Topic
Insurance
Canadian Underwriter receives multiple KRW award nominations
April 17, 2008 by Canadian UnderwriterCanadian Underwriter has received seven nominations in the 2008 Canadian Business Press (CBP) ‘Kenneth R. Wilson Editorial Excellence Awards.’The nominations are in different award categories. These include: best editorial, best professional article, best merchandising/marketing article, best feature article, best news…
What’s New: In Brief (April 17, 2008)
April 17, 2008 by Canadian UnderwriterJohn McGlynn, president and CEO of Kingsway General Insurance Company, accepted Toronto Insurance Women’s Association (TIWA)’s Patron of the Year Award.Kingsway was recognized for encouraging the personal and professional growth of its employees and supporting the common good of society…
U.S. property/casualty industry sees first drop in net premium written since 1943
April 17, 2008 by Canadian UnderwriterNet income for the U.S. property and casualty industry fell to US$66.5 billion in 2007 from US$71.3 billion in 2006, according to an A.M. Best special report. The industry also saw its underwriting profits wilt, shrinking to US$22.1 billion in…
Aggressive growth in unusual lines could be early warning indicator of potential insolvency
April 16, 2008 by Canadian UnderwriterIt’s common for the management of an insurer facing insolvency to engage in aggressive marketing practices, according to a 2007 study conducted by the Property and Casualty Insurance Compensation Corporation (PACICC).The study, ‘Why Insurers Fail,’ was presented at PACICC’s annual…
Continued softening expected in property catastrophe reinsurance
April 16, 2008 by Canadian UnderwriterTraditional property catastrophe reinsurance program pricing is anticipated to continue softening during mid-year renewals, according to Aon Re Global analysis. Price reductions will be a higher priority for cedents, while terms and conditions are expected to improve, Aon Corporation notes…
What’s New: In Brief (April 16, 2008)
April 16, 2008 by Canadian UnderwriterIntegResource Canada, a restoration company, has announced that Genesis Restorations is now a partner contractor. “Genesis is a valued addition to our national network, and will provide exceptional restoration service in the Vancouver, Fraser Valley and Okanagan regions,” IntegResource Canada…
Court dismisses appeal on declaratory benefits
April 16, 2008 by Canadian UnderwriterThe Ontario Court of Appeal has dismissed an insurer’s appeal, ruling that a trial judge did not overstep the SABS when granting declaratory benefits.In Monks v. ING Insurance Company of Canada, Suzanne Monks was rendered an incomplete quadriplegic following three…
CGL covers third party property damage to condo’s foundation, court rules
April 15, 2008 by Canadian UnderwriterA Commercial General Liability (CGL) policy does cover third party property damage caused by a condominium contractor’s negligence in trying to repair its own constructed foundation, the Ontario Court of Appeal has ruled.In making the ruling, the court distinguished between…
What’s New: In Brief (April 15, 2008)
April 15, 2008 by Canadian UnderwriterMcLarens Canada has opened a Moncton, NB office. Pierrette LeBlanc has been appointed branch manager. She has more than 20 years of experience working as both an independent and staff bilingual all lines adjuster.McLarens Canada has expanded its national presence…
Subprime “train wreck” could continue to 2010
April 15, 2008 by Canadian UnderwriterThe scale of the subprime crisis so far is having the equivalent impact on the insurance industry as a Category 5 hurricane hitting Miami, A.M. Best reports.For 2008 Q1, D&O and E&O claims and litigation linked to the subprime crisis…
Feds take aim at organized auto theft rings, toughen Criminal Code
April 15, 2008 by Canadian UnderwriterPrime Minister Stephen Harper unveiled amendments to the Criminal Code intended to take “dead aim” at organized auto theft rings. The new legislation will make it a crime to alter, destroy or remove a Vehicle Identification Number (VIN). The definition…
What’s New: In Brief (April 14, 2008)
April 14, 2008 by Canadian UnderwriterMichael King has been appointed branch manager of Cunningham Lindsey Canada’s Fredericton, NB office. King brings with him more than 20 years experience, working as both independent and staff adjuster. Vehicle owners who “go green on the road” will be…