Industry
Rating agency Standard & Poor’s has reaffirmed the financial strength ratings of Kingsway Financial Services Inc. and the group’s U.S. operational holding company, Kingsway America Inc.A significant factor cited by the rating agency for its affirmed position of the Kingsway group is the strong position the company holds in the trucking, non-standard auto, and motor-cycle […]
By Canadian Underwriter | March 17, 2005
1 min read
Financial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has entered into a joint venture with Harvard Developments Inc. to begin a new expansion of brokerages into major urban centers of western Canada. Although the terms of the deal have not been revealed, the announcement includes the formation of a new […]
By Canadian Underwriter | March 16, 2005
Claims
In a filing recently made with the Securities and Exchange Commission (SEC), Bermuda-based Ace Ltd. disclosed that the company had received 43 subpoenas and legal enquiries relating to its alleged involvement in bid rigging and price fixing of insurance arrangements in connection with an investigation led by New York’s attorney general Eliot Spitzer into brokerage […]
Data published by the Office of the Superintendent of Financial Institutions (OSFI) puts the property & casualty insurance industry’s net income at $2.51 billion for 2004, up from $1.29 billion in 2003.The OSFI data represents the combined filings of all federally-regulated p&c insurance companies (as compared with the recently released industry data from the Insurance […]
By Canadian Underwriter | March 15, 2005
Auto
In a new “Status Report” by the Insurance Institute for Highway Safety (IIHS), small cars and small to mid-size SUVs ranked as the worst in terms of driver death rates in crashes. The two-door, two-wheel-drive Chevrolet Blazer tops the list with 308 driver deaths per million registered vehicle years. This compares with an average for […]
Risk
In a new report, rating agency Standard & Poor’s explains its concerns and method for detecting finite reinsurance transactions in the financial information of company’s it analyzes.Finite re, also called financial reinsurance or financial engineering, has come under fire from regulators and other authorities in the U.S. who have objected to their use in “smoothing” […]
Rating agencies have taken a dim view to confirmation late Monday that AIG CEO and chair Maurice “Hank” Greenberg will retire. But it was not only news of the 79-year-old industry veteran’s exodus which caught rater’s attention AIG also announced it would delay filing of its 2004 results (i.e., its 10-K filing), and that CFO […]
2 min read
Lloyd’s of London has reached a financial settlement with insurers of its new Central Fund which will see the London market paid a total of GBP152 million.Lloyd’s and the six insurers began arbitration in early 2003 following a dispute over the claims under a five-year insurance policy to support the fund. In January of this […]
By Canadian Underwriter | March 14, 2005
Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture: PTZ) saw its annual net loss narrow to $422,540, or $0.01 per share last year, a 79% improvement over the loss of $1.99 million, or $0.01 per share, posted in 2003.Revenue was up 60% in 2004 to $11.29 million (2003: $7.05 million). This includes commissions and management […]
In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event and Investigation into Potential Global risks”, Guy Carpenter says reinsurance losses related to the event, […]
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