Topic
Insurance
2006 “mega-hurricanes” could lead to insurer failures: A.M. Best
June 1, 2006 by Canadian UnderwriterA 2006 “mega-hurricane” causing damages of more than US$100 billion would likely result in a failure rate of between 3% and 7% of insurers with related catastrophe exposure, according to an A.M. Best report.“A.M. Best’s statistical analysis of two hypothetical…
What’s New: In Brief (May 31, 2006)
May 31, 2006 by Canadian UnderwriterTrisura Guarantee Insurance Company has started up in Toronto, according to 2006 Q1 licensing data released by the Financial Services Commission of Ontario (FSCO).The company is licensed for the following lines of business: Boiler and Machinery, Fidelity, Legal Expense, Liability,…
Active hurricane season anticipated, fewer land falls
May 31, 2006 by Canadian UnderwriterThe 2006 hurricane season is expected to see 17 named storms forming in the Atlantic basin but, according to Colorado State University’s (CSU) forecast, fewer major hurricanes will make landfall on coastal regions compared to last year. The U.S. Atlantic…
North American p&c insurance market stable, S & P’s
May 31, 2006 by Canadian UnderwriterThe outlooks on both personal and commercial lines of the property and casualty insurance sector remain stable, according to a recent report published by Standard & Poor’s Rating Services. This stability is, according to the report titled “Industry Report Card:…
What’s New: In Brief (May 30, 2006)
May 30, 2006 by Canadian UnderwriterAfter 34 years in the insurance industry, Peter Parkin, the chief operating officer of Sovereign General Insurance Company’s Calgary operations, has announced his intention to retire as of February 28, 2007.Parkin has served at Sovereign for the past 13 years…
Desjardins Q1 results “very good”
May 30, 2006 by Canadian UnderwriterDesjardins Financial Security has begun its year on a strong note reporting a net income of CD$30.4 million for the first quarter of 2006, compared to CD$31.9 million for the same period last year. These results, according to Desjardins, are…
Cavell Insurance wind-up lands in Ontario Appeal Court
May 30, 2006 by Canadian UnderwriterThe wind-up of the reinsurance business of Cavell Insurance Company became the centre of a recent Ontario Court of Appeal judgment concerning the enforcement of foreign court orders.The Ontario Appeal Court decision upheld a U.K. court order, even though the…
RMS launches new windstorm model
May 30, 2006 by Canadian UnderwriterRisk Management Solutions (RMS) recently launched a new platform for quantifying wind-related risk. Meteorological modeling has been extended to include a comprehensive suite of wind events enabling loss calculations both from large-scale Extra-Tropical winter-storms, such as windstorms Anatol, Lothar and…
Quebec looks at regulation of derivatives
May 29, 2006 by Canadian UnderwriterThe Autorit des marchs financiers (AMF) has published a working document on the regulation of derivatives markets in Qubec. The document outlines the orientation the AMF is taking for the development of a proposed regulatory framework. The approach is for…
CUMIS group welcomes new CEO
May 29, 2006 by Canadian UnderwriterThe CUMIS Group Ltd., recently appointed Kenneth W. Lalonde as president and CEO for the CUMIS Group of Companies, and venture manager of the Credit Union Insurance Services (CUIS) program, effective June 5, 2006. Lalonde offers experience as an executive…
ING Canada introduces Aeroplan Miles for insurance products
May 29, 2006 by Canadian UnderwriterAeroplan (TSX:AER.UN) and ING Canada Inc. (TSX:IIC.LV) have agreed to offer Aeroplan members the opportunity to earn Aeroplan Miles on certain insurance products offered by ING Canada’s insurance subsidiaries. Aeroplan members will be able to take advantage of this new…
2006 Canadian Insurance Congress cancelled
May 26, 2006 by Canadian UnderwriterThe Canadian Insurance Congress, scheduled for Charlottetown, Prince Edward Island on June 25-27, 2006, has been cancelled.Don Smith, the Congress organizer, announced the decision as a result of registration response. “I could not possibly ask our speakers to come all…