Canadian Underwriter

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What’s New: In Brief (April 08, 2008)

April 8, 2008 by Canadian Underwriter

Aviva Canada, has re-branded its subsidiaries Pilot Insurance Company and Scottish & York Insurance Co. Ltd. Moving forward the companies will be known as Aviva Pilot and Aviva Scottish & York.Aviva, which has been insuring Canadians since 1906, was created

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AIG reshuffles its organizational structure

April 8, 2008 by Canadian Underwriter

American International Group, Inc. (AIG) has renamed its Domestic General Insurance operations the AIG Property Casualty Group, and has shuffled a number of executive positions.“These organizational changes will contribute substantially to an improved operating environment, provide greater results in our

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (April 08, 2008)

April 8, 2008 by Canadian Underwriter

Paul Taylor, the CEO of the Insurance Corporation of British Columbia (ICBC), is moving to a new position in the private sector.Details of his new position were not included in an ICBC release.“Mr. Taylor’s move to the private sector was

News Insurance

Direct offshore foreign insurers must be authorized by Australia’s regulator prior to June 2008

April 8, 2008 by Canadian Underwriter

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are jointly reminding direct offshore foreign insurers (DOFIs) and local insurance brokers about new authorization requirements for foreign insurers that come into effect on July 1,

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National complaint data reporting system among FSCO’s 2008 priorities

April 7, 2008 by Canadian Underwriter

FSCO’s 2008 draft Statement of Priorities includes the creation of a national complaint data reporting system.The national system would be an expanded version of the complaint data reporting system currently used by FSCO and the Authorite des marches financiers (AMF),

News InsuranceMergers and Aqcuisitions

Ontario court weighs in on vehicle theft

April 7, 2008 by Canadian Underwriter

Ontario’s Superior Court recently waived a claim against Pilot Insurance Company in a case that tackled the thorny question of how to prove a vehicle had been “stolen.”In Comer v. Mochulla (Mochulla Auto Service), Baysville, Ontario resident Cary Comer in

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OSFI to focus on quick identification of emerging risks in next three years

April 7, 2008 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) says enhanced identification of emerging risks is Priority 1 for the next three years.The regulator intends to improve its ability to identify emerging risks through more inter-sector communication, more focus on

News Insurance

Commercial lines market softening at an accelerating pace

April 7, 2008 by Canadian Underwriter

Commercial lines insurance premiums in 2008 Q1 experienced the largest quarterly drop since 2005, according to the Risk and Insurance Management Society (RIMS) Benchmark Survey.Undeterred by mounting claims from the meltdown of the subprime mortgage market, the average directors and

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2007 trends paint grim picture for next three years

April 4, 2008 by Canadian Underwriter

Extrapolating 2007 financial trends forward three years presents two grim scenarios, especially one in which a major catastrophe strikes.Jane Voll, Insurance Bureau of Canada’s chief economist and VP policy, presented two scenarios to people attending Swiss Re’s Canadian Insurance Outlook

News InsuranceMergers and Aqcuisitions

Ontario’s auto to continue deterioration into 2008

April 4, 2008 by Canadian Underwriter

Ontario’s auto insurance market is losing money on both the accident benefits and third party liability side, turning marginal profits into deficits moving into 2008.Jane Voll, Insurance Bureau of Canada’s chief economist and VP policy, spoke at Swiss Re’s 23rd

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Market volatility might be suppressing potential mergers within Canadian insurance industry

April 4, 2008 by Canadian Underwriter

Market volatility, a consequence of the U.S. subprime issue, may be suppressing mergers and acquisitions (M&A) activity in the Canadian insurance market, Pierre Ozendo, the chairman and CEO of Swiss Re America Corporation says.“To the extent that market volatility from

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What’s New: In Brief (April 03, 2008)

April 3, 2008 by Canadian Underwriter

The European Commission’s Solvency II Directive is expected to increase substantially regulatory capital requirements for most European insurers, although no extra capital is likely to be required for the market as a whole.A.M. Best’s review of Solvency II’s implications found