Risk
The industry’s pool for insuring high-risk drivers is asking the Newfoundland Public Utilities Board to approve a 41% hike in rates in that province.The Facility Association (FA), which offers mandatory insurance coverage to drivers who have been refused in the voluntary market, will go before the board to make its request tomorrow. The increase would […]
By Canadian Underwriter | December 10, 2002
1 min read
Industry
The Financial Services Commission of Ontario (FSCO) has charged Michael Ricci, a paralegal, for making false and misleading statements. Ricci will appear in court on January 23, 2003.Ricci faces seven charges of making a false or misleading statement or representation to an insurer in order to obtain payment for goods or services provided to an […]
By Canadian Underwriter | December 9, 2002
Specialty insurer Kingsway Financial Services (TSX, NYSE: KFS) has closed two offerings which combined have netted the company almost $100 million in new capital.The public offering of $78 million in 8.25% unsecured senior debentures netted the company about $77.1 million. Kingsway notes that the debentures are due December 31, 2007 and yield to maturity is […]
Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) has sold its Ontario operations under Vector Insurance Network (Ontario) to the Huestis Group for $4.6 million. The deal is expected to close by the beginning of next year. Vector says the funds raised from the disposal will be used to reduce its long-term debt position. The […]
By Canadian Underwriter | December 8, 2002
Following a request from Manitoba Public Insurance (MPI) to keep rates the same in that province, the Public Utilities Board (PUB) has ordered a 1% reduction in basic public auto insurance rates. This represents the fifth year MPI has held rates steady.With the decision, about 51% of drivers in Manitoba will pay the same or […]
By Canadian Underwriter | December 6, 2002
2 min read
At the recently held Insurance Bureau of Canada (IBC) annual general meeting, outgoing chair George Cooke commended the bureau for the gains made over the past year in securing government dialogue on auto product reform countrywide. The greatest success has been proposed auto reform legislation in Ontario, although a great deal of work lies ahead […]
By Canadian Underwriter | December 5, 2002
In the wake of devastatingly bad conditions, both drought and flood, damaging crops this year, governments are working towards a risk management program for the agriculture industry.This week, federal, provincial and territorial agriculture departments met to review proposals on the plan, part of the Agricultural Policy Framework.The APF includes a business risk management program, to […]
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A series of tornadoes and severe storms that hit several states early in November have been pegged to cost insurers US$460 million, according to the Property Claims Services division of the Insurance Services Office (ISO).This is considerably higher than earlier estimates from the Insurance Information Institute (III) which had preliminarily put losses at US$290-300 million. […]
Claims
Despite hardening prices, the reinsurance industry continues to be dragged down by the lack of capital and prior years’ claims development, according to rating agency Standard & Poor’s.In its 2003 Global Reinsurance Outlook, S&P says that while some companies are benefiting from price increases, a large part of the industry remains in a troubled state. […]
With the recent disclosure that Royal & SunAlliance Canada would be reducing its long-haul trucking business, specialty insurer Markel says it will step in to offer coverage to clients.Through an agreement between the two insurers, Markel will become a market for trucking clients not being offered renewals by Royal.”We see this as a win-win for […]
By Canadian Underwriter | December 4, 2002
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