Industry
New standards for reporting financial instruments in corporate financial results have been officially released by Canada’s Accounting Standards Board (AcSB). The board says the standards are “a hybrid of U.S. GAAP and international standards”. “The new standards close a lot of the gaps in Canadian GAAP and bring Canadian standards for financial instruments in line […]
By Canadian Underwriter | January 27, 2005
1 min read
A new bill aimed at reducing frivolous lawsuits has been introduced to the U.S. House of Representatives by Texas Congressman Lamar Smith.The “Lawsuit Abuse Reduction Act of 2005” mirrors legislation passed by the House in the last Congress, however the Senate did not pass its legislation, so Smith has decided to reintroduce a new bill.The […]
By Canadian Underwriter | January 26, 2005
Alberta-based broker network and bank Western Financial Group Inc. (TXS: WES) says it has priced an offering of 9 million subscription receipts at $2.15 each for gross proceeds of $19.35 million. The offering, set to close on February 3, also includes an over-allotment option for underwriters to purchase up to 1.35 more subscription receipts at […]
The insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of Canada (IBC).Speaking to a monthly meeting of the Property Casualty Underwriters Club (PCUC) in Toronto […]
3 min read
Canadian CEOs are bullish on the future, according to results of the latest PriceWaterhouse Coopers (PwC) Global CEO survey. A full 55% of Canadian CEOs are very confident of future revenue growth, compared to just 38% of U.S. CEOs and 31% in Europe. Almost half of Canadian CEOs expect to see 5-10% growth over the […]
2 min read
Broker Aon says the introduction of the Airbus A380 will challenge the aviation liability market, and may cause liability limits to rise for the entire industry. Much like the introduction of Pan Am’s 747 some 35 years ago, the mammoth Airbus has the potential to push liability limits up to US$3 billion from their current […]
By Canadian Underwriter | January 25, 2005
The Insurance Corp. of B.C. (ICBC) has gotten its wish and will not have to raise basic auto insurance rates in 2005. The B.C. Utilities Commission approved the public insurer’s rate application which had been submitted last July. The commission does not regulate optional rates, but ICBC notes that these rates have not increased since […]
By Canadian Underwriter | January 23, 2005
In what promises to be the first of several civil charges filed against insurance companies and brokers, Connecticut Attorney General Richard Blumenthal has filed suit against Marsh & McLennan’s brokerage operation and ACE Financial Solutions. Blumenthal alleges ACE paid Marsh a "secret" US$50,000 commission to steer a US$80 million state contract to the insurer.In a […]
Oakville, Ontario-based pet insurer Pethealth (TSX Venture: PTZ) has declared a dividend of $0.12 per series one convertible preference share, payable on January 26. Pethealth issued 5 million of convertible preference shares on January 21, 2004 through a private placement, with the holders entitled to cumulative dividends of 6% per year. Lloyd’s says it will […]
By Canadian Underwriter | January 20, 2005
The recent settlements by former WorldCom and Enron directors highlights the new phenomenon of directors paying to settle litigation using their own funds, according to an article by Darryl P. Rains, partner at legal firm Morrison & Foerster LLP. In the past, outside directors rarely contributed personally to litigation settlements, but just this month 10 […]
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