Topic
Insurance
EGI Financial expands US operations
October 15, 2007 by Canadian UnderwriterEGI Financial Holdings Inc. announced it has taken a US$20-million [approximately Cdn$19.54-million], non-revolving term loan with the Bank of Nova Scotia.The loan will help EGI Financial reinsure niche and specialty line insurers underwriting business in the United States through its…
Specialty program markets actively seeking new business
October 12, 2007 by Canadian UnderwriterSpecialty program markets appear to be actively seeking profitable new business, both from new program administrators and existing partners, by building product and volume, according to a recent survey by Guy Carpenter & Company LLC.The survey canvassed an undisclosed number…
Insurers have no duty to defend, insure when driver does not hold valid licence
October 12, 2007 by Canadian UnderwriterInsurers are right to deny coverage and are relieved of the duty to defend the owner and driver of a vehicle involved in a collision in cases in which the driver does not have a valid license, the Ontario Superior…
What’s New: In Brief (October 12, 2007)
October 12, 2007 by Canadian UnderwriterThe Intergovernmental Panel on Climate Change (IPCC) was awarded the Nobel Peace Price on Oct. 12. IPCC panel members include Institute for Catastrophic Loss Reduction (ICLR) executive director Paul Kovacs and ICLR policy director Dr. Gordon McBean. The IPCC will…
Supreme Court clarifies financial disclosure obligations in Kerr
October 12, 2007 by Canadian UnderwriterA change in intra-quarterly results does not necessarily signal a material change that requires public disclosure, the Supreme Court of Canada has ruled in Kerr v. Danier Leather Inc.The courts decision in the securities case related to financial disclosure might…
D&O claims frequency down in 2007: Role of SOX uncertain
October 11, 2007 by Canadian UnderwriterDespite a slight reduction in frequency of class actions against boardroom executives in the United States, its too early to say weve entered a Brave New World of good corporate behaviour because of the Sarbanes-Oxley Act [SOX], a reinsurer told…
What’s New: In Brief (October 11, 2007)
October 11, 2007 by Canadian UnderwriterBrian Taylor and Lisa McCabe have been appointed branch managers of Cunningham Lindseys Halifax and Vancouver offices, respectively. Taylor was a complex claims analyst for a large Canadian insurer prior to the appointment, and McCabe served as a unit claims…
Wildfire focus needed in Canadian cat models
October 11, 2007 by Canadian UnderwriterCanadian catastrophe models should place more emphasis on wildfires and heavy rain, according to Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR).Kovacs made his statement at the National Insurance Conference of Canada (NICC) in Montreal. His…
Ontario statutory deduction doesn’t apply when determining Rule 49 costs
October 10, 2007 by Canadian Underwriter**CORRECTION** The following article has been amended to correct an error brought to our attention since initial publication Statutory deductions from a plaintiff’s assessed damages, as mandated in s. 267.5(7) of the Insurance Act, are not to be considered in…
What’s New: In Brief (October 10, 2007)
October 10, 2007 by Canadian UnderwriterInsurance brokers have launched a new keeping you covered brand and advertising campaign in response to what the Insurance Brokers Association of New Brunswick (IBANB) refers to as the clutter created by telemarketers and Internet sales of home and auto…
Pressure growing for more risk management transparency
October 10, 2007 by Canadian UnderwriterCanadas largest companies are more responsive than they were a year ago to investor requests regarding carbon risk strategies, but the disclosed information still falls short of investor requirements, according to the Carbon Disclosure Project 2007 (CDP): Canada 200 Report.The…
What’s New: In Brief (October 10, 2007)
October 10, 2007 by Canadian UnderwriterRoyal & SunAlliance Insurance Company of Canada (R&SA) has teamed up with Policy Works Inc. to exchange commercial lines data electronically. This will make it easier for brokers using Policy Works to obtain quotes on commercial lines business from R&SA,…