh executive to charges of fraud and bid-rigging of insurance contracts.The woman, who is a former managing director at Marsh, pleaded guilty in New York County Supreme Court to “scheme to defraud in the first degree”, which is a […]
By Canadian Underwriter | February 24, 2005
E-L Financial Corp. Ltd. (TSX: ELF), parent of Dominion of Canada General Insurance Co. , has posted net income o f$129.9 million, or $31.93 per share, for 2004. This is more than double the 2003 net income of $46.9 million, or $11.66 per share.Significant growth came from the general insurance operations, where net income reached […]
California Insurance Commissioner John Garamendi has issued subpoenas against title insurers in the state.In a media event set at a new home development in Sacramento, Garamendi announced he was investigating “a scam perpetrated by title insurers, realtors, lenders and developers”. “In the name of greed, title insurers are paying kickbacks by unnecessarily raising the price […]
By Canadian Underwriter | February 23, 2005
In additional to its annual version of “Understanding Automobile Insurance”, the Financial Services Commission of Ontario (FSCO) has published a series of pamphlets to assist consumers in buying insurance and filing claims.”What to do After an Auto Accident” is intended to help guide drivers through the claims process following a collision. It includes issues such […]
Charges related to the acquisition of Talbot Financial Corp. in July caused earnings for broker network Hub International Ltd. (TSX, NYSE: HBG) to drop 28% in 2004.The company posted earnings last year of $26.24 million, or $0.80 per share, for 2004, down from $36.5 million, or $1.14 per share in 2003. In the fourth quarter […]
2 min read
Life and health insurers applauded the unveiling of Canada’s federal budget on Wednesday. The Canadian Life & Health Insurance Association (CLHIA) praises the balanced budget proposed by the minority Liberal government. The CLHIA also praised the reduction of personal and corporate income taxes as “an important investment in Canada’s continued economic growth and prosperity”. Asbestos […]
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