Industry
Calgary-based broker network consolidator Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has been charged with illegally inflating its share price by the Alberta Securities Commission (ASC). “Shares of Anthony Clark International were traded in an unlawful manner by key company personnel and a brokerage firm,” alleges the ASC. The commission is charging Anthony Clark […]
April 30, 2003
1 min read
At the recent AGM of the Centre for Study of Insurance Operations (CSIO), attendees were told that the industry association is looking at different options for the development of future phases of its broker-insurer portal project. With the first phase of the portal about to move from testing into launch, the CSIO has hired Deloitte […]
2 min read
In homage to the well-known sports history of Brandon, Manitoba, the provincial broker’s association took “team spirit” as its theme for the recent annual convention. Insurance Brokers Association of Manitoba (IBAM) president Dale Rempel says the theme also reflects brokers within the province and across the country sharing knowledge and tackling issues together. Among the […]
Fairfax Financial Holdings Ltd. (TSX: FFH) says a preliminary prospectus for an initial public offering (IPO) of common shares of Northbridge Financial Corp., a Canadian insurance holding company, has been filed. It is intended that Northbridge would become the listed holding company for Fairfax’s Canadian operations of Lombard, Commonwealth, Markel and Federated. Based on returns […]
Several senior management members at Pilot Insurance Co. – the Ontario personal lines carrier for CGU Group Canada Ltd. – were recently removed from their positions following an audit investigation of the company’s books which uncovered a reserve shortfall totaling about $195 million. The combined shortfall equates to a 50% increase in Pilot’s reserves based […]
3 min read
Bermuda-based reinsurer PartnerRe (NYSE: PRE) has confirmed that Swiss Re intends to sell its stake in the company. In a press release, PartnerRe says it has received a notice from Swiss Re to exercise their rights under the terms of the “registration rights agreement” between the two companies.PartnerRe will file with the New York Securities […]
By Canadian Underwriter | April 30, 2003
Insurers need to stand up to paralegals, tow truck operators, rehabilitation clinics and claimants who attempt to defraud the auto insurance system, Kingsway Financial Services CEO Bill Star told attendees at an industry luncheon today. At the Insurance Institute of Canada’s (IIC) Spring Luncheon, Star said that too many insurers are sitting back, waiting for […]
Despite movement towards legislative reform on asbestos litigation in the U.S., rating agency Moody’s says this will not likely help boost insurer ratings.Currently, the Senate is looking at an asbestos “fund”, reported to be some US$90 billion, that would be used to settle claims. The fund would largely be paid for by insurers and defendants.In […]
By Canadian Underwriter | April 29, 2003
A study released by Tillinghast – Towers Perrin based on a survey of U.S. and Canadian corporations on the purchase of directors’ and officers’ (D&O) insurance indicates that pricing rose on average by 30% for 2003 covers despite an overall abatement in claims frequency and severity for last year. Even with the steep rise in […]
By Canadian Underwriter | April 28, 2003
Crawford Adjusters Canada reports it has been appointed to handle claims administration for the class action settlement of a recalled hip implant.The independent adjuster’s Montreal-based team, “Crawford Expertises Canada”, was appointed by a justice of the Quebec Superior Court to handle claims relating to the “Centerpulse” hip implant. The implants were recalled in December 2002, […]
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.
