Industry
Through an agreement with Satellite Acquisition Corp., Hub International is acquiring new Mexico-based Talbot Financial Corp. and its subsidiaries from Safeco Corp. in a deal valued at US$120 million.Hub will invest in Satellite Acquisition, which is owned by the senior management of Talbot, resulting in Hub owning 70% of Talbot. The further 30% stake will […]
By Canadian Underwriter | March 17, 2004
1 min read
The U.S. arm of Kingsway Financial Services Inc., Kingsway America, will reopen an offering of senior notes valued at US$25 million. The 7.5% notes are due 2014 and are guaranteed by the parent company.This is from the same series of notes offered by the company back in late January, when US$100 million worth were issued. […]
By Canadian Underwriter | March 16, 2004
Rating agency Moody’s Investors Service is predicting the 2002 to 2004 years of account for Lloyd’s of London will produce a profit of GBP6 billion (Cdn$14.4 billion), or 42% of capacity on a cumulative basis. In the absence of major losses in 2002 and 2003, plus stronger underwriting, profits for these two years are each […]
A group representing Toronto’s financial services industry is asking the Ontario government to look at elimination of capital taxes. The Toronto Financial Services Alliance (TFSA), which includes the Insurance Bureau of Canada (IBC), released its pre-budget submission to the new Ontario Liberal government, asking for a tax system that would encourage business growth in the […]
By Canadian Underwriter | March 15, 2004
Questions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for 2004, but signs of price moderation are creeping in, and there is still debate over […]
2 min read
Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full year return reflects a nine percentage point improvement in ROE on the meager 1.7% return posted for the 2002 financial year.Jane Voll, chief […]
By Canadian Underwriter | March 10, 2004
Fairfax’s Lindsey Morden Group has agreed to sell its U.S. third-party administration (TPA) businesses, which include RSKCo Services and Cunningham Lindsey Claims Management Inc. (CMI). The new owner, Broadspire Services Inc., says the two companies will be merged into its existing operations, with Broadspire management and CEO Dennis Replogle maintaining control of the company.Under the […]
Insurance giant Kingsway Financial Services says it has entered into a new revolving credit facility with a syndicate of three banks for $150 million. The new facility replaces two existing credit facilities, the company notes. The banks involved include CIBC, LaSalle National and The Bank of Nova Scotia.Kingsway has also responded to the recent downgrade […]
By Canadian Underwriter | March 9, 2004
The Canadian companies of Kingsway Financial Services Kingsway General Insurance Co. and York Fire and Casualty are being downgraded by rating agency A.M. Best, following release of the companies’ 2003 yearend results.A.M. Best has lowered the financial strength ratings on the two companies to “B++” (very good) from “A-” (excellent), and placed both on negative […]
By Canadian Underwriter | March 8, 2004
Private capital in the Lloyd’s market (also known as “Names”) rose to 3.3 billion pounds (Cdn$8.0 billion) for 2004, from 3.0 billion pounds (Cdn$7.3 billion) last year. This means the total market capacity of Names will rise to 22% from 20%, according to the Association of Lloyd’s Members, which represents private capital in the 300-year-old […]
By Canadian Underwriter | March 5, 2004
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