Topic
Insurance
Desjardins’ property and casualty segment attributes growth in part to Ontario advertising campaign
August 16, 2010 by Canadian UnderwriterDesjardins Group’s property and casualty insurance segment reported a net income of $28 million in 2010 Q2, unchanged from 2009 Q2.The segment’s total income for the first half of 2010 was $765 million, up $14 million compared to 2009 H1,…
Weak Canadian results affect Crawford’s international operations
August 13, 2010 by Canadian UnderwriterCrawford & Company’s international operating earnings took a hit because of weaker results in the company’s Canadian market, the company reported. Overall, Crawford & Company reported a net loss of $2.5 million in 2010 Q2, as compared to a net…
Western Financial Group reports 37% increase in profit in 2010 Q2
August 13, 2010 by Canadian UnderwriterWestern Financial Group has reported a net income of $5.7 million in 2010 Q2 as compared to $4.9 million in 2009 Q2. The group’s profit increased by 37% over the same period in 2009. “We are pleased with the company’s…
Kingsway reports 2010 Q2 loss, but first-half profit in 2010
August 13, 2010 by Canadian UnderwriterKingsway Financial Services Inc. reported a 2010 Q2 loss of $18.5 million, and a $5.6-million profit in the first half of 2010.These figures represent an improvement over this same point last year, when Kingsway reported a $38.4-million loss in 2009…
OSFI moves to replace its 12-year-old database system
August 12, 2010 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is preparing to design a replacement for its 12-year-old Tri-Agency Database (TDS) system.Launched in 1998, the TDS collects, validates, manages and maintains financial information filed by federally regulated deposit-taking institutions such…
Opposition PCs in New Brunswick vow to increase cap if elected
August 12, 2010 by Canadian UnderwriterThe New Brunswick Progressive Conservatives say they will increase the cap on soft tissue injuries if elected this fall.By how much remains to be seen, according to Times & Transcript.“The specific amount of how much will be based on a…
Arbitrator finds special award against insurer despite finding absence of malicious intent
August 12, 2010 by Canadian UnderwriterDespite finding that an insurer did not act maliciously, an Ontario arbitrator nevertheless ordered a special award against the insurer for unreasonably withholding benefits and failing to consider the consequences of discontinuing benefits to a “vulnerable” low-income immigrant.In making the…
Ironshore creates professional indemnity product for oil and gas sector
August 12, 2010 by Canadian UnderwriterPembrooke Syndicate 4000, a subsidiary of Ironshore Inc., has introduced a professional indemnity product intended to provide comprehensive coverage for the oil and gas industry. The coverage will be offered worldwide. It will be underwritten through Ironshore’s International platform for…
Citizen’s Group calls on New Brunswick to review minor injury cap
August 11, 2010 by Canadian UnderwriterA citizen’s group is calling on the New Brunswick government to review its $2,500 cap on insurance payments for minor injuries in auto collisions, Canadian Press reports.The news agency cites Frances McConnachie of Consumers for Insurance Fairness saying the cap…
B.C. Supreme Court awards lawyer about $6 million for future loss of income after nightclub fall
August 11, 2010 by Canadian UnderwriterThe B.C. Supreme Court has awarded almost $6 million to a woman who suffered a mild brain injury during a fall on the dance floor of a nightclub.Michelle Danicek is a lawyer who was involved in two separate incidents –…
ACE Canada appoints Bruce Walker as CFO
August 11, 2010 by Canadian UnderwriterACE Canada has appointed Bruce Walker as its Chief Financial Officer. Reporting to CEO David Brosnan, Walker will have overall responsibility for ACE Canada’s finance and information technology groups. He is expected to provide leadership in budget management, financial reporting,…
Alberta hailstorm causes record-setting $400 million in insured damages
August 11, 2010 by Canadian UnderwriterAlberta’s July 12 hailstorm caused a record-setting $400 million in insured damages, the Insurance Bureau of Canada reports, citing data from PCS-Canada. The amount establishes a new record for insured hailstorm damage in Canada.The previous record was set in Calgary…