Industry
Kingsway Financial Services Inc. (TSX: KFS) has completed the second private placement of 30-year floating rate trust preferred securities amounting to US$15 million. The company will receive about US$14.5 million in proceeds from the placement. Kingsway recently made a similar placement which generated net proceeds of US$17 million.A statement released by Kingsway notes that, combining […]
By Canadian Underwriter | May 26, 2003
1 min read
On the heels of a decision to limit civil judgements against State Farm, the U.S. Supreme Court has again declared two separate multi-million-dollar verdicts against Ford Motor Co. as excessive.This week, the Supreme Court said that judgements of $290 million in California and $18 million in Kentucky must be reconsidered by lower courts as they […]
By Canadian Underwriter | May 23, 2003
Fairfax Financial Holdings’ Northbridge Financial Corporation initial public offering (IPO) of 13,400,000 common shares will be priced at $15.00 per. The result would be gross proceeds of $201 million.Northbridge Financial combines Fairfax’s existing Canadian p&c companies, and is one of the country’s largest general insurers based on gross written premiums.Northbridge will keep about $19 million […]
Insurers writing directors’ & officers’ (D&O) coverage will not expect substantially improved underwriting results in that line, predicts a new report by A.M. Best. In “The Directors & Officers Market: A Crisis in Remediation”, the rating agency notes that deterioration in the market over the last several years should carry into this year, despite continued […]
By Canadian Underwriter | May 22, 2003
2 min read
The issuance of US$200 million in senior notes by Fairfax Financial subsidiary Crum & Forster Holdings Corp. should help the parent improve its liquidity.Rating agency A.M. Best has placed a “bb+” senior unsecured debt rating on the notes, which mature in 2013. Assessing the offering, Best says that along with an IPO on Fairfax’s Canadian […]
Rating agency Standard & Poor’s is predicting little good news in the near term for insurers in Europe and Japan.In a report on the European insurance sector, S&P says that continued pressure on credit quality, despite some signs of stability, should lead to further downgrades.In reviewing the fortunes of 34 debt-issuing insurers, S&P says that […]
The Saskatchewan government has opened the door for that province’s credit unions to own or invest in insurance agencies and brokerages.Credit Union Central of Saskatchewan is applauding the changes to “The Credit Union Regulations, 1999″.”We are very pleased about this regulatory change,” says Sid Bildfell, CEO of Credit Union Central of Saskatchewan. “It means that […]
By Canadian Underwriter | May 16, 2003
Kingsway Financial Services Inc. (TSX: KFS) has completed the placement of US$17.5 million in 30-year floating rate trust preferred securities. The net proceed to the company will be about US$17 million. Kingsway says that the funds raised will be used as supporting capital in growing the companies various operations. The proceeds may also be used […]
By Canadian Underwriter | May 15, 2003
Storms, including tornadoes, that ripped through several Midwest U.S. states the first week of May could well exceed the worst storm losses ever, says AIR Worldwide Corp., a division of the U.S. Insurance Services Office (ISO).The previously held record for damages as a result of thunderstorms is US$2.2 billion, set by a severe weather system […]
The Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based on escalating bodily injury claims costs. Nova Scotia recently introduced a bill to freeze auto […]
By Canadian Underwriter | May 14, 2003
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