Topic
Insurance
New Bermuda market, industry reputation and reserves key issues in 2007
March 29, 2007 by Canadian UnderwriterA new Bermuda market, reputation challenges to the industry and reserve deficiencies are among 10 major changes that Mike Wills, president of Catlins Canadian operations, said hes witnessed in the insurance industry.Wills was speaking at the Ontario Risk and Insurance…
Plaintiff lawyers pushing the damages envelope: ORIMS seminar
March 29, 2007 by Canadian UnderwriterPlaintiff lawyers are increasingly trying to convince the courts of specific damages, which used to be part of general damages, in a bid to get damage amounts above and beyond the cap on non-pecuniary damages, people attending the Ontario Risk…
ACE Canada appoints Terri Mitchell as vice president, COO
March 29, 2007 by Canadian UnderwriterACE Canada, the Canadian based operating division of the ACE Group of Companies, has appointed Terri Mitchell as executive vice president and chief operations officer of ACE Canada’s Life, Accident and Health Group.Mitchell joined ACE Canada in 2004 as vice…
AXIS to acquire Media/Pro from AON
March 29, 2007 by Canadian UnderwriterAXIS Capital (NYSE: AXS), a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire from AON Underwriting Managers the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of…
Fitch ups Lloyd’s ratings based on Equitas-Hathaway deal
March 28, 2007 by Canadian UnderwriterFitch Ratings has upgraded Lloyd’s of London’s (“Lloyd’s”) Insurer Financial Strength (“IFS”) rating by one notch to ‘A+’.At the same time, the agency has upgraded the Society of Lloyd’s Issuer Default rating (“IDR”) by one notch to ‘A’. Both ratings…
Toronto financial sector faces looming talent shortage
March 28, 2007 by Canadian UnderwriterA growing lack of critical talent in Torontos financial services sector looms, according to a year-long study of the industry by the Toronto Financial Services Alliance (TFSA).Talent Matters A Study of the Toronto Financial Service Industry Talent Market found that…
What’s New: In Brief (March 28, 2007)
March 28, 2007 by Canadian UnderwriterING Canada (TSX:IIC) has just purchased for cancellation just over Cdn$500 million of its common shares.More than C$500 million worth of ING Canadas common shares were tendered to a bid. Since the auction process was oversubscribed, ING announced in a…
What’s New: In Brief (March 28, 2007)
March 28, 2007 by Canadian UnderwriterThe Dominion of Canada General Insurance Company has teamed up with Guidewire Software to modernize and replace The Dominions existing legacy claims system in order to better serve the needs of its policyholders and its network of independent brokers. The…
B.C. Court of Appeal clarifies when insurer has duty to defend
March 27, 2007 by Canadian UnderwriterReporting an event or “circumstance that might lead to a professional liability insurance claim is not, in the absence of a claim, enough to trigger an insurer’s obligation to defend, the B.C. Appeal Court has ruled.In MWH International, Inc. v.…
EDA publishes key risks for financial institutions
March 27, 2007 by Canadian UnderwriterEDS has published crucial risk priorities that financial institutions must consider to minimize the possibility of security breaches.Securing data outside the organization was listed as the top priority. Because regulators demand that non-public personal information be backed up and stored…
What’s New: In Brief (March 27, 2007)
March 27, 2007 by Canadian UnderwriterCGI Insurance Business Services has moved to a new location, at 150 Commerce Valley Drive, in Markham Ontario.All business units, including CGI Information Solutions and Services, CGI Insurance Company Systems, CGI Adjusters Inc. and CGI Risk Management Solutions will now…
What’s New: In Brief (March 27, 2007)
March 27, 2007 by Canadian UnderwriterOntarios Court of Appeal has overturned a judges order for Royal & SunAlliance Insurance Group Plc, along with 5 other insurers, to pay Canadian National Railway Co. (CN) $30 million to cover a failure of a tunnel-boring machine, reports the…