Topic
Insurance
Alleghany Corporation acquires Transatlantic Holdings Inc. for $3.4 billion
November 21, 2011 by Canadian UnderwriterAlleghany Corporation, a U.S. holding company, has acquired Transatlantic Holdings Inc. for approximately $3.4 billion. Under the terms of the agreement, Transatlantic common shares will be exchanged for per-share consideration consisting of 0.145 Alleghany common shares and $14.22 in cash.…
Hybrid vehicles hold safety edge over conventional counterparts in collision protection: IIHS
November 21, 2011 by Canadian UnderwriterThe odds of being injured in a crash are 25% lower for people in hybrids than people travelling in non-hybrid vehicle models, the Insurance Institute of Highway Safety (IIHS) found. IIHS cited a study conducted by its affiliate, the Highway…
Alcohol-related road deaths decreasing in Canada
November 21, 2011 by Canadian UnderwriterAlcohol-related road deaths are decreasing in Canada, according to the Traffic Injury Research Foundation (TIRF). In Canada, alcohol has been a factor in 30% to 40% of road deaths for the past 15 years. Although the percentage of alcohol-related road…
B.C. insurance agent banned from accessing ICBC database on privacy breach allegation
November 21, 2011 by Canadian UnderwriterThe Insurance Council of B.C. has banned a general insurance agent’s access to the database of B.C.’s public insurer, the Insurance Corporation of B.C. (ICBC), after the council reviewed allegations that the agent had accessed a third-party’s confidential information without…
York police arrest 14 suspects in passport fraud ring linked to staged auto collisions
November 18, 2011 by Canadian UnderwriterYork Region police have arrested 14 suspects and laid 145 charges following a three-year investigation into a multi-million dollar fraud ring that allegedly staged auto collisions in the Greater Toronto Area (GTA).Insurance Bureau of Canada (IBC)’s vice president of investigative…
IBC and GAA revamp Web site, infoinsurance.ca
November 18, 2011 by Canadian UnderwriterInsurance Bureau of Canada (IBC) and Groupement des assureurs automobiles (GAA), have completely redesigned their infoinsurance.ca website to answer most frequently asked questions by consumers more effectively.IBC shares the site with the GAA, which performs a wide range of activities…
IBAO applauds new technology allowing PDF Dec pages to be downloaded as part of CSIO standards
November 18, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has publicly recognized the recent introduction by Custom Software Solutions Inc. (CSSI) of new technology that enables PDF Dec pages to be accepted as part of the Centre for Study of Insurance Operations…
U.S. subprime settlements averaging $116 million
November 18, 2011 by Canadian UnderwriterRecent settlements in the United States as a result of subprime and credit crisis litigation are averaging $116 million, although only a small number of cases have been settled over the past five years, according to Kevin LaCroix, writing for…
Proposed changes to anti-money laundering legislation may prove onerous for smaller reporting entities: Fasken Martineau
November 18, 2011 by Canadian UnderwriterProposed changes to Canada’s anti-money laundering and anti-terrorist financing legislation may prove to be very onerous for smaller reporting entities, according to a Nov. 17 Financial Institutions Bulletin issued by law firm Fasken Martineau.The Department of Finance (Canada) released its…
Injured claimant’s adaptive ability should be based on more than just an inability to return to work: Ontario arbitrator
November 17, 2011 by Canadian UnderwriterAn injured person’s ability to adapt to stressful circumstances is broader than just whether or not a person can return to work, an Ontario arbitrator has found.Adaptability is one of four factors used to determine whether a person’s mental or…
State Farm Canada seeks $21 million in damages from Ontario health clinics and individuals
November 17, 2011 by Canadian UnderwriterState Farm Canada has filed a statement of claim seeking a total of $21 million in damages from several Ontario health service providers and individuals. State Farm’s statement of claim contains allegations not proven in court. It alleges that six…
ILS touted as “the next evolution” of product support and development coming out of the Bermuda reinsurance market
November 17, 2011 by Canadian UnderwriterExpect insurance-linked securities (ILS) to be the next evolution of product support and development coming out of the Bermuda reinsurance market, says the CEO of the Bermuda Stock Exchange (BSX). Greg Wojciechwski spoke to Canadian Underwriter in a telephone interview…