Industry
Underwriters have exercised their over allotment option to purchase 610,000 common shares of Kingsawy Financial Services (NYSE, TSX: KFS) following a public offering that closed earlier this month.The syndicate of underwriters, led by Scotia Capital Inc., purchased the shares for $16.70 each, for additional proceeds of $10.2 million.Total gross proceeds from the earlier offering and […]
By Canadian Underwriter | July 15, 2003
1 min read
On news of the finalized purchase of Gerling Canada Insurance Co. by a group of Toronto-based investors, A.M. Best has upgraded the company’s financial strength rating to “A” (excellent) from “A-” with a stable outlook.The new entity, to be known as GCAN Insurance Co., is now owned by GCAN Holdings Inc., with investors consisting of […]
By Canadian Underwriter | July 14, 2003
As part of the move to make a more level playing field between B.C.’s public insurer and private insurers, the provincial government has released a discussion paper on proposed legislative changes.The changes would see optional coverage, whether provided by the Insurance Corporation of B.C. or by private insurers, fall under one piece of legislation. Basic […]
By Canadian Underwriter | July 11, 2003
Insurers are generally pleased with proposals set out in a new Ontario government “white paper” to further reform the auto insurance system.Many of the provisions are aimed at reducing health care costs and court awards on auto accident claims, something the industry has been pushing for. “We strongly support the government’s intention to more closely […]
3 min read
Fairfax Financial Holdings (TSX, NYSE: FFH) will offer US$150 million in convertible senior debentures due 2023, the company announces.Fairfax plans to use about US$20 million of the net procedds to pay for subordinated voting shares purchased concurrently with the offering. The remainder will be used for “general corporate purposes” including investing in cash, short-term investments […]
Insurance giant Fairfax Financial Holdings Ltd. say its Sphere Drake Insurance unit has won a battle in the U.K. courts against underwriting agents and brokers the company says defrauded it.Sphere Drake (part of Fairfax’s European run-off group) alleged the underwriting agents and brokers had fraudulently written reinsurance contracts exposing the company to “grossly under-priced” U.S. […]
By Canadian Underwriter | July 9, 2003
Rating agency Moody’s has lowered the financial strength ratings of Royal & SunAlliance Insurance Plc (RSA) and it subsidiaries to Baa2 from Baa1 as a result of concerns over its U.S. operations. The subordinated debt rating of Royal & SunAlliance Insurance Group was also lowered to Ba2 from Ba1. The outlook for all ratings is […]
By Canadian Underwriter | July 7, 2003
2 min read
Manitoba’s Reider Insurance Services has acquired Winnipeg-based brokerage Allan K.B. and Associates Insurance Agency. The brokerage, which is more than 20 years old, will be merged with Reider’s Munroe Shopping Centre Location.”We are very pleased with the most recent purchase of Allan K.B. and Associates Insurance Agency, rounding off our sixth acquisition to date and […]
By Canadian Underwriter | July 4, 2003
SGI-owned The Insurance Co. of PEI says it will defer a previously announced rate increase on New Brunswick auto insurance, which should result in premiums dropping 10%-18% for policies renewed after July 1.The company calls the move “an interim step” as it reviews New Brunswick’s changes to the Insurance Act over the next 60 days. […]
Kingsway Financial Services (TSX, NYSE: KFS) has completed its previously announced public offering of 6.1 million common shares at $16.70 per share for gross proceeds of $101.87 million.The offering was made on a “bought deal” basis to a syndicate of underwriters led by Scotia Capital Inc.Underwriting the offering were Scotia Capital Inc., CIBC World Markets […]
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.
