Industry
Specialty insurer Kingsway Financial (TSX, NYSE:KFS) has applied to make an offering of trust preferred shares on the U.S. exchange. The offering could bring in US$50 million, plus over-allottment.Kingsway had planned an offering on both the U.S. and Canadian shares earlier this year, but withdrew the offering saying at the time that the company did […]
By Canadian Underwriter | October 23, 2002
1 min read
A study released by rating agency A.M. Best on Ontario auto insurance suggests that the market’s loss ratio had risen by 10 percentage points to a high of 91.4% by the end of 2001. Auto insurers operating in Ontario brought in an average 9.5% increase in rates last year based on direct premiums written. The […]
By Canadian Underwriter | October 20, 2002
The withdrawal of Loyalist Insurance Company from the Ontario auto market has prompted A.M. Best to lower the company’s public data rating to B- from B.The rating agency notes that last year Ontario auto accounted for 60% of Loyalist’s direct written premiums and points to the company’s eroded capital position as a result of operating […]
By Canadian Underwriter | October 18, 2002
Although the financial outlook for U.S. property and casualty insurers is improving largely on the back of significant rate increases introduced during 2002 industry earnings will remain under pressure through 2003 and into 2004, says a recently released forecast study by Conning Research and Consulting Inc.The study notes that, "premium growth is significant, but income […]
By Canadian Underwriter | October 16, 2002
Worldwide insurance regulators have put together an outline on reinsurance rules through the International Association of Insurance Supervisors (IAIS). At its annual meeting in Chile, the IAIS adopted “Principles on the Minimum Requirements for the Supervision of Reinsurers”. The paper outlines elements of a supervisory framework common to both primary and reinsurers.”Today, reinsurers are supervised […]
Broker consolidator Hub International had added yet another brokerage to its stable, this time in Alabama. Hub’s Michigan-based brokerage Burnham Insurance Group has purchased Warner Associates Inc. of Montgomery, Alabama. Terms of the cash deal were not disclosed.Warner, a 20-year-old business, specializes in direct marketing life and health insurance to retail customers of financial institutions […]
By Canadian Underwriter | October 15, 2002
Cologne, Germany-based insurance group Gerling Konzern says its reinsurance operation Gerling Globale Ruck (GGR) may cease writing new business as from the end the coming week unless an investor can be found to support the troubled operation. Gerling recently announced that discussions with French insurance group Scor to acquire certain holdings of GGR had fallen […]
By Canadian Underwriter | October 11, 2002
Hub International Ltd. is expanding its U.S. operations with the purchase of two New England-based real estate insurance firms. Hub firm C.J. McCarthy Insurance Agency has purchased the assets of Trussell Insurance Agency of Newburyport, Massachusetts, and Trussell, Glidden and Mahoney Insurance Agency, based in Greenland, New Hampshire.Terms of the cash deal have not been […]
By Canadian Underwriter | October 9, 2002
Car thieves are increasingly targeting older vehicles, says a new study from the Insurance Bureau of Canada (IBC).The IBC commissioned the study after collecting annual statistics from insurers in 2002 which reported more older cars being stolen than new ones. Data between 1993 and 2001 reveal that the average age of stolen vehicles rose from […]
By Canadian Underwriter | October 8, 2002
2 min read
In a bid to streamline operations, Montreal-based Optimum General is cutting 45 jobs across its five Canadian subsidiaries.”The insurance industry is undergoing difficult times at present and our Company is no exception,” says David B. Liddle, president and COO of Optimum General. He notes the company’s bleak financial picture as the culprit.In the second quarter […]
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