Industry
Swiss Re’s August 2004 Canadian Economic Outlook suggests the nation’s economy has shown resiliency despite slowdown in other countries. Swiss Re chief economist Kurt Karl predicts GDP growth of 2.7% for 2004, and 3.5% in 2005 for Canada. He also predicts the Bank of Canada will begin to raise interest rates on September 8, to […]
By Canadian Underwriter | August 30, 2004
1 min read
Police in Ontario’s York Region have laid 130 criminal charges against five men after recovering stolen vehicles worth more than $2 million.The charges followed a 16-month investigation dubbed “Project Romeo” which led to the recovery of over 50 luxury vehicles which had been reported stolen.”The 16-month investigation uncovered the use of counterfeit United States certificates […]
By Canadian Underwriter | August 29, 2004
Insurers are taking umbrage with the idea of making their regulatory rate filings public. In a submission to hearings being conducted by Nova Scotia’s Insurance Review Board (IRB), the Insurance Bureau of Canada (IBC) says insurers rate filings contain proprietary information which should be kept private for competitive reasons.”We believe that certain rate filing information […]
By Canadian Underwriter | August 26, 2004
Fairfax Financial Holdings Ltd. is selling US$95 million in 7.75% senior notes due 2012 at an issue price of 97.25%. The company says it plans to use the proceeds to purchase its outstanding debt from time to time, based on market conditions, or for general corporate purposes. The offering is expected to close August 27. […]
By Canadian Underwriter | August 24, 2004
A new study by the U.S. Insurance Research Council shows that of the highest-level auto accident cases, almost 75% of claimants who did not hire an attorney were satisfied with their payment, while less than half with an attorney were satisfied. One reason, the study speculates, may be the average 32% contingency fee being paid […]
By Canadian Underwriter | August 22, 2004
The Canadian and U.S. life reinsurance markets are characterized by consolidation, with three players Swiss Re, Munich Re and RGA dominating the market, according to a new report by A.M. Best. The result has been price and term discipline, but also capacity issues within the marketplace.While the hard market has turned much of the focus […]
2 min read
Ontario’s Financial Services Commission (FSCO) is streamlining its operations and announcing several management changes. The Licensing and Compliance Division has changed to the Licensing and Market Conduct Division, to be led still by Grant Swanson, reflecting the regulator’s increased focus on market conduct and its reduced role in solvency regulation. The Examination division is being […]
By Canadian Underwriter | August 19, 2004
Boomerang Tracking is being purchased by Massachusetts-based LoJack Corp., for US$48 million in cash/stock options to shareholders. “By joining LoJack, we believe we can more effectively increase our penetration in existing markets and enter new markets through the synergy created by our two organizations,” says Boomerang CEO Peter Lashchuk. The deal is expected to close […]
By Canadian Underwriter | August 18, 2004
Western Financial Group (TSX: WES) has closed the second tranche of a private placement of 1.7 million common shares valued at $4.2 million. The recent transaction completes the private placement which had been announced on May 26 of this year, a company statement says.
By Canadian Underwriter | August 16, 2004
Rating agency A.M. Best has upgraded the financial strength rating of Lloyd’s of London to “A” from “A-“, citing overall improvement for the London market and the expectation of further growth.A.M. Best predicts the market’s central solvency capital will rise by 2008 to US$3.7 billion, and that as market conditions deteriorate the market will reduce […]
By Canadian Underwriter | August 12, 2004
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
