Topic
Insurance
AIG’s future uncertain in wake of subprime-related security woes
September 15, 2008 by Canadian UnderwriterAmerican International Group Inc. (AIG)’s stock took a serious hit following disclosure that American investment banks Lehman Brothers Holdings Inc. had declared bankruptcy and Merrill Lynch was sold.Shares in AIG fell 31% on Sept. 12, and then plummeted more than…
Hurricane Ike damage estimates between US$6 and $16 billion
September 15, 2008 by Canadian UnderwriterHurricane Ike has caused insured losses from both onshore and offshore damage of between US$6 billion and US$16 billion, catastrophe modellers estimate.The storm made landfall on Sept. 13, hitting Galveston Island, Texas as a strong Category 2 storm.Ike featured hurricane-force…
What’s New: In Brief (September 15, 2008)
September 15, 2008 by Canadian UnderwriterJim Haskins has been appointed Aviva Canada Inc.’s executive vice president of claims and procurement, effective Sept. 22.Haskins “possesses strong strategic and leadership skills, customer focus and operations management experience,” Aviva noted in a release. “He joins Aviva Canada after…
Mark Yakabuski resigns as IBC president and CEO
September 12, 2008 by Canadian UnderwriterMark Yakabuski has resigned as president and CEO of Insurance Bureau of Canada (IBC), effective immediately. “Having established a strong strategic course for the organization as president and CEO, he is leaving after 15 years of service to IBC in…
Safety Group, Jones DesLauriers team up to create “mega-trucking insurance brokerage”
September 12, 2008 by Canadian UnderwriterThe Safety Group offices in Ontario and Alberta have merged with Jones DesLauriers Insurance Management Inc. (JDIMI), creating what JDIMI calls “Canada’s first mega-trucking insurance brokerage the largest privately-held trucking insurance firm in the nation.” Jones DesLauriers Insurance Management Inc.…
ICBC’s policies don’t restrict competition, bureau finds
September 12, 2008 by Canadian UnderwriterInsurance Corporation of British Columbia (ICBC)’s policies relating to optional auto insurance do not contravene the Competition Act, a federal Competition Bureau investigation has concluded.The Bureau initiated its inquiry after receiving a complaint alleging that ICBC’s policies were anti-competitive and…
Europe’s planned regulation of ratings agencies should follow international standards: S&P’s
September 12, 2008 by Canadian UnderwriterStandard & Poor’s (S&P’s) president Deven Sharma wants European policymakers to base their proposed system of supervising credit rating agencies on internationally accepted principles and standards to ensure ratings opinions remain comparable worldwide. Speaking at the September 2008 Eurofi conference…
What’s New: In Brief (September 12, 2008)
September 12, 2008 by Canadian UnderwriterThe Autorit des marchs financiers (AMF) has issued Cdn$2,500 penalties against Gravel, David, Rouleau & associs inc. and R.W. Mills inc.Gravel, David, Rouleau & associs failed to ensure that one of its representatives had their claims adjuster certification properly reinstated,…
Well-capitalized (re)insurers relying too heavily on others to resolve cash-flow problems: S&P’s
September 11, 2008 by Canadian UnderwriterFacing a potential liquidity crisis as the 2008 hurricane season ramps up to the midway point, insurers may be running the risk of relying too heavily on state-sponsored entities and low-rated or unrated reinsurers, Standard & Poor’s (S&P’s) observes in…
Integro shuffles executive team
September 11, 2008 by Canadian UnderwriterPeter Garvey, president of Integro Insurance Brokers, has assumed the additional role of CEO following the resignation of Roger Egan for undisclosed reasons.“As president of Integro since its inception, Pete has had responsibility for our professional staff and client service,”…
Assessing strategic impact of IT investment should be emphasized, report says
September 11, 2008 by Canadian UnderwriterInsurers continue to struggle with capturing and evaluating the strategic impact of IT investments and setting IT project priorities, reports Celent.In its report, Celent examines various IT investment evaluation methodologies (both traditional and alternative methodologies) and the rationales behind them.…
Hurricane Ike strengthens in Gulf, bears down on Texas
September 10, 2008 by Canadian UnderwriterHurricane Ike has moved away from Cuba and is picking up steam as it heads through the Central Gulf of Mexico towards Texas.The National Hurricane Center reported on Sept. 10 that Ike, with sustained wind speeds of 155 km-h, is…