Risk
Calgary-based brokerage Jones Brown Inc. has joined with the Canadian Petroleum Insurance Exchange Ltd. (CPIXL) to set up a new oil & gas specialist operation. JB Oil & Gas Insurance Ltd. will offer insurance solutions and risk management aimed specifically at the energy industry.The CPIXL serves 242 members, underwriting coverage for the sector, and was […]
By Canadian Underwriter | July 8, 2003
1 min read
Industry
Rating agency Moody’s has lowered the financial strength ratings of Royal & SunAlliance Insurance Plc (RSA) and it subsidiaries to Baa2 from Baa1 as a result of concerns over its U.S. operations. The subordinated debt rating of Royal & SunAlliance Insurance Group was also lowered to Ba2 from Ba1. The outlook for all ratings is […]
By Canadian Underwriter | July 7, 2003
2 min read
Paris-based SCOR and its subsidiaries have lost their “A” rating from Standard & Poor’s (S&P) on the back of poor first-quarter 2003 results, says the rating agency. SCOR has dropped to BBB+ from A- in its financial strength and long-term counterparty credit ratings, and placed on “credit watch developing”.”The downgrade reflects SCOR’s disappointing absolute and […]
Manitoba’s Reider Insurance Services has acquired Winnipeg-based brokerage Allan K.B. and Associates Insurance Agency. The brokerage, which is more than 20 years old, will be merged with Reider’s Munroe Shopping Centre Location.”We are very pleased with the most recent purchase of Allan K.B. and Associates Insurance Agency, rounding off our sixth acquisition to date and […]
By Canadian Underwriter | July 4, 2003
SGI-owned The Insurance Co. of PEI says it will defer a previously announced rate increase on New Brunswick auto insurance, which should result in premiums dropping 10%-18% for policies renewed after July 1.The company calls the move “an interim step” as it reviews New Brunswick’s changes to the Insurance Act over the next 60 days. […]
Kingsway Financial Services (TSX, NYSE: KFS) has completed its previously announced public offering of 6.1 million common shares at $16.70 per share for gross proceeds of $101.87 million.The offering was made on a “bought deal” basis to a syndicate of underwriters led by Scotia Capital Inc.Underwriting the offering were Scotia Capital Inc., CIBC World Markets […]
In advance of reporting its second-quarter 2003 results, Fairfax company Odyssey Re Holdings Corp. (NYSE, TSX: ORH) says its net pre-tax realized capital gains will be about US$130 million for the period ending June 30, 2003.This makes year-to-date pre-tax capital gains of $170, largely realized on its fixed income securities portfolio.The company notes the portion […]
ING Canada is merging its property and casualty operations under one brand. ING Western Union will merge with ING Insurance Co. of Canada to play into ING’s desire to brand itself as a financial services giant.”As ING is expanding its product offering in Canada to include more financial products, it becomes important that consumers across […]
By Canadian Underwriter | July 3, 2003
After more than six months, Ontario has finally put auto insurance regulations on the books in response to Bill-198. The changes were as anticipated and met with insurer approval as a means to address rising accident benefits (AB) costs.Among the changes is a pre-approved framework for minor injury treatment, a code of conduct for paralegals […]
The acquisition of Gerling Canada Insurance Co. by a consortium of investors led by Torquest Partners Inc. has been completed. The terms of the deal were not disclosed.The Gerling primary operation will be renamed GCAN Insurance Co., a subsidiary of GCAN Holdings Inc., which was created by the investment consortium to facilitate ownership of the […]
By Canadian Underwriter | July 1, 2003
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
