American International Group, Inc. (AIG) has announced Sid Sankaran will join AIG as senior vice president and chief risk officer. Sankaran will succeed Robert Lewis, who last month announced he would retire from AIG following a smooth transition period. Sankaran’s…
Finding an insured’s act to be “negligent” (but not intentional) in a liability trial does not preclude a finding that the insured’s act might also be “criminal” during a subsequent trial on insurance coverage, the Alberta Court of Appeal has…
SCM Risk Management Services (RMS) in partnership with the Insurance Brokers Association of British Columbia (IBABC) launched the pilot of iClarify services in B.C.More than 50 brokerages across the province have been selected to take part in the test phase,…
CFC, a specialist lines underwriting agent, has launched an insurance policy designed to provide comprehensive protection for social media companies. Esurance 2.0 includes:• comprehensive media liability, including cover for user-generated content;• defamation including libel and slander;• cyber-liability, privacy liability and…
The financial services sector is likely to see the greatest increase in outsourcing over the next 12 months, driven primarily by cost-cutting efforts, according to a Kilpatrick Stockton LLP study.The study, Outsourcing Insight, was a joint initiative with mergermarket, and…
Canada’s solvency regulator acknowledges its Guideline B-3-Sound Reinsurance Practices and Procedures has “created a lot of stir” within Canada’s reinsurance community because of its insistence that federally regulated insurers perform a sufficient level of due diligence on reinsurance counterparties.But the…
Data protection is increasingly seen as a strategic issue, but most companies do not have an effective incident response plan, Adam Kardash, partner at Heenan Blaikie LLP’s Toronto office, told delegates at the Insurance Bureau of Canada (IBC)’s 10th Annual…
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a drop in net income, from $562.4 million in 2009 Q3 to $219 million in 2010 Q3.The company attributes the year-over-year decrease to lower net investment gains, reporting $68.1 million in…
Marshall & Swift/Boeckh (MSB) has been sold to global investment firm TPG Capital. MacDonald Dettwiler and Associates signed a definitive agreement to sell MSB to TPG Capital for an undisclosed amount. TPG has $47 billion in assets under management and…
McLarens Canada dispatched its catastrophe adjustment team to St. Lucia to respond to the damage caused by Hurricane Tomas.The Category One hurricane hit the Caribbean Island on the weekend of Oct. 30, killing 14 people and causing widespread destruction that…
TORONTO, ON; November 5, 2010 – McLarens Canada, a full-service national claims management firm, announces today the deployment of the McLarens Canada Catastrophe Adjustment Team to St. Lucia to respond to the damage caused by Hurricane Tomas. The Category…
Ontario’s insurance regulator has laid out some clear timelines to complete studies and consultation related to a new catastrophic impairment definition and a new minor injury treatment protocol – two key features of the province’s auto insurance reforms.Philip Howell, CEO…