Latest Canada Headlines
All the headlines from our Canada Topic Page, ordered by recency.
Kingsway Financial Loss Worse Than Forecast
Feb 23 2009 // Toronto-based Kingsway Financial Services Inc. said Friday its quarterly loss came in even deeper than it had estimated a week ago, leading the company to chop its dividend and sending its shares 15 percent lower. The loss...
How Food Safety Officials Cracked the Peanut Poison Case
Feb 11 2009 // A century ago, at the dawn of food safety laws, inspection amounted to little more than opening a bin of flour and looking for something wiggly. It’s a different story now. Solving the case of the poison processed...
Kingsway Insurance Warns of Loss; Vows to Restructure
Feb 9 2009 // Property and casualty insurer Kingsway Financial Services Inc. in Toronto warned on Monday that it expects to report a “material” quarterly loss and that it will try to shore up its finances by selling non-core...
Best Comments on ING Canada Sale
Feb 5 2009 // A.M. Best Co. has commented that the financial strength rating of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of ING Canada Group (the Group) are unchanged following the announcement by...
ING to Sell Part of ING Canada
Feb 4 2009 // A unit of European financial services giant ING Groep NV is selling a C$1.75 billion (US $1.41 billion) chunk of its ownership stake in ING Canada, the companies said Tuesday. The ING Groep subsidiary will sell C$850...
Ratings: Swiss Re (Canada), New India, Transsib Re, HDI, Willow Re (Notes), Euro Arab
Feb 3 2009 // A.M. Best Co. has withdrawn the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa-” of Swiss Reinsurance Company Canada and has assigned a category NR-5 (Not...
Ratings Recap I: Coachman/SGI, Ceska, Indus. Alliance, Polish Re, Jasindo
Jan 30 2009 // A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘B++’ (Good) from ‘B’ (Fair) and issuer credit rating (ICR) to “bbb” from “bb+” of Canada’s Coachman...
BMO Financial Agrees to Buy AIG Life of Canada for $308 Million
Jan 13 2009 // American International Group, Inc. (AIG) announced today an agreement to sell AIG Life Insurance Co. of Canada to BMO Financial Group. Under the terms of the transaction, BMO will acquire AIG Life of Canada for...
Huebel Named Catlin Canada Chief Underwriter
Jan 7 2009 // Catlin Canada Inc., the Canadian operating unit of the Bermuda-based Catlin Group Limited, announced that David Huebel joined the company on January 5, 2009, as Chief Underwriting Officer. He will be based in the Toronto...
Ratings Roundup: Starr Insurance, Temple
Dec 29 2008 // A.M. Best Co. has assigned a financial strength rating of ‘A’ (Excellent) and an issuer credit rating of “a” to Bermuda-based Starr Insurance & Reinsurance Limited (SIRL), an indirect wholly...
Scottsdale Launches Canada Partnership with Co-operators
Dec 23 2008 // Scottsdale Insurance Company has announced the launch of a partnership with “The Co-operators, the leading Canadian-owned, mutli-product insurer, to assist them in expanding their commercial lines portfolio and to...
Canada’s Maple Leaf Reaches Deal to Settle Listeria Lawsuits
Dec 19 2008 // Maple Leaf Foods said Thursday it has agreed to settle class-action lawsuits related to an outbreak of listeriosis food poisoning caused by contaminated deli meats processed at its Toronto plant. The settlement, which...
Canada’s Natural Gas Firm Tenaska Buys Back Interests from AIG
Dec 3 2008 // American International Group, Inc. (AIG) and Tenaska, Inc. (Tenaska) today reported that Tenaska will repurchase the interest in Tenaska Marketing Ventures, Tenaska Gas Storage and Tenaska Marketing Canada (collectively...
Fairfax to Buy Rest of Northbridge for $550 Million
Dec 2 2008 // Fairfax Financial Holdings said Monday it plans to spend C$686 million (US$550 million) to buy the remaining shares of Canadian property and casualty insurer Northbridge Financial that it does not already own. Fairfax,...
Vermont Readies New Driver’s Licenses to Ease Border Crossing to Canada
Nov 26 2008 // Vermont is getting ready to issue its first enhanced driver’s licenses, which will allow holders to cross the United States-Canada border without a passport or other supporting documents. State Motor Vehicle...
Kerr Named Arch Canada CEO
Nov 17 2008 // Arch Capital Group announced that Gordon (Gord) Kerr has accepted the position of CEO and Chief Agent of Arch Insurance Group’s Canadian insurance operations. Arch Insurance Group is a division of Arch Capital Group....
ING Canada CEO Eyes Acquisitions
Nov 13 2008 // ING Canada is in a good position to make an acquisition and has the financial muscle to acquire pretty well any property and casualty insurer in Canada, the chief executive of the home and auto insurer said...
Ratings Recap: Northbridge, Credit & General, Transportation, Tenet
Nov 6 2008 // Standard & Poor’s Ratings Services has raised its counterparty credit and financial strength ratings on Northbridge Financial Corp.’s operating companies–Commonwealth Insurance Co., Markel Insurance...
Canada Insurance Regulator Eases Capital Guidelines
Oct 29 2008 // Canada’s insurance regulator on Tuesday eased guidelines on the capital that insurers need to set aside for guaranteed payments on segregated funds, lifting a concern that weighed on their share prices as equities...
Ratings Roundup: CIBC Re, Exporters, Kenya Re, CISL
Oct 23 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Barbados-based CIBC Reinsurance Company Limited (CIBC Re) (Barbados) with stable...
