Topic
Insurance
Kingsway reports decreasing profits
February 15, 2008 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS) reported a net loss of US$103.5 million for 2007 Q4 and a net loss of US$18.5 million for the year, marking a decrease of 716% and 115% over the same periods of 2006, respectively. The…
A.M. Best develops Takaful rating methodology
February 15, 2008 by Canadian UnderwriterA.M. Best has issued a rating methodology for Takaful insurers that incorporates a two-stage risk-based capital approach.One of the key characteristics of a Takaful insurance operation is the existence of two separate funds: the Takaful (or policyholders’) fund, and the…
A.M. Best places AIG’s financial rating under review
February 15, 2008 by Canadian UnderwriterA.M. Best Co. has placed the financial strength rating (FSR) of A++ (Superior) of the domestic life and retirement services subsidiaries of American International Group (AIG) (New York) [NYSE: AIG] under review with negative implications. In addition, A.M. Best has…
What’s New: In Brief (February 15, 2008)
February 15, 2008 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) has decided to eliminate its current three-class structure of its board of directors, subject to shareholder approval. As a result of the Board’s declassification, all directors would become subject to annual election as their…
CBA supports Alta court decision to nullify injury cap
February 14, 2008 by Canadian UnderwriterThe Canadian Bar Association (CBA) has voiced its disappointment with the Alberta government’s decision to appeal the recent court decision abolishing the $4,000 cap on minor automobile injuries.“This cap denies the right of Albertans to access justice,” said Tom W.…
CSA seeks comments on paper discussing move to IFRS
February 14, 2008 by Canadian UnderwriterThe Canadian Securities Administrators (CSA) is requesting comment on its paper discussing issues surrounding proposed amendments to securities rules on acceptable accounting principles for financial reporting.The Accounting Standards Board (AcSB) proposes to move financial reporting for all Canadian publicly accountable…
Driver fatigue kills 400 Canadians annually
February 14, 2008 by Canadian UnderwriterDriver fatigue kills more than 400 Canadians ever year, a Highway Safety Roundtable reports. One in five drivers surveyed in Drowsy Driving, a 2004 Traffic Injury Research Foundation survey of 1,209 Canadians, reported nodding off at least once in the…
ICBC investigates vehicles sold from its training facility
February 14, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has launched an investigation into the sale of all vehicles repaired at the company’s research facility in Burnaby over the last 10 years.The investigation focuses on whether the previous damage history of vehicles…
Dedicated prosecutor one way to increase sentences
February 13, 2008 by Canadian UnderwriterOntario needs a dedicated insurance prosecutor, the Insurance Bureau of Canada (IBC) says.This would help to ensure that cases move faster to trial, reducing the number of arguments of delay in the Court system, according to Rick Dubin, the vice…
CCIR collecting information on adherence to disclosure of conflict principles
February 13, 2008 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is collecting information on behalf of the Canadian Council of Insurance Regulators (CCIR) to determine whether insurers and their brokers or intermediaries are following standards for managing conflicts of interest.FSCO is collecting the…
A.M. Best expects 2008 upgrades/downgrades to be about equal
February 13, 2008 by Canadian UnderwriterA.M. Best says it expects the financial strength ratings of U.S. property and casualty insurance companies in 2008 to be equally balanced between upgrades and downgrades, “despite the prospect of lower operating margins due to the current phase of the…
What’s New: In Brief (February 13, 2008)
February 13, 2008 by Canadian UnderwriterEW Disaster Kleenup L.P. has changed its name to FirstOnSite Restoration L.P. and has appointed Ian Milne as its new CEO.Ken Zardo has also been appointed vice-president of national sales and marketing, a company release says. Zardo brings nearly 30…