Topic
Insurance
ING Canada reports 40% slip in profits
November 7, 2007 by Canadian UnderwriterING Canada has reported a Cdn$64-million decrease in its 2007 Q3 profits. This year, the company reported a 2007 Q3 net income of Cdn$92 million, down from Cdn$156.8 million over the same period last year. For the first nine months…
Resolve Corp. to provide transcription services for HCAI
November 7, 2007 by Canadian UnderwriterResolve Corporation, a Mississauga-based business processing outsourcing firm, and Health Claims for Auto Insurance (HCAI) Processing have entered into a three-year partnership that will see Resolve manage the transcription of paper forms for Ontarios new electronic system for processing auto…
CNA Financial restructures P&C operations
November 7, 2007 by Canadian UnderwriterCNA Financial Corporation has restructured its property and casualty operations so that field operations will be led from two regional centres Field Operations East and Field Operations West. Steve Stonehouse will lead the West and Dennis Barger will lead the…
Swiss Re to reduce its amount of capital
November 6, 2007 by Canadian UnderwriterSwiss Reinsurance Company has reported a 5% decrease in its 2007 Q3 profits over last year and has announced its plan to reduce its capacity.Swiss Re is prepared to reallocate capital across business lines or return it to shareholders through…
Five years after SOX, business as usual for auditors
November 6, 2007 by Canadian UnderwriterFor the first time since the U.S. Sarbanes-Oxley Act [SOX] went into effect in 2002, a growing number of internal audit departments are returning to business as usual, according to a new survey by Protiviti Inc.Protiviti is a provider of…
U.S. insurance industry payroll increasing
November 5, 2007 by Canadian UnderwriterInsurance industry payrolls in the United States increased by 1,500 in the month of October, to a new high of 2.367 million, reports A.M. Best Company.Citing research from the U.S. Bureau of Labour Statistics, A.M. Best reported that average weekly…
What’s New: In Brief (November 05, 2007)
November 5, 2007 by Canadian UnderwriterEchelon General Insurance Company has renovated its place in cyberspace and launched a newly redesigned Web site.Key features of the new site include easy navigation tools, information about the companys latest personal lines offerings (for example, new product offerings in…
What’s New: In Brief (November 05, 2007)
November 5, 2007 by Canadian UnderwriterJust one month after the Ontario government introduced a tough new, anti-street-racing law, more than 1,000 motorists have been charged under the act, the Metro newspaper in Toronto has reported.The new law introduces harsh penalties such as license suspension or…
The Co-operators reports profits of $30.3 million for 2007 Q3
November 5, 2007 by Canadian UnderwriterThe Co-operators General Insurance Company reported profits of Cdn$30.3 million for 2007 Q3, compared to Cdn$18 million for 2006 Q3. The improvement was due to stronger underwriting performance, according to The Co-Operators. Gross written premium increased 4.1% to Cdn$571.9 million…
ESIS to provide dedicated Canadian workers compensation oversight
November 2, 2007 by Canadian UnderwriterESIS Inc., a risk management services company of ACE USA, announced it will provide dedicated Canadian workers compensation oversight to its clients through its affiliate, ESIS Canada Inc. ESIS Canada Inc. will offer reporting services for all new claims to…
What’s New: In Brief (November 02, 2007)
November 2, 2007 by Canadian UnderwriterAtlantic Canadians should brace themselves for Hurricane Noel, which is forecast to track across western Nova Scotia, cross the Gulf of St. Lawrence, and then move through Labrador, the Canadian Hurricane Centre warns. Hurricane Noel is on its way to…
Ontario Court upholds liability waiver based on “forseeable” risk
November 2, 2007 by Canadian UnderwriterThe legal test for negligence which would absolve an outdoor equipment provider of liability in a personal injury case is not perfection but rather to design a product so as to eliminate any unreasonable risk of foreseeable injury, the Ontario…