Industry
Atlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met today in Charlottetown to address the issue of rising costs and came away with a […]
By Canadian Underwriter | June 18, 2003
2 min read
Kingsway Financial Services Inc. (TSX: KFS) will issue about 6.1 million common shares to a group of underwriters led by Scotia Capital Inc. at a price of $16.70 a share, a company statement says. The underwriters also have the option to acquire a further 610,000 shares. The offering will close around July 3 of this […]
By Canadian Underwriter | June 17, 2003
1 min read
A new study suggests reserves in U.S. commercial lines could be deficient by as much as US$20 billion. The report, by investment bank Cochran, Caronia Securities LLC, says reserves for 1997 to 2001 could be deficient by US$13-$20 billion. This is equivalent to 10-15% of total commercial lines surplus, and also about the same as […]
By Canadian Underwriter | June 16, 2003
The Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a response to rising premiums in the province. The issue became a political hot potato in […]
Toronto-based specialty insurer Goran Capital Inc. (OTCBB: GNCNF; TSX: GNC) for 2002 reported a net loss $29.7 million, or $5.51 per share, a slight improvement over the loss of $34.1 million, or $5.99 per share, reported in 2001. It is also a marked improvement over the $63.2 million loss recorded in 2000, before the company […]
The previously announced private debt placement by Hub International Ltd. (TSX, NYSE: HBG) has been completed. The US$65 million in principal of unsecured senior notes were sold in the U.S. to private institutional buyers.”Net proceeds of the sale of the senior notes will be used to pay down US$50 million of existing bank indebtedness and […]
By Canadian Underwriter | June 13, 2003
Despite market pressures, North American insurers will spend 2% more on information technology (IT) in 2003, says a new report from Forrester Research’s Giga Information Group.The survey of insurance chief information officers (CIOs) shows that improving employee efficiency, agent efficiency and their company’s use of technology are priorities with the aim to increase profits.”The insurance […]
The U.S. House of Representatives has passed the “Class Action Fairness Act of 2003 (HR 1115) by a vote of 253 to 170.The bill has been well received by the insurance industry as a means to streamline the class action process by consolidating certain inter-state cases in federal court.”This bill directly and effectively addresses the […]
Rating agency A.M. Best has downgraded the public data ratings of several Economical Insurance Group subsidiaries. The ratings of Economical Mutual Insurance Company, Langdon Insurance Company and Perth Insurance Company have been lowered to B+ from B++. The rating of Missisquoi Insurance Company has been affirmed at B++, as has the B+ ratings of Federation […]
By Canadian Underwriter | June 12, 2003
A new poll commissioned by the Insurance Bureau of Canada (IBC) suggests Nova Scotians would support limits on “pain and suffering” compensation for auto accident victims if it leads to lower premiums.The poll, which saw 1008 residents aged 16 or older surveyed by Corporate Research Associates, shows that 33% completely and 43% mostly support limiting […]
By Canadian Underwriter | June 11, 2003
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