Industry
Pet insurance provider Pethealth Inc. (TSX Venture: PTZ) is planning a private placement of up to 30 million units, at a price of $0.12 each. Units will consist of one common share and one common share purchase warrant. Warrants can be used to buy a common share for $0.18 prior to close of business December […]
By Canadian Underwriter | July 11, 2002
1 min read
Damage from flooding across Texas is being pegged at US$1 billion, with a death toll of at least 8. Over 30 inches of rainfall has caused flooding over a wide strip of the state starting in the San Antonio area, and forced thousands from their homes.According to the American Red Cross, upwards of 48,000 homes […]
Losses stemming from the September 11 terrorist are not the only thing to blame for the terrible performance by U.S. insurers last years, says a report from Florida-based Weiss Ratings Inc. But an overall leap in claims costs is certainly the biggest factor is 2001’s US$9 billion industry loss. Claims for the year were a […]
By Canadian Underwriter | July 10, 2002
2 min read
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”.Fairfax had filed a registration with the U.S. Securities and Exchange Commission in March to offer the common stock.The company also notes that it has netted US$69 million aggregate cash […]
By Canadian Underwriter | July 9, 2002
Following the conviction of an insurance wholesaler in Saskatchewan, the Registered Insurance Brokers of Ontario (RIBO) and some insurers are issuing warnings to brokers.In a general warning in its quarterly newsletter, RIBO notes that brokers should proceed with “extreme caution” when dealing with unregulated intermediaries. Ontario is the only province that does not require wholesale […]
Sports and entertainment insurer K&K Insurance Group is back in business after having to find a new underwriting partner. K&K, the biggest managing general agent (MGA) for the leisure and entertainment industries, was on hold after its largest carrier TIG dropped out. Now a new carrier, Sovereign General Insurance Company, has signed a managing underwriter […]
By Canadian Underwriter | July 4, 2002
Broker consolidator network Western Financial Group Inc. (TSE: WES), formerly Hi-Alta Capital Inc., plans on repurchasing its outstanding 10% convertible, redeemable, subordinated debentures (issued in June 1998) for a total payment of $2 million. As part of the arrangement, Western is offering holders a cash payment and/or the option of new 9% convertible, unsecured, subordinated […]
By Canadian Underwriter | July 2, 2002
Kingsway Financial Services Inc. (TSE: KFS) has withdrawn a $75 million public share offering announced in early June. The company’s CEO Bill Star says the decision to terminate the offering was made primarily in response to the under-performing value of the share price subsequent to the June PO announcement. “Since announcing the transaction, the shares […]
June 30, 2002
Manitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants to keep rates stable for its basic “Autopac” coverage, according to its annual submission to […]
As insurers, auto manufacturers and other claims supply chain representatives met for the annual AIM Forum in Toronto recently, cost control and injury reduction took the front seat. From the aftermarket parts debate to personal injury claims inflation, speakers noted that insurers and auto makers must find ways to protect against fraud and keep drivers safer, while still keeping a lid on expenses.
By Vikki Spencer | June 30, 2002
5 min read
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