Industry
Rating agency Standard & Poor’s has held its "BBB" financial strength rating of Fairfax Financial Holdings Ltd. (TSX: FFH) and its operating insurance companies which carry a "stable" outlook for the year ahead. The rating agency’s action stems from the recent announcement by Fairfax to make available a debt exchange offering valued at about US$445 […]
By Canadian Underwriter | March 24, 2004
1 min read
In a move to reduce and refinance company debt, Toronto-based Fairfax Financial Holdings Ltd. will offer to exchange US$445 million in senior notes for a combination of cash value and new notes.The offering involves up to US$275 million principal amount of Fairfax’s 7.375% senior notes due 2006, and up to US$170 million of its 6.875% […]
Claims
Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement, which carries interest of prime plus 8% charged on payments during the first two years, […]
By Canadian Underwriter | March 23, 2004
Responding to a published letter by Quebec’s justice minister, the Canadian Automobile Association (CAA) says the government is being overly-optimistic about the level of public support for auto reform in that province.According to CAA-Quebec, Minister Marc Bellemare’s references to a government survey showing public support for changes to the current system a mix of public […]
2 min read
Risk
In an attempt to close a chapter on outstanding asbestos claims, Travelers Property Casualty has agreed to receive a settlement of US$245 million from Equitas, the reinsurer charged with settling claims on behalf of Lloyd’s underwriters.The US$245 settles net claim balances of US$255 million from Equitas, Travelers notes, and resolves policies prior to 1993 by […]
A consultation paper outlining a new system to replace Ontario’s designated assessment centers (DACs) has been released by the Financial Services Commission of Ontario (FSCO). The “expert assessor network” (EAN) is being proposed as an alternative to what FSCO calls the “adversarial, costly, time consuming, and complex” DAC system. FSCO notes the DAC system has […]
By Canadian Underwriter | March 22, 2004
Last year, U.S. reinsurers’ profit grew by almost 500%, to US$3.08 billion from just US$628 million the year prior, reports the Reinsurance Association of America (RAA), which represents 29 domestic U.S. companies.Substantially improved underwriting results were the key, with the reinsurers posting a combined ratio of 101.2%, down from 121.3% in 2002. The loss ratio […]
The world’s largest insurer, Munich Re, is posting a loss of EUR434 million (Cdn$710.9 million), despite a strong underwriting performance.”With the net loss for 2003, we are drawing a line under three difficult years impacted above all by the bear market on the stock exchanges. As the underwriting result for the year under review showed, […]
By Canadian Underwriter | March 19, 2004
Auto
A new package of reforms to Newfoundland’s auto insurance system is being touted as a means to achieve 15% rate reductions. Newfoundland & Labrador Premier Danny Williams, and Government Services Minister Dianne Whalen introduced the new package Wednesday, which is based on an actuarial study conducted by the province’s Public Utilities Board (PUB).Included in the […]
By Canadian Underwriter | March 18, 2004
Canadian property and casualty insurers posted impressive net income for 2003 of $2.63 billion, up from just $340 million in 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC) point to a return on equity (ROE) of 11.32% (2002:1.7%) on a combined ratio of 98.7% (2002 105.8%).This represents just an average year for […]
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