Topic
Insurance
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…
RIBO issues statement on premium financing
June 20, 2008 by Canadian UnderwriterRegistered Insurance Brokers of Ontario (RIBO), the province’s broker regulator, has issued a statement about how brokers might properly arrange premium financing for clients.RIBO cautions that if brokerages opt to finance premiums themselves, the funds they place in trust for…
What’s New: In Brief (June 20, 2008)
June 20, 2008 by Canadian UnderwriterWomen in Insurance Cancer Crusade (WICC Ontario and WICC Quebec) will be the official charity of the National Insurance Conference of Canada (NICC). As part of this partnership: WICC will hold a fundraising silent auction at the NICC. NICC will…
Quebec insurers see rise in premiums, decrease in claims in 2007
June 20, 2008 by Canadian UnderwriterProperty and casualty insurers in 2007 wrote a total of Cdn$7.3 billion in premium in Quebec, marking a 3.6% increase from 2006’s Cdn$7.1 billion, reports the Autorit des march financiers (AMF).Automobile and property insurance premiums increased 3%, up nearly CDn$172…
A.M. Best takes rating actions on more than 50 Canadian p&c insurers
June 20, 2008 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating (FSR) of seven Canadian property and casualty insurers, downgraded five, assigned ratings to four and affirmed the FSR of 37 insurers.The following companies have received FSR upgrades: CUMIS General Insurance, B+…
Insurers prepare for claims related to tomato contamination
June 19, 2008 by Canadian UnderwriterInsurers globally are preparing for business interruption claims related to the recent salmonella outbreak that has affected at least 228 people in the United States.As a result of a warning issued by the U.S. Food and Drug Administration (FDA), a…
What’s New: In Brief (June 19, 2008)
June 19, 2008 by Canadian UnderwriterLiquidation World Inc. has imported and sold children’s restraint systems and booster seats from the United States that did not comply with the applicable Canada Motor Vehicle Safety Standards, a Transport Canada (TC) bulleting warns.Approximately 145 of the units were…
What’s New: In Brief (June 19, 2008)
June 19, 2008 by Canadian UnderwriterSCOR has established a “hub” structure for the Americas in New York, encompassing SCOR Canada, SCOR US, and SCOR Global Life Re US.Henry Klecan Jr. is the managing director of the hub. He will remain CEO of SCOR Canada and…
Regulation calls for rate approvals to be submitted on a regular basis
June 19, 2008 by Canadian UnderwriterNova Scotia automobile insurance companies would have to apply to the Nova Scotia Insurance Review Board (NSIRB) for rate approvals and risk classifications at regular intervals, and not just if there is a proposed change to the rates, according to…