Topic
Insurance
A.M. Best downgrades Kingsway Financial and its subsidiaries
November 24, 2009 by Canadian UnderwriterA.M. Best Co. has downgraded the issuer credit rating and senior debt rating to “ccc” from “b-“ of Kingsway Financial Services Inc. (KFS) and Kingsway America Inc. (KAI).In addition, A.M. Best has downgraded the financial strength rating (FSR) to B-…
RMS unveils new ITV indexing tool, dubbed ‘iClarify’
November 24, 2009 by Canadian UnderwriterRMS officially unveiled its new insurance-to-value (ITV) indexing technology at the MarS Innovation Centre in Toronto on Nov. 23.Dubbed ‘iClarify,’ the RMS indexing tool has been developed to help resolve the ITV issue. Currently, Canadian insurance companies and brokers do…
Business Intelligence can improve profitability
November 24, 2009 by Canadian UnderwriterAt least a 1% business improvement is possible simply by applying Business Intelligence (BI), according to Mike Gilliland of AutoHouse Technologies. “Business Intelligence helps decision makers make more informed decisions and supplies users with critical business information on their customers…
What’s New: In Brief (November 24, 2009)
November 24, 2009 by Canadian UnderwriterMuscowpetung First Nation won SGI’s 2009 Seatbelt Challenge and will receive up to $50,000 for traffic safety improvements in its community.The 2009 Aboriginal Seatbelt Challenge in the File Hills Qu’Appelle Tribal Council pitted eight First Nations communities against one another…
Kingsway relinquishes control of Jevco
November 23, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (KFS) is disposing of its majority interest in Jevco Insurance Company.“Kingsway believes that the transaction will benefit Kingsway’s and Jevco’s stakeholders by strengthening Jevco’s market presence and allowing it to continue its 20-year history of profitability,”…
Insurance-linked securities (ILS) rebounding from bad press related to asset-backed securities: Swiss Re executive
November 23, 2009 by Canadian UnderwriterInsurance-linked securities (ILS) are already bouncing back from a tough sell, Michel Liès, the head of the client markets business function at Swiss Re says.After the subprime debacle in the United States, in which bad mortgage debt was bundled and…
OSFI Q3 figures show losses continue to increase dramatically in auto lines
November 23, 2009 by Canadian UnderwriterCanadian and foreign insurers licensed with the Office of the Superintendent of Financial Institutions (OSFI) continued to take a beating in the auto-personal accident category (which includes accident benefits), according to OSFI’s 2009 Q3 results.Canadian insurers saw their collective claims…
What’s New: In Brief (November 23, 2009)
November 23, 2009 by Canadian UnderwriterThere is a 10% probability that over the next 30 years a magnitude eight or nine quake will occur somewhere along the Cascadia Subduction Zone, A.M. Best reported.In its special report, New Hazard Maps, Model Updates Could Shift Views on…
11 New Online Photo Gallery updates now live at canadianunderwriter.ca
November 23, 2009 Canadian Underwriter magazine11 new industry event galleries have been added to the Online Photo Gallery at canadianunderwriter.ca. To view all the galleries, at canadianunderwriter.ca click Photo Gallery in the nav bar or go to www.canadianunderwriter.ca/gallery The recent additions to the Online Photo…
Economic crime on the rise
November 20, 2009 by Canadian UnderwriterFifty-six percent of Canadian companies surveyed report being victims of economic crime with the last year, according to a PricewaterhouseCoopers (PwC) survey.This is an increase of 10% over the 2003 survey results. Several economic crimes have come to light in…
IIHS incorporates roof strength test into ‘Top Safety Pick’ awards
November 20, 2009 by Canadian UnderwriterFor the first time, good performance in a roof strength test was required to win a Top Safety Pick designation from the Insurance Institute for Highway Safety (IIHS).The addition of the roof strength criterion recognizes manufacturers with vehicles that provide…
What’s New: In Brief (November 20, 2009)
November 20, 2009 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) intends to voluntarily delist its subordinate voting shares from the New York Stock Exchange.After delisting from the NYSE, Fairfax’s subordinate voting shares will continue to be listed on the TSX, where they…