Claims
A.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management to discuss issues of financing, capitalization and operating plans. The provinces of B.C. and Alberta […]
By Canadian Underwriter | May 30, 2004
1 min read
The Canadian insurance industry mourns the loss of veteran broker Cyril MacKinnon, who passed away suddenly on Thursday, May 27. A long-time representative of the Insurance Brokers Association of PEI, MacKinnon was its president and director to the Insurance Brokers Association of Canada (IBAC).MacKinnon was chair and managing partner of Concorde Insurance Brokers Ltd. in […]
U.S. reinsurer results for the first quarter of 2004 show underwriting diligence is paying off with the members of the Reinsurance Association of America (RAA) posting a combined ratio of 94.0%. This compares with 96.4% in the first quarter of 2003.Premiums were actually lower in the first quarter of this year, with gross written premiums […]
Auto
After months of wrangling, a final package of auto reforms has been released in Alberta, with a promised rate savings of 20% overall, the government says. The reforms are to be implemented by September, with the province’s Standing Policy Committee on Economic Developments and Finance (SPC) recommending a committee be struck to ensure a smooth […]
By Canadian Underwriter | May 28, 2004
2 min read
Industry
Northbridge Financial the combined Canadian entities of Fairfax Financial Holdings announces it has sold its life operation, Federated Life Insurance Co. of Canada, to Western Financial Group. The $56.9 million transaction includes $20 million for Western to purchase all outstanding shares in the company, as well as $36.9 million in assumed assets and liabilities. The […]
By Canadian Underwriter | May 27, 2004
Home
No link can be found between the presence of dampness and mold in homes and the variety of serious health problems being claimed in court cases, suggests a new report by the Institute of Medicine (IOM) of the National Academies, commissioned by the Centers for Disease Control and Prevention.A link was found between mold or […]
About one in every five motor vehicle thefts in Canada are committed by organized groups, suggests StatsCan.Statscan bases this figure on the number of vehicles reported stolen but never recovered, with the government statistics collector citing law enforcement use of such data. Police note that vehicles stolen for other reasons joy-riding, transportation or to commit […]
Swiss Re has seen its financial strength and long-term debt ratings cut by Moody’s to “Aa2”, although the reinsurer’s short-term rating was affirmed at “prime-1”. Among the conditions cited in the downgrade are possible further adverse development for the years 1997-2001, and the evolving risk profile associated with its growing life and financial intermediation business. […]
GE has priced the IPO of its investment/life insurance spin-off, Genworth Financial (NYSE: GNW), which could net US$2.5-2.9 billion. After the offering, GE will own about 70% of the company. More than 500 people have been killed by flooding in the Caribbean. Hardest hit have been Haiti and the Dominican Republic, specifically Hispaniola (an island […]
By Canadian Underwriter | May 26, 2004
Toronto-based Fairfax Financial Holdings is increasing the syndicated secured revolving letter of credit facility it entered into late last year by US$150 million.The facility, which now stands at US$450 million, was entered into last December to provide letters of credit for reinsurance contracts written by Fairfax’s nSpire Re for the benefit of the company’s other […]
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