News
60-day time limit for mediation elapsed: FSCO
August 13, 2012 by Canadian UnderwriterA director’s delegate for the Financial Services Commission of Ontario (FSCO) has upheld an arbitrator’s conclusion that mediation was deemed to have failed because it did not occur within 60 days of the application being filed with FSCO. In State…
Companies not using insurance to protect against cyber risk: Chubb
August 13, 2012 by Canadian UnderwriterMore than 70% of public companies in North America have an incident response plan for an electronic security breach, yet 57% of those firms do not include cyber liability insurance as part of that plan, notes a new risk survey…
Frank Cowan Company chooses Guidewire for claims management solution
August 13, 2012 by Canadian UnderwriterSpecialty Canadian insurer Frank Cowan Company has selected Guidewire ClaimCenter as its new claims management system. With the new system, Frank Cowan Company expects to reduce claims cycle times, improve data analytics and reporting capabilities and readily make system changes…
Desjardins’ P&C segment posts $47 million in surplus earnings in 2012 Q2
August 10, 2012 by Canadian UnderwriterIncreased net premiums and improved claims experience helped Desjardins Group’s property and casualty insurance segment post $47 million in surplus earnings before member dividends in 2012 Q2. The total represents a $24-million increase, or 104.3% higher, than surplus earnings before…
EGI Financial Holdings takes loss in 2012 Q2, cites claims in previously cancelled niche products division programs
August 10, 2012 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) has reported a net operating loss of $1 million for 2012 Q2, which the company attributed to “a $5.3-million (pre-tax) impact from cancelled programs in the niche products division.” The result compares to a…
Hannover Re reports “very good” first-half 2012 results
August 10, 2012 by Canadian UnderwriterHannover Re reported a “very good” result in the first half of 2012, citing an operating profit of EUR597.2 million, compared to EUR248.9 million over the first half of last year. Group net income improved by a substantial 85.5% to…
York Regional Police lay 142 charges in alleged auto fraud scheme called “Project Sideswipe”
August 10, 2012 by Canadian UnderwriterForty-six suspects have been charged in connection with an alleged auto fraud scheme called Project Sideswipe involving staged collisions and suspected false medical billings in Ontario. One hundred and forty-two charges have been laid to date, including conspiracy to commit…
George Cooke retires as president of The Dominion, Brigid Murphy named as successor
August 10, 2012 by Canadian UnderwriterGeorge L. Cooke has announced his retirement as president of The Dominion of Canada General Insurance Company (The Dominion). Cooke started his distinguished career with The Dominion in 1992 as president and CEO. He will remain CEO of The Dominion…
Warm, dry conditions lead to near-record wildfires burning in the United States
August 9, 2012 by Canadian UnderwriterWarm and dry conditions over a large portion of the United States contributed to near-record wildfires that burned more than 2 million acres in July, says information from the National Environmental Satellite, Data and Information Service (NESDIS). The total represents…
Swiss Re reports $83-million net profit in 2012 Q2
August 9, 2012 by Canadian UnderwriterSwiss Re reports a net profit of $83 million for the second quarter of 2012. The result was influenced by the sale at a loss of US$1 billion of the Admin Re U.S. business. Property and casualty reinsurance delivered a…
Aviva Canada results strong, while parent company sees 10% profit loss due to restructuring
August 9, 2012 by Canadian UnderwriterAviva plc reported its first-half 2012 interim operating profits were down 10% as a result of restructuring costs, foreign exchange and inclement weather in the United Kingdom. “Operating profit (including restructuring costs) was down 10% to £935 million [Cdn$1.45 billion]……
Aon announces senior appointments
August 9, 2012 by Canadian UnderwriterMicheal Taillon has been named Aon Risk Solutions Canada’s new national practice leader of energy. Taillon will use his three decades of experience in risk management and insurance to lead business development and provide oversight to the company’s energy practice,…