A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit rating (ICR) of “aa-” of The Wawanesa Mutual Insurance Company. “The ratings and outlook of Wawanesa are reflective of its superior risk-adjusted capital, balance…
Toronto — November 17, 2011 — In today’s rapidly evolving corporate environment Canadian executives continue to face complex legal issues. Uncertainty is not an option. Today Creechurch International Underwriters Ltd. responds to that uncertainty by introducing a new suite of…
Insurers of Japanese earthquake losses are facing unexpected increases in claims from manufacturers who moved production and/or sourcing of supplies to Thailand, according to law firm RPC (Reynolds Porter Chamberlain LLP).“Many Japanese companies, particularly in the automotive and electronics sectors,…
Zurich has launched a new surety bond intended to help contractors deliver Public Private Partnership (PPP) projects.Zurich says its Public Private Partnership Performance Bond enables large construction projects to benefit from favourable financing treatment while maintaining the public policy, project…
The Insurance Brokers Association of Alberta (IBAA) presented Slave Lake Victim Services with a cheque for $12,960.00 on Nov. 7, 2011 to help offset the costs of the Slave Lake fire in May 2011.IBAA local councils and individual brokers donated…
The Regroupment des cabinets de courtage d’assurance du Québec (RCCAQ), a Quebec insurance broker association, says an amendment to regulations recently proposed by the province’s insurance regulator will simply duplicate existing standards governing transparent disclosure of billing for fees.The Autorité…
Quebec insurance brokers have expressed concern to the province’s insurance regulator, the Autorité des marchés financiers (AMF), about a proposed amendment to regulations that would allow real estate brokers to act simultaneously as insurance representatives. Specifically, the Regroupment des cabinets…
Saskatchewan saw almost 8,500 motor vehicle collisions due to distracted driving in 2010, resulting in more than 2,300 injuries and 60 deaths, according to Saskatchewan Government Insurance (SGI). SGI says its traffic safety research shows the vast majority (92%) of…
An eight-year soft market in U.S. commercial lines may finally have hit rock bottom, according to The RIMS Benchmark Survey.Administered by Advisen Ltd., the survey tracks changes in average program renewal premiums for director and officers’ liability (D&O), general liability…
Sixty-five per cent of 76 international companies surveyed by international legal practice Norton Rose Group said they do not conduct detailed due diligence on incoming key personnel provided by their supplier.“The majority of customers assume that their suppliers will have…
The traditional insurance model has allowed property and casualty insurers to withstand the recent financial crisis, but as insurers branch out from this model and offer more non-insurance related products, they are more vulnerable to financial risks associated with the…
The Société de l’assurance automobile du Québec (SAAQ), the province’s auto insurer, has posted an information bulletin providing guidance on the use of electronic on-board recorders (EOBRs) used in heavy vehicles.The devices have increasingly replaced paper format daily logs with…