Industry
Insurers have come out in favor of Ontario’s new auto insurance reforms. The McGuinty Liberals had promised legislative reforms after freezing rates shortly after taking office in October. Although the latest product reforms mean the end of the rate freeze, auto insurers were also required to file new, lower rates by January 23. Insurers say […]
January 31, 2004
2 min read
The Law Society of Upper Canada (LSUC) has signed an agreement in principle to regulate Ontario’s paralegals, a move that is drawing praise from the Ontario Bar Association (OBA).Paralegals, speaking through the Professional Paralegals Association of Ontario (PPAO) and the Paralegal Society of Ontario (PSO), have been publicly against the LSUC acting as the regulatory […]
By Canadian Underwriter | January 30, 2004
1 min read
A new study is showing that many people think they do not need travel insurance. Almost one-quarter (23%) of those surveyed said that they believed they would be covered if they required emergency medical treatment in another country even without purchasing insurance.The poll, conducted by Ipsos-Reid and RBC Insurance, shows that people think their provincial […]
By Canadian Underwriter | January 29, 2004
Risk
With the release of its annual "Political and Economic Risk Map", global broker Aon Corp. estimates political risks cost the world economy US$800 billion last year, the equivalent of a 0.25% tax on global GDP growth.The losses come from reduced corporate spending, investment and growth the result from uncertainty over the world’s political and economic […]
Oakville, Ontario-based pet insurer Pethealth Inc. (TSX VE: PTZ) has completed a private placement for aggregate proceeds of $10 million.The placement included five million of the company’s "series 1" convertible preference shares at $2.00 each. Each share is entitled to cumulative dividend at a fixed rate of 6% annually, or is convertible into 10 common […]
By Canadian Underwriter | January 28, 2004
Alberta-based broker network and bank, Western Financial Group Inc. (TSX: WES) has added to its string of recent acquisitions with the purchase of Meston’s Agencies of Okotoks, Alberta. The new brokerage will be combined with Western’s existing operations in that community.Also, the company announces completion of a private placement for gross proceeds of almost $4.5 […]
Vancouver-based TransWorldconneX has launched the first single-source online listing of international expatriate and local national policies.The free service is being offered to brokers, consulting houses and insurers, to locate and purchase insurance and other services for international benefits clients. Quotes for policies will be handled within 24 hours, the company says. "The market for both […]
The average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants believe that this year will also draw price increases of 30%-plus in D&O for many […]
By Canadian Underwriter | January 27, 2004
Kingsway Financial Services Inc. (TSX: KFS) is planning a US$100 million private offering of senior debt notes through its wholly-owned subsidiary Kingsway America Inc. The offering will be made available to institutional buyers in the U.S.Kingsway says capital raised from the offering will primarily be used to repay existing debt of Kingsway America. The notes […]
By Canadian Underwriter | January 26, 2004
A survey of U.S. agents and brokers shows that one-third of accounts saw either flat or lower premiums in the fourth quarter of 2003. The Council of Insurance Agents and Brokers (CIAB) survey is the latest indication that premium increases are waning heading into 2004.Another indication of market softening, on accounts which saw rate hikes, […]
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