Industry
The Financial Services Commission of Ontario (FSCO) has charged Michael Ricci, a paralegal, for making false and misleading statements. Ricci will appear in court on January 23, 2003.Ricci faces seven charges of making a false or misleading statement or representation to an insurer in order to obtain payment for goods or services provided to an […]
By Canadian Underwriter | December 9, 2002
1 min read
Specialty insurer Kingsway Financial Services (TSX, NYSE: KFS) has closed two offerings which combined have netted the company almost $100 million in new capital.The public offering of $78 million in 8.25% unsecured senior debentures netted the company about $77.1 million. Kingsway notes that the debentures are due December 31, 2007 and yield to maturity is […]
Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) has sold its Ontario operations under Vector Insurance Network (Ontario) to the Huestis Group for $4.6 million. The deal is expected to close by the beginning of next year. Vector says the funds raised from the disposal will be used to reduce its long-term debt position. The […]
By Canadian Underwriter | December 8, 2002
Following a request from Manitoba Public Insurance (MPI) to keep rates the same in that province, the Public Utilities Board (PUB) has ordered a 1% reduction in basic public auto insurance rates. This represents the fifth year MPI has held rates steady.With the decision, about 51% of drivers in Manitoba will pay the same or […]
By Canadian Underwriter | December 6, 2002
2 min read
At the recently held Insurance Bureau of Canada (IBC) annual general meeting, outgoing chair George Cooke commended the bureau for the gains made over the past year in securing government dialogue on auto product reform countrywide. The greatest success has been proposed auto reform legislation in Ontario, although a great deal of work lies ahead […]
By Canadian Underwriter | December 5, 2002
With the recent disclosure that Royal & SunAlliance Canada would be reducing its long-haul trucking business, specialty insurer Markel says it will step in to offer coverage to clients.Through an agreement between the two insurers, Markel will become a market for trucking clients not being offered renewals by Royal.”We see this as a win-win for […]
By Canadian Underwriter | December 4, 2002
The new financial institutions ombudservice is now up and running with the establishment of the Centre for the Financial Services OmbudsNetwork (CFSON). The center is the first step in the complaints process, with a free customer assistance and referral service. This service puts consumers in touch with the company representative or industry assistance center to […]
By Canadian Underwriter | December 3, 2002
Broker consolidator Western Financial Group (formerly Hi-Alta) has been incorporated as a bank by the federal Finance Ministry. Known as “Bank West”, the operation is expected to be up and running early in 2003, says Western Financial CEO Scott Tannas. Bank West is the first start-up operation under the country’s new bank legislation, which came […]
By Canadian Underwriter | December 2, 2002
Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it will sell 8.25% unsecured senior debentures amounting to $78 million. The company filed a prospectus with Canadian regulators today based on an agreement with a syndicate of underwriters who will buy the debentures and sell them in Canada only. That sale should close December 6, 2002.Kingsway […]
Small brokers face mounting pressure in the market, with minimum volume requirements, consolidation of carriers and increased local competition. Are their days numbered?
By Craig Harris | November 30, 2002
5 min read
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