News
Using your captive to release escrow funds
May 18, 2012 by Canadian UnderwriterFrequently formed to ensure sufficient capital during hard insurance markets, captive insurance companies can also be used creatively to facilitate business opportunities, noted Paula Gentile of MGM Resorts International. Gentile, senior vice president of risk management and general counsel for…
Establishing a multi-year government captive program in the context of an annual budget appropriation cycle
May 18, 2012 by Canadian UnderwriterHow do you establish and operate a multi-year government captive insurance program within the context of a government’s annual budget appropriation cycle? This was the biggest challenge in establishing the British Columbia government’s risk-pooling programs through a captive, said Phil…
Dog bite claims in 2011 cost about $1 million: State Farm Canada
May 18, 2012 by Canadian UnderwriterDog bites in the three Canadian provinces in which State Farm operates chewed up slightly more than $1 million in claims costs last year. In 2011, State Farm paid out $917,670 for 25 claims in Ontario, $99,800 for the two…
Captives should plan for ‘black swan’ events
May 17, 2012 by Canadian UnderwriterCaptives would be wise to plan for ‘black swan’ events, William Montanez, director of risk management for Ace Hardware Corporation, said during his presentation at the Captives & Corporate Insurance Strategies Summit in Toronto on May 16. These worst-case scenarios…
Driver of vehicle without owner’s consent still qualifies for coverage: FSCO
May 17, 2012 by Canadian UnderwriterA Financial Services Commission of Ontario (FSCO) arbitrator has ruled a 17-year-old driver who suffered serious injuries in an accident should receive non-earner benefits even though it is alleged he was driving a car without the owner’s consent. The main…
Canadian corporates expected to create more captives
May 17, 2012 by Canadian UnderwriterIt seems a safe bet there will be captive growth in the future, with select sectors contributing much of the related activity over the coming year. “The reality is that for the vast majority of Canadian companies, their captives are…
U.S. insurers see net income surge in 2012 Q1: Moody’s
May 17, 2012 by Canadian UnderwriterConsistent rate increases and a relatively quiet period for natural catastrophes allowed property and casualty insurers in the United States to increase their net income by 69%, notes a report by Moody’s Investor Services. Net written premiums were up 4%…
Using captives as reinvestment vehicles and risk management promoters for universities
May 17, 2012 by Canadian UnderwriterCaptives can be employed as a reinvestment vehicle and risk management promoter for universities, institutions that need specialized coverages the commercial market may not be able to provide. Universities’ risk exposures are wide ranging, including aging infrastructure, complex lab spaces,…
Software deals plateau for P&C industry: Celent
May 16, 2012 by Canadian UnderwriterThe level of information technology investments by property and casualty insurers in North America slowed last year, with many companies sticking to the same vendors in a period of economic turbulence, research firm Celent noted in a recent report. It…
Allianz reports near-record revenues for 2012 Q1
May 16, 2012 by Canadian UnderwriterAllianz Group recorded a strong first quarter, increasing its overall revenues to $38.3 billion, the second highest level in the company’s history. Operating profits in 2012 Q1 also rose for the German-based insurer, at $2.93 billion, up from the previous…
Quebec coroner calls for measures to prevent people from driving while fatigued
May 16, 2012 by Canadian UnderwriterIn the wake of a crash in 2010 that killed three cyclists training for a triathlon, Quebec’s coroner is calling on Transport Canada to require manufacturers to equip vehicles with a system for detecting drowsiness and loss of driver alertness.…
Canada’s insurance industry raises $245,000 for sick children and their families at the 18th Annual Starlight Insurance Gala
May 16, 2012 by Canadian UnderwriterCanada’s insurance community raised $245,000 for Starlight Children’s Foundation Canada at the 18th Annual Starlight Insurance Gala held in Toronto on May 12. Starlight Children’s Foundation Canada is dedicated to helping seriously ill children and their families cope with their…