Topic
Insurance
FSCO appoints interim superintendent
July 17, 2001 by Canadian UnderwriterIn the wake of the retirement of Dina Palozzi, former CEO and superintendent of the Financial Services Commission of Ontario (FSCO), Phil Howell will fill the position on an interim basis. The announcement brought praise from the Insurance Bureau of…
Insurers take action against rising auto claim costs in Atlantic Canada
July 16, 2001 by Canadian UnderwriterInsurers acting through the industry’s national lobby body, the Insurance Bureau of Canada (IBC), are currently engaged in high-level meetings with provincial government officials in Atlantic Canada with a view to introducing rapid reform to the basic auto insurance product.The…
RIBO calls for separate recognition of insurance products
July 13, 2001 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) has called on the Ontario government’s Ministry of Finance for recognition of the unique differences that exist between property and casualty insurance products and their distribution modes compared with the life, deposit-taking and…
Swiss Re enters into unique "risk swap" agreement
July 12, 2001 by Canadian UnderwriterSwiss Re, the parent company of Swiss Re Canada, has entered into a unique "risk swapping" agreement with Japanese insurer Tokio Marine and Fire, through Tokio Millennium Re of Bermuda. The catastrophe risk swapping deal, worth US$450 million covers losses…
Chubb, Allstate tally Allison losses
July 11, 2001 by Canadian UnderwriterBoth Chubb and Allstate recently announced estimated catastrophe losses for the second quarter of 2001, predicting a heavy hit from Tropical Storm Allison. The Chubb Corporation (NYSE: CB) reports an estimated US$80 million in pre-tax cat losses, equaling US$0.29 per…
Hi-Alta expands in Saskatchewan
July 9, 2001 by Canadian UnderwriterHi-Alta Capital’s broker network, the Western Insurance Network (WIN), has grown its presence in Saskatchewan with the acquisition of two brokerages. Assiniboia Agencies and its sister office, Willow Bunch Agencies have been added to the WIN roster.The firms serve a…
Crawford to handle Pondimin settlement
July 9, 2001 by Canadian UnderwriterCrawford Adjusters Canada has been appointed to administer the class action settlement arising from the use of diet drug Pondimin, the company has announced in a press release. An Ontario Superior Court Justice has approved the appointment, and the process…
Alberta Government Warns Public Against Unlicensed Insurers
July 6, 2001 by Canadian UnderwriterEarlier in the week, the Alberta government warned consumers about purchasing insurance from unlicensed insurers. According to an Insurance Bureau of Canada (IBC) news release issued about the warnings, injunctions have been obtained against Combined Services Ltd., Citadel General Surety…
Insurers respond to riots (July 06, 2001)
July 6, 2001 by Canadian UnderwriterIn the wake of Canada Day riots that rocked the city of Edmonton last week, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds…
Law firms merge to form Bay Street giant
July 5, 2001 by Canadian UnderwriterLaw firms Gowling Lafleur Henderson LLP and Smith Lyons LLP have agreed to merge, forming the second largest practice in Canada. The new firm, operating under the Gowlings name, will have about 690 lawyers, second only to McCarthy Tetrault which…
Auto theft firm boasts 1,000 recoveries last year
July 5, 2001 by Canadian UnderwriterBoomerang Tracking Inc. (TSE: BMG) notes that during the past 12 months, through agreements with 32 insurance companies in Quebec and 14 in Ontario, the company’s vehicle tracking device has led to the recovery of over 1,000 vehicles valued at…
Kingsway amends rights offering allocation
July 4, 2001 by Canadian UnderwriterKingsway Financial Services (TSE: KFS) has filed an amended rights offering prospectus with the Canadian securities regulator that now offers five million of the company’s common shares through the recently announced public offering. An additional 750,000 common shares have been…