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News

Raising capital a serious barrier in today’s reinsurance market

March 25, 2010

Reinsurers may not find appropriate capital to cover claims should a major catastrophe hit, said a panel of reinsurance C-suite decision makers during a panel at the National Insurance Conference of Canada (NICC) that ended in Ottawa on Friday Oct.…

News

B.C. bucks the federal system and sets own reinsurance standards

March 25, 2010

Part XIII is insufficient in protecting policyholders from unlicensed and unscrupulous foreign reinsurers and insurers and, as a result, B.C. will require P&C operators to obtain provincial licensing, over and above federal approval. This was the message Alan Clark, superintendent…

News

Industry needs to examine and focus current and future solutions, says OSFI

March 25, 2010

New risk transfer solutions need to be considered given the frequency and severity of weather-related losses, Superintendent Julie Dickson told a ballroom of C-suite P&C professionals at the National Insurance Conference of Canada (NICC) in Ottawa, Ont. Capital market solutions…

News

Regulators require fine-setting abilities, says legal expert

March 25, 2010

Regulators need more tools. This was the message legal insurance specialist, Vivien Bercovici, partner at Heenan Blaikie, told a room full of P&C delegates during a panel discussion on “market (mis)conduct” at the National Insurance Conference of Canada, that ended…

News

Lawyer Gives Prognosis For Risk Management Diligence

March 25, 2010

Canadian risk managers do practice what they preach—to a point. An informal poll of risk managers at last week’s RIMS Canada conference revealed that 66 per cent of those in attendance had effective management liability practices within their organization. But…

News

Kingsway Wraps Up Sale Of York

March 25, 2010

It’s a done deal: Kingsway Financial Services Inc. has closed its previously announced sale of York Fire & Casualty Insurance Company for C$95 million to La Capitale General Insurance Inc. In completing the sale, Kingsway announced it expects to record…

News

Demand For ‘Side A’ Policies Surges

March 25, 2010

The current mergers and acquisitions environment is making errors and omissions claims for officers and directors more complex. The ongoing subprime crisis and escalating proxy fights also add to the mix,  widening the window for exposure to liabilities for directors…

News

Bulletin: Co-operaters completes buy; Debt collection up; The Good We Do

March 25, 2010

The Co-operators completes buy of VSIL The Federated Agencies Limited, a subsidiary of The Co-operators, has completed its purchase of Vancity Insurance Services Ltd. (VSIL). The purchase will significantly increase The Co-operator’s presence in British Columbia. All VSIL service locations…

News

La Capitale Acquires York Fire & Casualty Insurance Co.

March 25, 2010

Kingsway Financial Services Inc. is selling York Fire & Casualty Insurance Co. to La Capitale General Insurance Inc., a member company of the mutual company, La Capitale Financial Group Inc., which is owned by members of Quebec¹s civil service. “It…

News

Insurers Ponder Coverage Of Olympic Gold Medals

March 25, 2010

Atheletes returning from Beijing with medals might want to ensure their Olympic keepsakes. Worldwide, 302 athletes won medals in Beijing, 18 of those bringing one home to Canada. But as Lloyds points out on its Web site, the prospect of…

News

Gustav Damages Manageable But Insurers Show Restraint

March 25, 2010

This year’s anticipated tumultuous storm season so far has damages by Hurricane Gustav expected to cause significant claims but far less than the $40 billion (US) incurred by its catastrophic predecessor three years ago, Hurricane Katrina.   “This is a…

News

Lloyds To Release New Coastal Flooding Report

March 25, 2010

Lloyd’s and Risk Management Solutions will release a new report Sept. 9 on coastal flooding implications in conjunction with the Reinsurance Rendezvous in Monte Carlo. While announcing the report’s pending release, Lloyd’s says it will look specifically “at how measures…