Topic
Insurance
Bermuda insurers, (re)insurers likely to bear the brunt of recent Gulf storms
September 30, 2008 by Canadian UnderwriterBermuda insurers and (re)insurers could be bearing the brunt nearly half of the costs associated with recent storms, including Hurricane Ike, according to preliminary estimates, A.M. Best reports. “According to the Association of Bermuda Insurers and Reinsurers, Bermuda insurers provide…
What’s New: In Brief (September 30, 2008)
September 30, 2008 by Canadian UnderwriterAXIS Reinsurance Company, a subsidiary of AXIS Capital Holdings Limited, has been authorized to operate as a branch insurer underwriting property and casualty insurance and reinsurance business in Canada.“We are looking forward to bringing our specialized capabilities in both insurance…
Canadian CROs earn less than American counterparts
September 30, 2008 by Canadian UnderwriterAverage base salaries of American chief risk officers (CROs) outpace those of their Canadian counterparts by roughly $30,000, reports the Risk and Insurance Management Society’s Risk Management Compensation Survey.The 2008 survey presents compensation data for 11 different positions; for the…
What’s New: In Brief (September 29, 2008)
September 29, 2008 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) has entered into an agreement to purchase roughly 9.5 million common shares of Ridley Inc. (TSX: RCL) from its Australian parent, Ridley Corporation Limited, for Cdn$81 million. The transaction, expected to close…
Brokers and MPI agree on new compensation model
September 29, 2008 by Canadian UnderwriterIndependent brokers and Manitoba Public Insurance (MPI) have entered into an accord for a new compensation model that will support a more convenient renewal process and new product offerings for customers in the future.The plan includes the following features: The…
AIG considers selling its 59% stake in Transatlantic Holdings Inc.
September 29, 2008 by Canadian UnderwriterTransatlantic Holdings Inc. (NYSE: TRH) has established a special committee to evaluate proposals received from American International Group Inc. (“AIG”) related to the possible sale of AIG’s 59% common stock interest in the company.Commenting on these actions, Robert F. Orlich,…
Hurricane Kyle fizzles out over New Brunswick
September 29, 2008 by Canadian UnderwriterHurricane Kyle made landfall at Yarmouth, Nova Scotia on the evening of Sept. 28 as a Category 1 storm, but was quickly downgraded to a post-tropical low and failed to cause any serious damage, reports the Canadian Hurricane Centre (CHC).The…
The Shumka Group changes its identity to SCM Insurance Services
September 26, 2008 by Canadian UnderwriterThe Shumka Group has unveiled new corporate identities for itself and its three operating companies, SCM Adjusters Canada Ltd., Forensic Investigations Canada (FIC) and Risk Management Services (RMS).The parent company, previously known as The Shumka Group, will now be known…
Small cars earned the most top safety ranks from IIHS
September 26, 2008 by Canadian UnderwriterEleven vehicles have won the Top Safety Pick Award from the Insurance Institute for Highway Safety (IIHS), with four of them in the small vehicle class.Winners are selected based on their superior overall crash protection among the vehicles in their…
CSA issues response to capital market turmoil
September 26, 2008 by Canadian UnderwriterIn light of recent developments in the financial markets, the Canadian Securities Administrators (CSA) says it is continuing to monitor closely events both domestically and internationally to determine whether additional regulatory responses are necessary. Members of the CSA have taken,…
What’s New: In Brief (September 26, 2008)
September 26, 2008 by Canadian UnderwriterGore Mutual and Keal Technology have launched a joint beta program designed to allow brokers direct access to instant quote, bind and issue capabilities. The program allows for upload integration between Gore Mutual’s GoBroker technology with Keal’s commercial management system…
Supreme Court denies leave to appeal in Ontario contributory negligence case
September 25, 2008 by Canadian UnderwriterThe Supreme Court of Canada has dismissed an appeal of the Ontario Court of Appeal decision in Debbie Rizzi v. George Mavros, in which the Ontario appellate court found a trial judge had erred in his jury instructions on the…