Topic
Insurance
IBAO excludes insurer-owned brokerages from voting membership
October 19, 2006 by Canadian UnderwriterInsurance brokerages controlled by “financial institutions” such as insurance companies, credit unions, trust companies or banks have now been excluded from voting membership in the Insurance Brokers Association of Ontario (IBAO), according to a bylaw the association passed at its…
FM Global distributes third membership credit
October 19, 2006 by Canadian UnderwriterFactory Mutual Insurance Co., operating as FM Global, will distribute a collective US$355 million membership credit to policyholders as of Jan. 1, 2007, the insurer announced Wednesday.The form of this one-time credit will be as an insurance premium reduction. It…
ING opens new head office
October 19, 2006 by Canadian UnderwriterING Canada recently opened their new head office at 700 University Avenue in the heart of Canada’s insurance district with an inaugural ceremony featuring Mayor David Miller and MPP and parliamentary assistant to the Ontario Minister of Finance Wayne Arthurs.…
Hanover ratings unaffected by multi-million charge
October 19, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services will not take any ratings action following the pre-announcement by The Hanover Insurance Group Inc. (NYSE:THG) that it would be taking a US$52 million charge (US$34 million after-tax) in third-quarter 2006 to strengthen its reserves…
What’s New: In brief (October 19, 2006)
October 19, 2006 by Canadian UnderwriterDisaster Kleenup International (Canada) Ltd. (DKC) recently welcomed to new members to its group. The new members include Nova Scotia-based MECO Construction Disaster Kleenup and Montreal-based Refexio Inc. The Peterborough Centennial Museum & Archives (PCMA), in collaboration with Rosco Document…
Odyssey Re restates financial earnings
October 18, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has filed its Annual Report on Form 10-K/A for the year ended December 31, 2005 with the Securities and Exchange Commission (SEC), restating its consolidated financial statements as of and for the years ended…
Converium on watch positive
October 18, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services recently placed its ‘BBB+’ long-term counterparty credit and insurer financial strength ratings on Switzerland-based reinsurer Converium AG, and its ‘BBB+’ long-term insurer financial strength ratings on guaranteed operating entities Converium Rckversicherung (Deutschland) AG and Converium…
S&P’s revises notching criteria
October 18, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its notching criteria for Canadian insurance operating companies to achieve greater global consistency of its ratings on subordinated debt, hybrids, and preferred share instruments.“This change will apply only to Canadian operating insurance companies,”…
Willis grows West
October 18, 2006 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings (NYSE: WSH) has appointed two senior associates in Calgary in a move to continue strengthening its presence in “key geographic markets across North America.” Willis has appointed Kathy Underhill to the position of executive…
Edmonton introduces emergency management agency
October 17, 2006 by Canadian UnderwriterThe government of Edmonton has created a new provincial Emergency Management Alberta Agency, which will better prepare Alberta for response to emergency situations. The new agency combines the current organization with the Alberta Fire Commissioner’s Office (FCO), which the government…
Insurance lobby secures changes to Bill 18 in Ontario (vicarious liability)
October 17, 2006 by Canadian UnderwriterAnswering the lobby of several insurance groups and associations, the Financial Services Commission of Ontario (FSCO) has announced it is amending the Ontario Automobile Policy (OAP 1) and a number of related forms as a result of Bill 18, which…
IBC applauds new Ontario seat belt rules
October 17, 2006 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has endorsed proposed amendments to Ontario’s Highway Traffic Act that would require one seatbelt for each passenger in a vehicle.“We applaud [Ontario Transportation] Minister Donna Cansfield for taking swift action to address this serious…