Topic
Insurance
NAIC classifies hybrid E-CAPS as equities
April 17, 2006 by Canadian UnderwriterMoody’s Investors Service says the recent classification of E-CAPS in the United States as an equity security, rather than a bond or preferred stock, will have capital requirement implications for insurers holding the security. The Securities Valuation Office of the…
Kingsway seeks acquisition opportunities
April 17, 2006 by Canadian UnderwriterKingsway Financial Services is seeking opportunities for growth through acquisitions in 2006, the company reported in its 2005 annual report. Kingsway’s primary business is the insuring of automobiles for drivers who do not meet the criteria for coverage by standard…
Risk distribution for catastrophes must change: Munich Re
April 13, 2006 by Canadian UnderwriterA recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906…
Former ICBC president joins NAV
April 13, 2006 by Canadian UnderwriterFormer president and CEO of the Insurance Corporation of British Columbia (ICBC) Nick Geer has been appointed to the position of chairman of the board for NAV Canada.Geer replaces R. A. (Sandy) Morrison, who is retiring after more than a…
Butler named chair of WICC Industry Relations Committee
April 13, 2006 by Canadian UnderwriterMichael Butler, national insurance and services manager for PPG Refinish Canada, has been appointed to the position of Chair of the Chapter & Industry Relations Committee of the Women in Insurance Cancer Crusade (WICC). WICC is dedicated to raising money…
Fairfax acknowledges U.S.-based class action lawsuit
April 12, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH.SV) (NYSE:FFH) has become aware of a class action lawsuit filed against it and certain of its officers and directors in the U.S. District Court for the Southern District of New York.The lawsuit was filed “on…
FSCO outlines priorities for 2006
April 12, 2006 by Canadian UnderwriterDeveloping principles concerning conflict of interest, developing a model for privilege and whistle-blowing protection and streamlining agent and broker licensing in Ontario are among the Financial Services Commission of Ontario (FSCO)’s priorities for 2006.Section 11 of the FSCO Act requires…
ICBC to sue auto thieves
April 12, 2006 by Canadian UnderwriterIndividual car and truck thieves could become the target of the Insurance Corporation of British Columbia’s (ICBC) plan to file lawsuits against car and truck thieves.The lawsuits would attempt to garner funds to cover the costs of repairing and/or replacing…
S&P’s withdraws PXRE ratings
April 12, 2006 by Canadian UnderwriterAfter receiving ratings downgrades from Standard & Poor’s Rating Services, management at PXRE Group Ltd. (NYSE:PXT) has requested S&P’s withdraw its ratings on the Company and its affiliates.PXRE Group and PXRE Corp.’s counterparty credit ratings were recently lowered by S&P’s…
A.M. Best softens cat stress test for prepared insurers
April 11, 2006 by Canadian UnderwriterA.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in…
AIG removed from watch negative
April 11, 2006 by Canadian UnderwriterFitch Ratings has affirmed and removed all of its ratings on American International Group, Inc. (AIG) and subsidiaries from watch negative, which it originally place in March 2005. In addition, Fitch has assigned ‘AA’ Issuer Default Ratings (IDRs) to AIG…
CGI, Universal Insurance ink US$45-75 million agreement
April 11, 2006 by Canadian UnderwriterCGI Group Inc. has signed a seven-year, US$45-75 million agreement to provide Universal Insurance of North America with policy and accounting business process services (BPS). CGI will process Universal’s personal lines book of business, including homeowners, dwelling-fire, auto, and umbrella…