News
AccuWeather taps into Environment Canada for its desktop mapping system
August 2, 2011 by Canadian UnderwriterAccuWeather Inc. has added comprehensive Canadian warnings and radar in an upgrade to its SkyGuard Online.The interactive mapping system allows businesses to track how weather will affect their operations. Weather conditions include lightning, flooding, tornados, hail, hurricanes, ice, snow and…
Co-operators General Insurance Company reports receiving 800 claims related to Slave Lake, Alberta wildfires
July 29, 2011 by Canadian UnderwriterCo-operators General Insurance Company (Co-operators General) has thus far settled about 62% of 800 claims it has received related to the Slave Lake, Alberta wildfires.“After-tax losses from the Slave Lake event totaled approximately $31 million net of reinsurance,” said Kathy…
GC Securities places first non-U.S. hurricane exposed cat bond of 2011
July 29, 2011 by Canadian UnderwriterGC Securities, a division of MMC Securities Corp., has announced the placement of a $150 million cat bond, the first non-U.S. hurricane exposed cat bond issued since October 2010.The placement of $150-million worth of principal at-risk variable rate notes was…
Transatlantic, Validus at odds over unsolicited acquisition offer
July 29, 2011 by Canadian UnderwriterTransatlantic Holdings Inc. is recommending stockholders reject Validus Holdings Ltd.’s unsolicited, $3.5-billion offer to acquire all the outstanding common shares of Transatlantic.The Validus offer follows a previously announced, $3.2-billion offer for Transatlantic in June 2011 by Allied World Assurance Company…
Lloyd’s gets go-ahead from New York regulator to post reduced collateral
July 29, 2011 by Canadian UnderwriterLloyd’s has received approval from the New York Insurance Department to post reduced collateral on reinsurance contracts.Lloyd’s is approved as a Secure-3 reinsurer, meaning its collateral requirements will be reduced from 100% to 20%, a Lloyd’s release says.“Foreign insurers play…
‘Lone wolf’ the greatest terrorist threat to Western countries: RMS
July 29, 2011 by Canadian UnderwriterThe ‘lone offender’ attack poses one of the greatest terrorist threats to Western countries, RMS reported.RMS describes a lone offender as “a single individual driven to hateful attacks based on a particular set of beliefs without a larger group’s knowledge…
CNA Canada appoints Dean Grigoruk to head up its Montreal branch
July 29, 2011 by Canadian UnderwriterDean Grigoruk has been appointed CNA Canada’s assistant vice president, branch manager, Montreal. Grigoruk joins CNA from AXA Assurances, where he had responsibility for leading a team of commercial lines underwriters for AXA’s larger mid-market division. He has close to…
Extended warranties or guarantees are not “insurance” for tax purposes: Alberta Appeal Court
July 28, 2011 by Canadian UnderwriterExtended warranties or guarantees on products other than vehicles do not count as “insurance” for tax purposes, the Alberta Court of Appeal has ruled.In Brick Protection Corporation v. Alberta (Provincial Treasurer), the Appeal Court concluded on July 21 that taking…
Phony airbag deployment often used to beef up claim damage: accident reconstruction expert
July 28, 2011 by Canadian UnderwriterPhony airbag deployment is an increasingly common element of auto fraud, an accident reconstruction expert told an education seminar held in London, Ontario on July 26. Gord Jenish, president of Jenish Engineering, presented some common signs indicating the fraudulent deployment…
Alberta holds the line on mandatory auto insurance premiums
July 28, 2011 by Canadian UnderwriterAlberta’s Automobile Insurance Rate Board (AIRB) has decided to maintain premiums at 2010 levels for mandatory automobile insurance.The decision not to increase rates was based on input from Albertans, the board’s consumer representative, the board’s actuary and insurers during an…
Crawford & Company (Canada) appoints two new branch managers
July 28, 2011 by Canadian UnderwriterJennifer Tims has been named branch manager of operations for Crawford & Company (Canada) Inc. on Vancouver Island. She will assume the role immediately. Tims has been with Crawford for more than 10 years, previously working with the company’s Edmonton…
The Co-operators donates more than $230,000 to more than 150 organizations
July 28, 2011 by Canadian UnderwriterThe Co-operators has donated $236,150 to 156 community organizations throughout Canada.The contributions are part of the organization’s Directed Donations program.In this program, individual staff members direct $75 of corporate funds – directors and delegates direct $125 – to the organization…