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The Dominion sees 2012 Q1 profit rise based on improved underwriting results

May 25, 2012 by Canadian Underwriter

The Dominion earned a net income of $32.4 million in 2012 Q1, an increase over the $21.4 million for the same period in 2011. “The increase over the prior year’s first quarter is due mainly to better underwriting results,” the

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Catastrophes prompt re-examination of time and geographic limits on “occurrences” in reinsurance coverage

May 25, 2012 by Canadian Underwriter

Recent global catastrophe events have led to a re-examination of time and geographic limits in reinsurance contracts that define the “occurrence” of a single catastrophic event. Don Morrison, vice president of the Canadian office of the global reinsurance broker Guy

News Earnings / RatingsInsuranceLegal

Mid-sized insurers seeking scale should consider merger opportunities: PwC report

May 25, 2012 by Canadian Underwriter

Mid-sized Canadian insurance companies seeking greater scale would do well to contemplate mergers and acquisitions (M&A) opportunities, states a PricewaterhouseCoopers (PwC) client newsletter. The battle for channels and scale to leverage efficiencies is such that “the only way to aggressively

News Insurance

Towers Watson announces network for insurer chief risk officers

May 25, 2012 by Canadian Underwriter

Chief risk officers (CROs) of property and casualty and life insurance companies in North America now have a knowledge-sharing network for peer networking, expert access and discussion of topical issues in enterprise risk management. Professional services company Towers Watson launched

News Insurance

Privacy document crucial for Canadian organizations: Chubb underwriter

May 24, 2012 by Canadian Underwriter

A guideline from the federal privacy commissioner on how organizations should handle data security is a “very important document” for privacy management, says Matthew Davies, a senior underwriting specialist with Chubb Canada. The Office of the Privacy Commissioner of Canada

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Priority fires continue to burn in Kirkland Lake area

May 24, 2012 by Canadian Underwriter

Forest fires in and around the northeastern Ontario communities of Kirkland Lake and Timmins remain priority fires following the recent long weekend that saw 54 new blazes confirmed. Three hundred people in the Kirkland Lake area have been evacuated. Fire

News InsuranceLegalMergers and Aqcuisitions

How to park your RV in Calgary

May 24, 2012 by Canadian Underwriter

Questionable manoeuvring of recreational vehicles (RVs) has prompted the Calgary Parking Authority (CPA) to remind everyone that there is a right way to put things in park. Spring and summer traditionally brings with it a number of complaints about how

News AssociationsInsuranceLegalMergers and Aqcuisitions

Recruiter in staged collision ring sentenced to three-and-a-half years in jail, ordered to pay $375,000 in restitution

May 24, 2012 by Canadian Underwriter

A man personally involved in more than 12 staged auto collisions received a three-and-a-half-year prison term and a freestanding restitution order for $375,000 for his participation in a staged collision ring. Uthayakanthan Thirunavukkarasu, also known as Max or Mano, entered

News AssociationsInsuranceLegalMergers and Aqcuisitions

NDP bill would ban territory as auto insurance rating factor

May 23, 2012 by Canadian Underwriter

Insurance Bureau of Canada (IBC) is urging Ontario MPPs to vote down an NDP private member’s bill that would ban the use of territory as a rating factor in auto insurance. Any reduction in premiums for constituents in some areas

News Climate ChangeInsuranceMergers and Aqcuisitions

Hurricane season to mirror normal averages: Forecast

May 23, 2012 by Canadian Underwriter

The 2012 Atlantic hurricane season should be close to long-term norms, although the U.S. is “overdue” for a major landfall strike, notes a study released today by Tropical Storm Risk (TSR). The climatological research group, which is backed by Aon

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Reshuffling of market share anticipated: Intact’s Gagnon

May 23, 2012 by Canadian Underwriter

Intact Financial Corporation president Louis Gagnon repeated his prediction that about 25% of the existing property and casualty insurance market share will change hands in the next five to 10 years. “There will be a reshuffle of a quarter of

News Climate ChangeInsurance

RSA places global specialty business into three divisions

May 23, 2012 by Canadian Underwriter

RSA has re-organized its international specialty business into three key divisions, as it seeks to connect brokers and customers who are seeking global expertise and capacity.  As of June 1, the U.K.-based insurer’s regional specialty business will be organized according