Industry
ING Canada made its initial public offering of common shares on Friday, with a starting price of $26 for each of the 34.88 million shares.The offering, led by Merrill Lynch Canada Inc. and CIBC World Markets Inc. showed early success, with the shares closing at $28.88 at the end of the first day of trading. […]
By Canadian Underwriter | December 12, 2004
1 min read
The Financial Services Commission of Ontario (FSCO) has made some organizational changes at its insurance divisions, including merging all auto insurance related functions into the Auto Insurance Division, including dispute resolution. A new executive director function has been created to lead this division, with recruiting underway for the position, and David Draper leading the dispute […]
Designated assessment center (DAC) representatives and trial lawyers continue to wage a war of words over the elimination of DACs as proposed by the Ontario Liberal government.Thursday, the Association of DACs (ADAC) penned an open letter urging Premier Dalton McGuinty to rethink getting rid of the system. ADAC president Susan Filuk accused the Liberals of […]
By Canadian Underwriter | December 9, 2004
2 min read
With commercial p&c rates having peaked already, and the industry facing myriad regulatory and legal challenges as a result of investigations by New York Attorney General Eliot Spitzer, rating agency Standard & Poor’s is maintaining its view that downgrades will outpace upgrades for commercial insurers in the coming year.S&P returned its outlook to “negative” for […]
By Canadian Underwriter | December 8, 2004
While many people believe stopping impaired driving to be an important social issue, there is evidence that a significant number of drivers are getting behind the wheel after drinking.A new survey by the Traffic Injury Research Foundation (TIRF) and Toyota Canada found that a full 18% of drivers admitted to drinking and driving at some […]
Lord Peter Levene has been asked to serve as chair of Lloyd’s for a second three-year term, beginning in 2005. Levene became the 61st chair of the world’s oldest insurance market when he assumed the role in 2002 for his first term.Levene has been part of the transition of Lloyd’s following the September 11, 2001 […]
By Canadian Underwriter | December 7, 2004
According to documents from the Financial Services Commission of Ontario (FSCO) obtained by Canadian Underwriter, a new system to replace Ontario’s “designated assessment centers” (DACs) has been established.The new “post-DAC” system would allow claimants to receive assessments within the statutory accident benefit schedule (SABS) from their health care provider, and allow insurers to request their […]
By Canadian Underwriter | December 6, 2004
Cambridge, Ontario-based Gore Mutual Insurance Co. has seen its counterparty credit and financial strength ratings lowered to “BB” from “BBB” by rating agency Standard & Poor’s. The ratings are based on public data, rather than an interactive rating process, S&P notes.”The rating action reflects the company’s weak operating performance, marginal liquidity, and very high geographic […]
By Canadian Underwriter | December 5, 2004
AIG has been served with a lawsuit alleging violations of U.S. pension plan legislation for the devaluation of the company’s stock as a result of the recent broker compensation scandals. New York law firm Wolf Popper LLP has filed the suit on behalf of participants in AIG’s 401k plan, alleging the insurer “failed to disclose […]
By Canadian Underwriter | December 2, 2004
Toronto-based Fairfax Financial Holdings (NYSE, TSX: FFH) is planning an offering of senior notes on the U.S. exchange. The company will offer US$150 million of its 7.75% senior notes due 2012, on condition of the closing of previously announced equity financing as well as a debt tender offer made earlier in November.The most recent offering […]
By Canadian Underwriter | December 1, 2004
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