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News

AIG’s Sale of Asian Business on Hold: Globe and Mail

March 25, 2010

In an apparent effort to buy time and attract a better offer, American International Group (AIG) is handing a preferred interest in its prized Asian business to the U.S. government, following a bid by Manulife Financial, the Globe and Mail…

News

Canadian Economy Posts Biggest Decline Since 1991

March 25, 2010

Canada’s economy contracted at an annual pace of 3.4% in the fourth quarter of 2008-its worst performance since 1991-due to the global recession, according to Statistics Canada. Canadian exports fell 4.7% for the sixth consecutive quarter, while imports were down…

News

Ratings Agencies Respond to AIG Plan

March 25, 2010

Despite AIG’s heavy losses—including a net loss of US$99.3 billion for 2008–ratings agencies are cautiously supporting the company’s massive restructuring plan. Major analysts like A.M. Best and Standard &Poor’s kept AIG’s ratings unchanged, in light of year-end losses and a…

News

AIG P&C Spin-off Includes Canadian Operations

March 25, 2010

AIG’s Canadian commercial operations will join the rest of its commercial and P&C units under AIU Holdings, Inc., the company’s planned P&C spin-off. The new holding company, announced earlier today, will unite AIG’s P&C operations worldwide, including its Canadian arm,…

News

RSA Posts Gains for 2008

March 25, 2010

RSA has bucked recent economic trends, ending 2008 with growth on key fronts and profits for the group and its Canadian operations. Parent RSA Insurance Group reported an 11% gain in net written premiums—to £6.5 billion, and a 34% gain…

News

AIG to Spin Off Operations

March 25, 2010

AIG will spin off its major operations into independent companies in what CEO Edward Liddy calls “the most extensive corporate restructuring in American history.” The financial services conglomerate is “too big” to reposition as a single entity, and the company’s…

News

W&I covers rise over M&A concerns

March 25, 2010

Financial market uncertainty has boosted global demand for warranty and indemnity (W&I) insurance by 60%, as wary M&A partners seek protection, reports Aon Corporation. As company buyers increasingly seek to recover damages for financial discrepancies at the point of closure…

News

IBC Approves Health Claims System Relaunch

March 25, 2010

The system that allows Ontario insurers and health providers to trade auto health claim information will be back on a test basis next year. The Health Claims for Auto Insurance (HCAI) system, which exchanges claims information—including treatment plans, approvals and…

News

AIG’s Cost-Cuts Hit Executive Paycheques

March 25, 2010

AIG’s commitment to retrenching has reached executive paycheques—the insurer’s new CEO will only see a single dollar as compensation for 2008 and 2009. Edward Liddy, who took the chief executive’s position in September, will receive initial compensation that “consist[s] entirely…

News

Auto Insurance Reform: Ontario Proposals Focus on Cost, Choice

March 25, 2010

Proposed changes to Ontario’s auto insurance system would manage rising auto premiums by allowing drivers to pick and choose the kind of accident benefits they want. At the centre of the proposed reforms–unveiled by Finance Minister Dwight Duncan November 2:…

News

Summer of Storms Hits Intact Policyholders, Bottom Line

March 25, 2010

The tornadoes, hail, rainstorms and wildfires that plagued Canadian provinces this summer caused over $140 million in damages to Intact Insurance policyholders. The summer of storms will also take a toll of $115 million on the company’s third quarter results,…

News

Bulletin: IBAO Members Join IBAC Board; CIP Honours Leaders

March 25, 2010

IBAO Members Join IBAC Board The Insurance Brokers Association of Canada’s  2009-2010 board of directors and executive committee will include two representatives from the Insurance Brokers Association of Ontario (IBAO): Justin MacGregor is the association’s new president, while outgoing IBAO…