Industry
The U.S. Securities Exchange Commission (SEC) is investigating the insurance investment funds managed by Marsh & McLennan Cos. Ltd.In a filing this week, MMC acknowledge receipt of an SEC subpoena as part of a formal investigation. “The request for information seeks documents and other information concerning related-party transactions in which a director, executive officer or […]
By Canadian Underwriter | December 23, 2004
1 min read
Kingsway Financial Services and its U.S. holding company, Kingsway America Inc., have had their ratings affirmed by Dominion Bond Rating Service, based on its consistent execution of strategy and strong underwriting performance. Specific note was taken of improvement in the Canadian operations, which posted a 95.5% combined ratio for the first nine months of 2004. […]
Life and health insurers are following in the footsteps of their general insurance counterparts, announcing a plan for public disclosure of intermediary relationships and incentives from insurers. “”Not only in North America but around the world, developments in the financial services industry make it clear that customer information and transparency are fundamental to that trust […]
By Canadian Underwriter | December 22, 2004
Standard & Poor’s has affirmed the “B” counterparty credit on adjuster Lindsey Morden Group Inc., with a stable outlook. S&P says the rating reflects a positive view of the sale of the adjuster’s U.S. third-party administration business which should lead to more stable financial results. Crawford Adjusters Canada Ltd. has named Stephen Anderson as senior […]
U.S. insurers’ results of the first nine months of 2004 show them well on their way to the first underwriting profit in more than 25 years. According to data released by the Insurance Services Office (ISO) and Property-Casualty Insurers Association of America (PCI), U.S. insurers weathered a record hurricane season to produce a net underwriting […]
By Canadian Underwriter | December 21, 2004
3 min read
A.M. Best has issued an “A-” (excellent) financial strength rating to new reinsurer Glacier Re. The new Swiss company was formed by a consortium of investors, including funds advised by HBK Investments and Soros Fund Management, with reinsurance broker Benfield Group holding a minority stake. Best says the reinsurer’s capitalization is strong even if it […]
The Registered Insurance Brokers of Ontario (RIBO) has just published its new regulations on broker disclosure.RIBO, the self-regulatory body for general insurance brokers, is responding to controversy begun in the U.S. over the level of disclosure related to broker commissions, specifically contingent commissions.In its rules on “conflict of interest”, RIBO says brokers must disclose in […]
By Canadian Underwriter | December 20, 2004
2 min read
Alberta-based broker network Western Financial Group says it has filed a prospectus with Canadian securities regulators to offer subscription receipts. The offering would apply to all provinces.The receipts will entitle holders to purchase one common share of Western stock (TSX: WES) upon completion of the company’s previously announced acquisition of Federated Life Insurance Co. of […]
The flurry of initial public offering activity amongst non-standard auto insurance carriers show just how far this sector has rebounded following disastrous results from 1999-2001, notes a new report by A.M. Best.In a special “Then and Now” report on non-standard auto, the rating agency points to four successful IPOs by U.S. carriers Infinity P&C, Direct […]
The U.S. homeowners’ insurance market has turned the corner after two decades of poor results, according to a new report by Conning Research. Conning says homeowners carriers have hit “the sweet spot” and “reversed the curse”, a trend likely to carry through 2008. “The outlook is bright for 2005-2007, due to a favorable underwriting environment […]
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