Industry
Restrictions placed by Ontario’s insurance regulator were part of the decision by York Fire & Casualty CEO Stu Kistruck to exit his job, says Bill Star. Kistruck’s departure, which became official on Friday, leaves Star, CEO of parent company Kingsway Financial as CEO of the subsidiary in the interim. Kistruck currently faces charges from provincial […]
By Canadian Underwriter | June 7, 2004
1 min read
Anthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided the men artificially inflated the value of the brokerage’s stock when they purchased shares in […]
Risk
A study of top commercial insurance writers in the U.K. illustrates the wide variance in exposure to reinsurance credit quality and other financial strength indicators. The study “Insurer Financial Strength Examined” looks at key indicators commercial clients need to assess as they grow increasingly concerned about insurer strength, says author Deborah Pretty, principal of Oxford […]
2 min read
Alpine Financial Group has purchased the remaining brokerages of the Vector network, all based in Alberta.The brokerages Garnett Dadswell in Edmonton, Dadswell Forster in Lethbridge, and Wiseman Coupland in Red Deer had been part of the Bow Valley portion of Vector, and were sold as part of Vector’s bid to pay off debtors. “This acquisition […]
By Canadian Underwriter | June 6, 2004
A recent U.S. study on mold hailed by insurers for finding a lack of evidence mold causes serious injury should be a wake-up call to the industry, says Kyle Urech, directory of business development for Disaster Kleenup Canada.In a letter to Canadian Underwriter, Urech says the study, conducted by the Institute of Medicine of the […]
The Ontario Liberals’ proposal of an expert assessor network (EAN) to replace the designated assessment center (DAC) system is going back to the drawing board following consultations.The proposal is facing revisions, confirms Arthur Lofsky, special assistant to Mike Colle, parliamentary assistant to the Minister of Finance and the man charged with reforming Ontario’s auto insurance […]
Trading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis.In a press release, the broker consolidator says it has sold the assets of Bow Valley Insurance Services Ltd. and Saskatoon Agencies Inc., but will still face a shortfall in meeting obligations to its debtors. Subordinated lenders have […]
By Canadian Underwriter | June 3, 2004
Everest Re has seen its “A+” (superior) rating affirmed by A.M. Best and extended to Everest International Reinsurance Ltd. The rater notes Everest Re’s strong earnings and capital position, with a 2003 ROE of 18.1% and total capital in excess of US$4.3 billion. Offsetting factors include the reinsurer’s heavy exposure to California workers’ comp. The […]
In the face of a difficult operating environment, the Canadian p&c industry is beginning to show signs of a turn around, says Standard & Poor’s director Donald Chu.Chu made the comments as part of a presentation to the Canadian Insurance Accountants Association (CIAA) recently.Between 1990 and 2002, the industry’s combined ratio hovered above the 100% […]
Insurers are unconcerned by the delay of voting on class action reform by the U.S. senate. Senate majority leader Bill Frist of Tennessee had tried to force cloture on the bill, the “Class Action Fairness Act”, but agreed to delay dealing with class action so that the senate could work on a defense authorization bill. […]
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