News
Co-operators quarterly profit increases based on auto reforms, good weather
May 3, 2012 by Canadian UnderwriterCo-operators General Insurance Company (Co-operators General) reported its 2012 Q1 profit increased to $66.5 million from $25.8 million during the same period last year. “Earnings in the first quarter were positively impacted by favourable claims results from the Ontario auto…
Forget catastrophes, regulation is top concern for U.S. insurance executives: Lloyd’s
May 3, 2012 by Canadian UnderwriterRegulation is the number one challenge facing the U.S. insurance industry despite the financial burden associated with the elevated number of catastrophes in 2011, a Lloyd’s survey of insurance executives in April reveals. Lloyd’s canvassed 100 insurance executives at the…
Trucking industry gains access to contractor management services
May 3, 2012 by Canadian UnderwriterThe Canadian trucking industry has gained access to Contractor Management Services’ (CMS) propriety technology through NAL Insurance. CMS and NAL Insurance have partnered to help NAL’s client companies and independent contractors lower costs, reduce risk and ensure compliance, notes a…
Crawford names Global Technical Services leaders
May 3, 2012 by Canadian UnderwriterCrawford & Company (Canada) Inc. has named five adjusters as Global Technical Services (GTSSM) leaders within the areas of commercial property, transportation, environmental and media, entertainment and contingency. “The GTS leaders in each of these groups are experts in their…
Ontario Appeal Court muddies waters regarding homeowner coverage of innocent co-insureds
May 3, 2012 by Canadian UnderwriterThe Court of Appeal for Ontario has issued a ruling that may have muddied the waters concerning homeowner coverage of innocent co-insureds. “There may now be coverage for an innocent co-insured who is alleged to have failed to act to…
Mutuals should handle diversification with caution: Willis Re
May 2, 2012 by Canadian UnderwriterAlthough some mutuals are being encouraged to explore new lines of business or enter new territories, a report from Wills Re cautions this is intrinsically riskier for the insurers, adding that mutuals should ensure any such move is a good…
Creating transparency in the Canadian insurance market
May 2, 2012 by Canadian UnderwriterInsureEye Inc. has introduced an online service intended to enhance transparency and provide consumers with a sneak peek at reviews for home, auto and life insurance. Touted as a first in Canada, the independent and consumer-driven tool was rolled out…
A.M. Best upgrades credit ratings of SCOR SE subsidiaries
May 2, 2012 by Canadian UnderwriterA.M. Best Co. has upgraded its issuer credit ratings (ICR) to ‘a+’ from ‘a’ and affirmed the financial strength rating (FSR) of A (Excellent) of the non-life North American operating subsidiaries of SCOR SE (SCOR) (France). Subsidiaries include SCOR Canada…
Mild winter boosts Intact’s 2012 Q1 results
May 2, 2012 by Canadian UnderwriterBuoyed by reduced claims frequencies because of mild weather and Ontario’s auto insurance reforms, Intact Financial Corporation reported a 2012 Q1 profit of $177 million, 13% higher in year-over-year comparisons. “This was a particularly strong quarter as we continued to…
Intact to acquire JEVCO for $530 million
May 2, 2012 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) has entered into an agreement to acquire JEVCO Insurance Company from The Westaim Corporation (TSX: WED) for $530 million. JEVCO is a provider of specialty and niche products for individuals and businesses in Canada with…
Proposed Vancouver bylaw would require companies shipping oil by tanker to carry enough marine insurance to pay for spill
May 1, 2012 by Canadian UnderwriterVancouver city council is considering a bylaw proposal put forward by Mayor Gregor Robertson to have companies that ship oil by tanker to carry enough marine insurance to cover costs should a spill occur. If passed, the bylaw would require…
Manitoba introduces legislation to protect consumers against unfair car repair bills
May 1, 2012 by Canadian UnderwriterManitoba has proposed new legislation intended to protect consumers against unfair car repair bills. The rules would apply to repairs done by businesses to vehicles such as cars, trucks, or motorcycles. They would not apply to repairs completed as part…