The Competition Policy Review Panel is calling on the federal minister of finance to “remove the de facto prohibition on bank, insurance and cross-pillar mergers of large financial institutions, subject to regulatory safeguards, enforced and administered by the Office of…
An insurer cannot be exempted from paying supplemental medical benefits for long-term care under s.75.13 of the Statutory Accident Benefits Schedule (SABS) if those same benefits are “reasonably available” through an application for social assistance under Regulation 832 of the…
Fitch Ratings is looking for improved “fair value” disclosure for assets whose measurement is relatively subjective so-called ‘Level 2’ assets the ratings agency said recently in a special report.“The need for better fair value disclosures is an important part of…
Gore Mutual Insurance Company’s foundation has donated Cdn$500,000 to the Cambridge Memorial Hospital, one of the largest donations the hospital’s foundation has ever received.Gore Mutual requested its donation be used to improve treatment at Cambridge Memorial Hospital’s endoscopy unit.The donation…
Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked…
Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel.Baker observed direct-linked…
The Windsor-Essex Regional Chamber of Commerce has named Windsor CARSTAR Collision the 2008 Service Company of the Year. The Chamber’s annual business excellence awards honour those who go above and beyond establishing successful businesses; they also recognize people who contribute…
The U.S. property and casualty industry’s net income fell 49.3% in 2008 Q1, from US$16.2 billion in 2007 Q1 to US$8.2 billion this year. Reflecting the declines in net income, the P&C industry’s annualized rate of return on average policyholders’…
Lack of premium growth nationwide and diminished results in the Ontario auto segment have constrained results for Canadian property and casualty insurers in the past year, according to a recent report published by Standard & Poor’s Ratings Services. Although 2007…
EGI Financial Holdings Inc. has announced it is conducting a rights offering that is expected to result in gross proceeds of approximately Cdn$20.1 million. The company says the proceeds will be used for general corporate purposes, which could include financing…
Canada’s insurance market has Cdn$11 billion in excess capacity, enough to underwrite another replica of Canada, which could fuel a soft market well into 2012.Joel Baker, president of MSA Research, made the above observation and prediction as a panelist at…
More than 3,000 people are injured and 116 people are killed, on average, in nearly 5,000 alcohol-related crashed in British Columbia each year, according to ICBC. The public auto insurer says these stats translate into more than Cdn$140 million in…