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AIG
Dispute over $25-million reinsurance claim, arising from defective product lawsuit, could reach Supreme Court of Canada
July 12, 2016 by Canadian UnderwriterA dispute between a forest product firm’s captive reinsurer and Swiss Reinsurance Company, arising from a US$70-million settlement, could reach the Supreme Court of Canada. Vancouver-based MacMillan Bloedel Ltd. purchased commercial general liability policies from American International Group Inc. during…
AIG reports after-tax operating income of US$773 million in Q1 2016
May 3, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has reported a slight decrease in its Property Casualty combined ratio in the first quarter of 2016, down from 97.1% in Q1 2015 to 96.9% in the latest quarter. AIG released its financial results on…
Top court will not hear appeal of Sask. appeal court’s reduction of punitive damage against insurers found to have breached duty of good faith
April 25, 2016 by Canadian UnderwriterThe Supreme Court of Canada recently announced it will not hear an appeal from a claimant over a decision, by the Saskatchewan Court of Appeal, which reduced $4.5 million in punitive damages against two insurance companies, in a lawsuit over…
Supreme Court of Canada will not hear appeal of disputed $15-million D&O liability claim from Onex
April 18, 2016 by Canadian UnderwriterFor the second time in 18 months, the Supreme Court of Canada has declined to hear an appeal of a verdict of an Ontario lawsuit arising from a disputed US$15-million directors’ and officers’ liability claim arising from an unjust enrichment…
U.S. D&O insurance pricing pressure to dampen performance: Fitch
April 13, 2016 by Canadian UnderwriterMarket conditions are evolving in the directors’ and officers’ (D&O) liability insurance market in the United States, with merger and acquisition activity in 2015 facilitating greater market concentration, according to a new report from Fitch Ratings. The report, titled U.S.…
William McGannon, David Mikulina named to the Risk Management Hall of Fame
April 12, 2016 Angela Stelmakowich, EditorSAN DIEGO – William McGannon, a risk management pioneer who had a resounding impact on Canada’s risk management profession, is among the two latest members of the Risk Management Hall of Fame (RMHF). McGannon – long-time employee of NOVA Chemical…
Cyber insurance rates could rise 30% in 2016 for large health care, point-of-sale retailers: Willis Towers Watson
April 7, 2016 by Canadian UnderwriterThe withdrawal by American International Group Inc. from some monoline site pollution markets “will result in increased competition” as other carriers look to pick up the displaced business, losses arising from the explosion last August in the Chinese port of…
GE Capital should lose ‘systemically important financial institution’ designation: General Electric
March 31, 2016 The Associated PressNEW YORK – General Electric Co. asked the U.S. government to drop the “too big to fail” tag for GE Capital, saying that its financing operations are a shadow of what they were when the Federal Reserve placed it under…