Canadian Underwriter

Topic
Insurance


News Insurance

Financial crisis likely to flatten insurers’ IT budgets in 2009

October 10, 2008 by Canadian Underwriter

As a result of the current financial crisis, Celent is predicting insurers’ IT budgets will be flat in 2009 (compared to 2008), despite downward pressure for the next 12 to 24 months, at least.In its latest report, ‘Bad News on

News InsuranceMergers and Aqcuisitions

Quebec Appeal Court says manufacturer’s extended warranty is not an insurance contract

October 10, 2008 by Canadian Underwriter

The Quebec Court of Appeal has found that the “Extra Care Protection” contract of a vehicle manufacturer is a warranty, not an insurance contract, thus reversing a lower court decision that found the opposite.In making its decision in the Automobile

News Insurance

What’s New: In Brief (October 10, 2008)

October 10, 2008 by Canadian Underwriter

Michael Donoghue, president and CEO of Allstate Canada, has announced his retirement. Chris Kiah, assistant field vice president in the southeast region for Allstate Corporation, will take over the role. Donoghue and Kiah will work together through the transition until

News Climate ChangeInsurance

PartnerRe predicts its 2008 Q3 combined ratio will be 95-96%

October 10, 2008 by Canadian Underwriter

**CLARIFICATION** PartnerRe was earlier reported to have predicted an industry combined ratio of between 95-96%, when in fact the company was predicting its own combined ratio. PartnerRe Ltd. (NYSE: PRE) predicts its 2008 Q3 combined ratio (COR) will be 95-96%,

News Climate ChangeInsuranceMergers and Aqcuisitions

Loss ratios increase for Saskatchewan hail, auto insurers

October 9, 2008 by Canadian Underwriter

Saskatchewan non-life insurers saw their loss ratios increase 6.4% in 2007, according to statistics recently released by the provincial insurance regulator.In total, Saskatchewan’s non-life insurance industry showed a loss ratio of 64.8% in 2007, up from 60.9% in 2006.Hail insurance

News Insurance

Canadian securities administrators look at role of credit rating agencies in ABCP market

October 9, 2008 by Canadian Underwriter

The Canadian Securities Administrators (CSA) posted a consultation paper on Oct. 6 that suggests the implementation of a regulatory framework for credit rating agencies, based on the recent controversy surrounding the asset-backed commercial paper (ABCP) market. The proposed regime “would

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (October 09, 2008)

October 9, 2008 by Canadian Underwriter

Jon Schubert has been appointed president and CEO of the Insurance Corporation of B.C. (ICBC), effective mid-November.He is currently the president and CEO of Saskatchewan Government Insurance (SGI). Schubert worked at SGI for 23 years before venturing forward to run

News Insurance

AIG borrows an additional US$37 billion

October 9, 2008 by Canadian Underwriter

American International Group, Inc. (AIG)’s domestic life insurance subsidiaries have borrowed approximately US$37.2 billion from the Federal Reserve Bank of New York. The New York Fed will borrow investment grade fixed income securities from these AIG subsidiaries in exchange for

News Insurance

Insurer to pay costs in “mixed” defence, even if they relate to uninsured claims

October 8, 2008 by Canadian Underwriter

In a lawsuit involving “mixed claims,” some of which are insured under a policy and some of which are not, the costs of defending a lawsuit should be apportioned between an insurer and an insured based on the operative language

News Insurance

BFL Canada joins forces with Kansas City broker Lockton

October 8, 2008 by Canadian Underwriter

BFL Canada and Kansas City-based Lockton have formed an alliance to serve clients in North America. BFL Canada is Canada’s largest independent commercial insurance broker and Lockton is the world’s largest privately held insurance broker, according to a news release

News Insurance

Risk managers predict both hard and soft markets arising out of financial crisis

October 8, 2008 by Canadian Underwriter

The cascading financial services crisis in the United States has risk managers bracing for a hard market, although some suggest the crisis may actually prolong the current soft market, participants of a Risk and Insurance Management Society (RIMS) Webinar heard.Janice

News Insurance

Allianz invests US$2.5 billion in The Hartford

October 8, 2008 by Canadian Underwriter

Allianz SE will provide a US$2.5-billion capital investment in The Hartford Financial Services Group, purchasing roughly a quarter of Hartford’s outstanding common shares. In a second-quarter filing to the U.S. Securities Exchange Commission (SEC), The Hartford reported having slightly more