Topic
Insurance
Marsh arranges US$425 million of non-cat capacity for U.S./Canadian companies in UK market
October 9, 2007 by Canadian UnderwriterMarsh, a global insurance broker and risk adviser, has arranged a property facility that will provide up to US$425 million of non-catastrophe capacity in the London market for United States and Canadian companies, the company has announced.The facility can be…
Ontario’s “no fault” insurance bars subrogated tort claims brought by U.S.-based insurers: Appeal Court
October 5, 2007 by Canadian UnderwriterThe Ontario Court of Appeal has upheld that Ontarios no-fault auto insurance regime prohibits all tort actions for recovery of property damage against a negligent party including subrogated claims brought by insurers.In Clarendon National Insurance v. Candow, Signothahack Bounthai, a…
Quebec insurers launch new centre to breed new talent for the industry
October 5, 2007 by Canadian UnderwriterEleven insurance companies headquartered in the Chaudiere-Appalaches region of Quebec are creating the Centre de developpement en assurances et services financiers (Insurance and Financial Services Develop Centre) as a way to ensure continued growth. The board of directors for the…
Tsunamis after next Cascadia earthquake might be more damaging than ground shaking
October 5, 2007 by Canadian UnderwriterGround shaking caused by the next predicted Cascadia earthquake off the western coast of British Columbia is expected to result in losses of between US$40 and US$60 billion and damage losses resulting from the accompanying tsunami waves could be even…
i-flex buys out Castek Software Inc.
October 5, 2007 by Canadian Underwriteri-flex solutions, an global IT solutions provider, has acquired the remaining shares of Toronto-based Castek Software Inc., which provides core insurance business processing systems for large- and mid-sized property and casualty insurers.The transaction is expected to close by March 2008.…
Court orders Kitchener brokers, brokerage to pay $1.9 million in client-poaching case
October 4, 2007 by Canadian UnderwriterThe Ontario Superior Court has ordered two Kitchener, Ontario brokers and brokerage Stevenson & Hunt Insurance Brokers to pay Cdn$1.9 million in a case related to client-poaching.Tim Allan and Jeff Kienapple were commercial insurance producers with H. L. Staebler Company…
What’s New: In Brief (October 04, 2007)
October 4, 2007 by Canadian UnderwriterJeffrey T. Bowman has been named president and CEO of Crawford & Company, effective Jan. 1, 2008. The current president and CEO, Thomas W. Crawford, will serve as chairman of the board, while current chair, Jesse Crawford, will step down…
Court orders Royal & SunAlliance to pay in Family Protection Coverage Endorsement case
October 4, 2007 by Canadian UnderwriterThe Ontario Court of Appeal has ordered Royal & SunAlliance Insurance Company of Canada to pay Cdn$1 million under the Family Protection Coverage Endorsement (FPC Endorsement) in a motor vehicle accident involving an uninsured driver.Royal & SunAlliance said their net…
MPI reports profit growth despite increased claims cost and volume
October 4, 2007 by Canadian UnderwriterManitoba Public Insurance (MPI) credits a Cdn$80.3 million profit for the first half of 2007 to increases in investment and premium revenue, despite enduring the worst summer for weather-related claims in a decade.The figure includes a net income of Cdn$56.9…
What’s New: In Brief (October 03, 2007)
October 3, 2007 by Canadian UnderwriterLa Capitale General Insurance and Michelin have joined forces to promote safer winter driving in Quebec. As an insurer, La Capitale General Insurance feels a sense of responsibility towards the safety of Quebecers and wishes to take part in any…
What’s New: In Brief (October 03, 2007)
October 3, 2007 by Canadian UnderwriterAllstate Insurance Company of Canada has launched a new product, Your Choice Home, which allows consumers to personalize their home insurance. Customers will be able to select a home insurance policy that suits their needs and will now be able…
Insurers too quick to settle
October 3, 2007 by Canadian UnderwriterInsurers are too quick to settle legal actions against them, John Campion, a partner at Fasken Martineau DuMoulin, told a panel at the National Insurance Conference of Canada (NICC).Campion is known within the insurance community for his role as defence…