Industry
Regulators in the U.S. are getting an earful from insurers at the prospect that all insurance companies, whether publicly-traded or not, could be subject to Sarbanes-Oxley.At the annual meeting of the National Association of Insurance Commissioners (NAIC), the plan, which would see major requirements of the new corporate governance rules applied to annual audited financial […]
By Canadian Underwriter | March 17, 2004
1 min read
Through an agreement with Satellite Acquisition Corp., Hub International is acquiring new Mexico-based Talbot Financial Corp. and its subsidiaries from Safeco Corp. in a deal valued at US$120 million.Hub will invest in Satellite Acquisition, which is owned by the senior management of Talbot, resulting in Hub owning 70% of Talbot. The further 30% stake will […]
The U.S. arm of Kingsway Financial Services Inc., Kingsway America, will reopen an offering of senior notes valued at US$25 million. The 7.5% notes are due 2014 and are guaranteed by the parent company.This is from the same series of notes offered by the company back in late January, when US$100 million worth were issued. […]
By Canadian Underwriter | March 16, 2004
Rating agency Moody’s Investors Service is predicting the 2002 to 2004 years of account for Lloyd’s of London will produce a profit of GBP6 billion (Cdn$14.4 billion), or 42% of capacity on a cumulative basis. In the absence of major losses in 2002 and 2003, plus stronger underwriting, profits for these two years are each […]
Claims
While the Atlantic seaboard is preparing for an above-average hurricane season in 2004, a “close to average” typhoon season is forecast for the Far East and southeast Asia, says Tropical Storm Risk (TSR).TSR is a consortium of experts led by the Benfield Hazard Research Centre at London’s University College. The group is predicting this year’s […]
2 min read
A group representing Toronto’s financial services industry is asking the Ontario government to look at elimination of capital taxes. The Toronto Financial Services Alliance (TFSA), which includes the Insurance Bureau of Canada (IBC), released its pre-budget submission to the new Ontario Liberal government, asking for a tax system that would encourage business growth in the […]
By Canadian Underwriter | March 15, 2004
Questions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for 2004, but signs of price moderation are creeping in, and there is still debate over […]
Risk
The body representing Canada’s risk managers has staged its first annual meeting with federal representatives in Ottawa, aimed at increasing the profession’s profile with regulators and legislators. The RIMS Canada Council (RCC), mirroring the “RIMS on the Hill” event staged each year in the U.S., met with the Office of the Superintendent of Financial Institutions […]
With the release of Royal & SunAlliance Insurance Group’s results, the Canadian operations are posting improved operating results, however Facility Association (FA) losses are hampering the effect of prince increases and reduced exposures.Overall, the parent company is reporting a pre-tax loss of GBP 146 million (Cdn$348 million), down from a loss of GBP 953 million […]
By Canadian Underwriter | March 12, 2004
Auto
Reinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative outlook, the report says while the pace of downgrades should slow compared to the last […]
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