Industry
Kingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as well as Ontario commercial auto and trucking claims, a company statement says.Kingsway says the increased […]
By Canadian Underwriter | September 28, 2003
1 min read
The Ontario Kinesiology Association (OKA) is speaking out against regulations in support of Ontario’s Bill-198 which they say will preclude their members from working on auto accident claims.The regulations, which come into force on October 2, are worded such that kinesiologists would be prevented from working on auto accident victims. This could affect as many […]
By Canadian Underwriter | September 26, 2003
2 min read
The London market of Lloyd’s could post profits as high as $8.3 billion (3.7 billion pounds) for 2002 and 2003, says Moody’s Investor Service. This follows a loss of $4.7 billion (2.1 billion pounds) in 2001.Moody’s says 2002 should produce about $4.3 billion in profit, while 2003 profit, assuming a normal loss year, should be […]
Fairfax Financial Holdings Ltd. (TSX: FFH) has renewed its intent to acquire its own issued subordinate voting shares in a bid to boost shareholder value in the company’s listed equity. Fairfax says that, pending regulatory approval, it will purchase about one million subordinate voting shares that have been issued by the company from between September […]
By Canadian Underwriter | September 22, 2003
Toronto-based Kingsway Financial Services (TSX, NYSE: KFS) says it will offer US$50 million in trust preferred securities in the U.S. Dividend rates for the securities have not yet been determined, the company notes, as the announcement is the start of the marketing campaign and sales have not yet begun. A registration statement has been made […]
By Canadian Underwriter | September 17, 2003
Although the hard market pricing seen since late 2000 is now being reflected in U.S. p&c insurer results, questions about future exposure, specifically to environmental risks, remain, says rating agency A.M. Best.Commenting on first-half 2003 results, the rater says net income is up 159%, to US$18.6 billion, from the US$7.2 billion reported for first-half 2002.Rate […]
By Canadian Underwriter | September 15, 2003
For Insurance Bureau of Canada (IBC) chief economist Paul Kovacs has been named president and CEO of the industry’s guaranty fund. The Property and Casualty Insurance Compensation Corp. (PACICC) says Kovacs will take over immediately, with current CEO Alex Kennedy set to retire at the end of the year. Kennedy has held the post for […]
By Canadian Underwriter | September 12, 2003
With news of the retirement of Royal & SunAlliance Canada Group CEO Larry Simmons, Rowan Saunders has been named to take over the top spot in the company.Saunders was most recently president of Royal’s Agilon Financial, as well as vice president of personal insurance for Royal. He has been with the company since 1987.”Mr. Saunders […]
The Insurance Bureau of Canada (IBC) and the Consumers’ Association of Canada (CAC) are engaging in a war of words over the cost of auto insurance, following the release of a study by the CAC suggesting rates in Ontario are substantially higher than in provinces where insurance is government-run.The Consumers’ Association, which advocates public auto […]
By Canadian Underwriter | September 11, 2003
3 min read
Despite dire predictions for the global reinsurance sector in a report by A.M. Best earlier this week, rating agency Standard & Poor’s says reinsurers’ fate is not so bleak.”We’re nearing the point where we would stabilize our view of the reinsurance industry,” says Rob Jones, a managing director in S&P’s London office. “Prices, and perhaps […]
By Canadian Underwriter | September 10, 2003
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.
