Auto
A bill introduced in Ontario’s legislature to create standard for the collision repair industry is receiving support from the association representing the province’s car dealers. In a press release, the Ontario Automobile Dealers Association (OADA), says the Collision Repair Standards Act, 2002, introduced by MPP Frank Klees will help protect consumers and the environment. The […]
By Canadian Underwriter | July 8, 2002
1 min read
Claims
Former Insurance Bureau of Canada (IBC) president George Anderson is about to receive the nation’s highest honor, the Order of Canada. Anderson retired from the IBC earlier this year, after ten years in the top spot.”It is overwhelming to receive this kind of an honor and to be included in such a small group of […]
2 min read
Industry
Sports and entertainment insurer K&K Insurance Group is back in business after having to find a new underwriting partner. K&K, the biggest managing general agent (MGA) for the leisure and entertainment industries, was on hold after its largest carrier TIG dropped out. Now a new carrier, Sovereign General Insurance Company, has signed a managing underwriter […]
By Canadian Underwriter | July 4, 2002
Risk
The European Commission has granted approval to its member countries to extend existing government insurance coverages of terrorism and war risks for airlines to the end of October this year. This follows the expiry of existing government insurance agreements which had been in place until the end of June. The U.S. Federal Aviation Administration (FAA) […]
By Canadian Underwriter | July 3, 2002
Broker consolidator network Western Financial Group Inc. (TSE: WES), formerly Hi-Alta Capital Inc., plans on repurchasing its outstanding 10% convertible, redeemable, subordinated debentures (issued in June 1998) for a total payment of $2 million. As part of the arrangement, Western is offering holders a cash payment and/or the option of new 9% convertible, unsecured, subordinated […]
By Canadian Underwriter | July 2, 2002
Trucking companies, taxi operators and large private fleets are feeling the squeeze of the hard market, with shrinking capacity, increasing rates and restrictive terms and conditions. And, feedback from insurers suggests that there is little relief on the horizon.
By Craig Harris | June 30, 2002
9 min read
Kingsway Financial Services Inc. (TSE: KFS) has withdrawn a $75 million public share offering announced in early June. The company’s CEO Bill Star says the decision to terminate the offering was made primarily in response to the under-performing value of the share price subsequent to the June PO announcement. “Since announcing the transaction, the shares […]
June 30, 2002
The U.S. property and casualty insurance industry displayed signs of a rebound in the first quarter of 2002, producing a 6.9% return on equity (ROE) following its worst ever year in 2001. Coming off a negative 2.7% ROE for last year, insurers began to turn the tide on underwriting, if not on the investment side. […]
Manitoba’s public insurer is asking the province’s Public Utilities Board to “hold the line” on basic auto rates for next year, despite posting a net loss of $16.5 million last year. For the fifth year, Manitoba Public Insurance (MPI) wants to keep rates stable for its basic “Autopac” coverage, according to its annual submission to […]
Adjusters Crawford Canada report that all 10,000 “stage one” applications have bee processed in the Walkerton Compensation Plan settlement. Crawford was designated by the courts to administer the settlement following the town’s tainted water crisis and resultant class action in May 2002. Under stage one, over 8,500 members qualified under the class and 7,261 were […]
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