Industry
Broker consolidator Western Financial Group says it is ready to roll into the business of banking with the announcement that the federal regulator has given it an “Order to Commence and Carry on Business”. The order is the last hurdle in getting the new “Bank West” operation up and running, following the receipt of its […]
By Canadian Underwriter | January 22, 2003
1 min read
Prem Watsa, the CEO of Fairfax Financial Holdings Ltd (TSX: FFH), has spoken out against recent volatility in the company’s share price which was sparked by the release of an investment research report that suggested that the group may be carrying heavy loss reserve deficiencies. “Fairfax has always been run with honesty and integrity and […]
By Canadian Underwriter | January 20, 2003
The Insurance Corp. of British Columbia (ICBC) says it will begin charging a $25 “no show” fee for drivers who do not show up for scheduled road tests, or provide adequate notice of cancellation. The fee comes into effect from the end of March this year. This move by the provincial crown insurer puts British […]
In his first speech as new chairman of Lloyd’s Lord Peter Levene says that the U.S. remains the largest market for Lloyd’s of London. In 2002, the U.S. market for Lloyd’s grew 15%, to US$8.2 billion, now accounting for as much as 40% of the London market.Levene adds that Lloyd’s is now the biggest surplus […]
2 min read
Montreal-based The Guarantee Company of North America (GCNA) has completed the acquisition of Mid-State Surety Corp. of Grosse Point Farms, Michigan.GCNA is already Canada’s largest issuer of surety and fidelity bonds and hopes the acquisition will expand its U.S. markets.Mid-State specializes in contract surety business for small and mid-size companies and has eight U.S. offices.GCNA’s […]
Rating and research firm Fitch Ratings says that in the U.S. at least, commercial lines is looking at a much more uncertain future than personal lines. Reinsurance prospects are also challenged, Fitch reports in “Review & Outlook: 2002/2003” for the p&c industry.Fitch’s outlook for commercial lines and reinsurance is “negative”, while personal lines is “stable”, […]
By Canadian Underwriter | January 17, 2003
Following on a mid-December share purchase, Optimum Group Inc. has once more increased its stake in troubled Optimum General Inc. (TSX: OGI.A). Through U.S. subsidiary Optimum Re, the group has purchased 275,000 class A subordinate voting shares. The transactions were made through private agreements with five parties at a per share price of $3.25, which […]
By Canadian Underwriter | January 15, 2003
Paris, France-based AXA says it will withdraw from certain segments of the U.S. reinsurance market. Namely, financial guarantee reinsurance by AXA Re Finance and all life and non-life reinsurance written by AXA Corporate Solutions in the U.S. This amounts to a total of about EUR741 million (Cdn$1.2 billion) in business (based on 2001 yearend figures).Paris […]
By Canadian Underwriter | January 14, 2003
The rating of Travelers Property Casualty Pool has been affirmed despite the company’s decision to strengthen reserves for it’s U.S. operation by US$2.55 billion. The move, which results in an after tax charge of US$1.3 billion on fourth-quarter 2002 results, was made after an extensive study of the company’s asbestos exposures. Following the announcement, rating […]
Rating agency A.M. Best says it will close its Toronto office and move all Canadian operations to its head office in Oldwick, New Jersey. The official closing date is June 30.The Toronto office has handled data collection and product activities, while ratings for Canadian p&c and life companies, including branch operations, have been handled in […]
By Canadian Underwriter | January 13, 2003
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