Topic
Insurance
EGI rights offering anticipated to gross over $20 million
June 25, 2008 by Canadian UnderwriterEGI 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 capital
June 25, 2008 by Canadian UnderwriterCanada’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…
What’s New: In Brief (June 25, 2008)
June 25, 2008 by Canadian UnderwriterMore 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…
Children’s evidence in auto accident does not require a caution to the jury: Appeal Court
June 25, 2008 by Canadian UnderwriterChildren’s evidence is not inherently any more or less reliable than an adult’s evidence when it comes to apportioning contributory negligence in a motor vehicle accident, Ontario’s Court of Appeal has upheld in Jones v. Niklaus. The court thus applied…
OSFI concerned about politicization of auto insurance product
June 24, 2008 by Canadian UnderwriterCanada’s federal solvency regulator is concerned the country’s auto insurance product will become “politicized” if minor injury caps are upheld to be unconstitutional and auto premium prices escalate much more beyond where they are now.Bruce Thompson, the director of the…
Pawnshop founder neither employed nor self-employed at time of accident: arbitrator
June 24, 2008 by Canadian UnderwriterA man who claimed to be in the process of establishing a pawnshop when he was injured in a 1999 auto accident is not entitled to receive income replacement benefits or non-earner benefits, an Ontario arbitrator has found.Joseph Richard Ovila…
Global non-life premium growth expected to stagnate, at best: Swiss Re
June 24, 2008 by Canadian UnderwriterWorld insurance premium income grew 3.3% in real terms in 2007, reaching US$4.06 trillion, with global non-life premium growth slowing to 0.7% in real terms, totalling US$1.668 trillion, according to a Swiss Re sigma study.The results from six major primary…
What’s New: In Brief (June 24, 2008)
June 24, 2008 by Canadian UnderwriterAon eSolutions has released a new environmental module as part of RiskConsole, its browser-based risk management information system (RMIS).Developed in conjunction with Aon Environmental Services Group, the module provides organizations with the ability to effectively manage the multi-faceted environmental due…
Standard & Poor’s gives North American insurance market a stable rating
June 23, 2008 by Canadian UnderwriterStandard & Poor’s has given the North American insurance market a stable outlook in a recent report, meaning its positive and negative ratings for insurers in 2008 are expected to balance out evenly.The ratings agency noted the 2008 Q1 results…
What’s New: In Brief (June 23, 2008)
June 23, 2008 by Canadian UnderwriterRed River Valley Mutual Insurance, Peace Hills Insurance Company and SGI Canada are maintaining their investment as full partners of the Broker Identity Program (BIP) in 2008. The cornerstone of the program is the BIP symbol, known as “the BIPPER,”…
Risk management still not fully accepted in the boardroom: Marsh study
June 23, 2008 by Canadian UnderwriterRisk management has yet to be fully integrated into the decision-making process at board level among top European businesses, according to a survey conducted by Marsh U.K.The survey was conducted among risk managers attending the recent annual conference of the…
Global energy-sector insurer launches, backed by private equity firm
June 23, 2008 by Canadian UnderwriterFirst Reserve Corporation has provided US$720 million to launch a new energy sector specialty insurer, Torus Insurance Holdings Limited.Senior management of Torus has also invested personally in the new venture, a First Reserve release says.“Torus will focus on large commercial…