Industry
As Alberta's brokers met in Edmonton for their annual convention, the situation in other provincial auto markets was at the forefront of discussion. The Independent Insurance Brokers Association of Alberta (IIBAA) has assembled a committee to look at cost and availability of auto insurance, anticipating that the growth in claims costs and rate hikes in the Ontario and Atlantic markets may soon move west.
June 30, 2002
3 min read
The Financial Services Commission of Ontario (FSCO) has named Anne Corbett as acting vice chair of FSCO and the Financial Services Tribunal. Corbett is a partner with law firm Borden Ladner Gervais LLP. Hub International Ltd. has appointed Joseph P. Flanagan as president and CEO of its Chicago-based Mack and Parker brokerage unit. Also, Richard […]
2 min read
A new Toronto-based specialty lines operation from Royal & SunAlliance, “knowledgeworks”, is moving onto the scene with a primary offering of yacht coverage. Knowledgeworks spokesperson Jim McDonald says the new operation, with the tagline “an insurance think-tank”, wants to focus on specialty lines that require expert underwriting.Many of the customers are expected to be other […]
By Canadian Underwriter | June 28, 2002
1 min read
Toronto-based industry technology provider InSystems is being sold to Standard Register, an Ohio company, for US$89 million cash. Standard Register (NYSE: SR), sells technology solutions to companies in 40 countries and has annual revenue exceeding US$1 billion. InSystems, in business since 1989, has annual revenue of about US$24 million and employs about 230 people. InSystems […]
By Canadian Underwriter | June 27, 2002
Following the sale of 6 million common shares last week, for net proceeds of US$77 million, broker consolidator Hub International (TSX, NYSE: HBG) has also netted US$11.8 million in an over-allotment offering.J.P. Morgan Securities, on behalf of a group of underwriters, exercised the option to acquire 900,000 common shares. Also among the group were Cochran, […]
Rating agency A.M. Best has affirmed a B (fair) rating for Optimum General Inc. and its subsidiary operations. The rating agency points out that this is a negative outlook based on the insurer’s weakened capital reserve stemming from losses incurred in 2001 in primarily Ontario, the Atlantic provinces and Texas.Optimum’s management has initiated a profit […]
By Canadian Underwriter | June 25, 2002
Hub International Limited (NYSE: HBG and TSX: HBG) has announced that its initial U.S. public offering of 6,000,000 common shares has been priced at US$14 per share. Hub International has also granted the Underwriters an option to purchase up to 900,000 additional shares to cover over allotments, if any. All shares are being issued and […]
By Canadian Underwriter | June 18, 2002
XL Capital Ltd (NYSE: XL), today announced that it plans to integrate its reinsurance operations following the ratification in January this year of XL’s previously announced acquisition of a 67% majority shareholding in Le Mans Re. Le Mans Re is a joint venture reinsurer formed by XL and MMA in 1999. The proposed integration, which […]
By Canadian Underwriter | June 17, 2002
Kingsway Financial Services Inc. (TSE: KFS) has withdrawn its previously announced $75 million public share offering. The company’s CEO Bill Star says the decision to terminate the offering was made primarily in response to under-performing value of the share price subsequent to the June PO announcement. "Since announcing the transaction, the shares have been trading […]
By Canadian Underwriter | June 16, 2002
The Insurance Bureau of Canada (IBC) is urging the provincial government to make changes to auto insurance in New Brunswick. In its submission to the Select Committee on Private Passenger Automobile Insurance in Fredericton, IBC has provided various models for auto reform to maintain an affordable and available product for New Brunswick drivers. The role […]
By Canadian Underwriter | June 13, 2002
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