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About US$3.7 billion in commercial property deals have fallen through in the U.S. due to lack of available, affordable terrorism insurance, says the Mortgage Bankers Association of America (MBA). An additional US$4.5 billion in deals have either been delayed or changed in terms of pricing, adds the Washington-based association representing the real estate finance industry.The […]
By Canadian Underwriter | July 16, 2002
1 min read
Industry
As the federal government looks at submissions on the possibility of establishing co-operative banks nationally, at least one credit union is calling for these institutions to be allowed to sell insurance.Banks are banned from selling insurance through their branches through Bill C-8, but credit unions in certain provinces are allowed to do so.The submission, from […]
By Canadian Underwriter | July 15, 2002
2 min read
Kingsway Financial Services Inc. (TSE: KFS) has gained approval from the Financial Services Commission of Ontario (FSCO) to eliminate certain classes of personal auto business and implement an across-the-board 8.5% increase in rates. The rate adjustments take effect from the beginning of September this year on new business, while renewal business will be subject to […]
By Canadian Underwriter | July 12, 2002
Claims
The Wall Street Journal is reporting that an expected spin-off of General Electric’s Employers Re is being put on hold. Citing un-named sources close to the matter, the paper says the expected partial initial public offering is now off the table due to lukewarm response. A GE spokesperson neither confirmed nor denied the report, says […]
Global reinsurer Munich Re announced that it will increase reserves relating to losses stemming from the World Trade Center (WTC) terrorist attacks by US$500 million to a total of about US$2.9 billion. The company will also inject about US$2 billion into its troubled U.S. subsidiary, American Re. Munich acquired American Re in 1996 for around […]
By Canadian Underwriter | July 11, 2002
Pet insurance provider Pethealth Inc. (TSX Venture: PTZ) is planning a private placement of up to 30 million units, at a price of $0.12 each. Units will consist of one common share and one common share purchase warrant. Warrants can be used to buy a common share for $0.18 prior to close of business December […]
Damage from flooding across Texas is being pegged at US$1 billion, with a death toll of at least 8. Over 30 inches of rainfall has caused flooding over a wide strip of the state starting in the San Antonio area, and forced thousands from their homes.According to the American Red Cross, upwards of 48,000 homes […]
Losses stemming from the September 11 terrorist are not the only thing to blame for the terrible performance by U.S. insurers last years, says a report from Florida-based Weiss Ratings Inc. But an overall leap in claims costs is certainly the biggest factor is 2001’s US$9 billion industry loss. Claims for the year were a […]
By Canadian Underwriter | July 10, 2002
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”.Fairfax had filed a registration with the U.S. Securities and Exchange Commission in March to offer the common stock.The company also notes that it has netted US$69 million aggregate cash […]
By Canadian Underwriter | July 9, 2002
Following the conviction of an insurance wholesaler in Saskatchewan, the Registered Insurance Brokers of Ontario (RIBO) and some insurers are issuing warnings to brokers.In a general warning in its quarterly newsletter, RIBO notes that brokers should proceed with “extreme caution” when dealing with unregulated intermediaries. Ontario is the only province that does not require wholesale […]
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