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ICLR policy director elected as Fellow of the Royal Canadian Geographical Society

January 5, 2011 by Canadian Underwriter

Dr. Gordon McBean, the Institute of Catastrophic Loss Reduction’s director of policy, has been elected to the College of Fellows of the Royal Canadian Geographical Society.The society is dedicated to imparting a broader knowledge and deeper appreciation of Canada –…

News InsuranceMergers and Aqcuisitions

McLarens Canada acquires Mercer Myers & Associates

January 5, 2011 by Canadian Underwriter

McLarens Canada has acquired Mercer Myers & Associates Insurance Adjusters Ltd. Mercer Myers will continue to operate under the same brand name, as a division of McLarens Canada. It’s a full-service adjusting firm, with expertise in bodily injury investigation and…

News Insurance

Legacy modernization and replacement dubbed top IT challenge in 2011

January 5, 2011 by Canadian Underwriter

Legacy modernization and replacement will be the top IT challenge for the insurance industry in 2011, according to X by 2, an insurance industry technology consulting firm.When it comes to legacy systems, insurers will face critical decisions about whether to…

News Insurance

RIBO cautions brokerages not to share office space without obtaining proper exemptions

January 5, 2011 by Canadian Underwriter

Registered Insurance Brokers of Ontario (RIBO), Ontario’s insurance broker regulator, has cautioned brokers to obtain a proper exemption from their regulator if they wish to share office space with another business.“It has recently come to our attention that firms are…

News Insurance

OSFI publishes final Guideline B-3 on reinsurance practices

January 5, 2011 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) has posted its final B-3 Guideline on Sound Reinsurance Practices and Procedures, which spells out four principles that should be incorporated into an insurer’s overall reinsurance risk management policy.OSFI expects insurance…

News Insurance

Lombard commercial brokers can now obtain client data remotely through Keal’s comXP and Apple’s mobile devices

January 5, 2011 by Canadian Underwriter

Lombard Canada Ltd.’s commercial brokers are now able to access client data and policy declaration pages remotely through Keal’s commercial management system (CMS), comXP.Using Lombard Canada’s Commercial LINCQ, brokers can download Lombard’s Business Choice renewal policy directly into Keal’s CMS.The…

News Earnings / RatingsInsurance

Desjardins Financial Group makes $443-million cash offer to buy Western Financial Group

January 4, 2011 by Canadian Underwriter

Desjardins Financial Group has made a $443-million, all-cash offer to buy Western Financial Group (TSX:WES), the largest insurance and financial services retailer in Western Canada.The transaction contemplated by the offer will be carried out by way of a take-over bid…

News InsuranceMarkets / Coverages

Canadian reinsurance market sees continued softening in Jan. 1 renewals

January 4, 2011 by Canadian Underwriter

Canada experienced a significant reduction in reinsurance capacity secured during Jan. 1, 2011 renewals because of a continued movement from proportional reinsurance to excess-of-loss treaties, mergers and acquisitions and increased retentions, reported Aon.These factors set the stage for a competitive…

News InsuranceMergers and Aqcuisitions

Cunningham Lindsey acquires major U.S. commercial adjusting firm

January 4, 2011 by Canadian Underwriter

Cunningham Lindsey has acquired the U.S. loss adjusting business of GAB Robins North America Inc.As a result of the acquisition, Cunningham Lindsey’s U.S. operations will expand by more than 380 people and 100 office locations, bringing its total U.S. presence…

News InsuranceMergers and Aqcuisitions

Colin Simpson resigns from Kingsways’ board of directors

January 4, 2011 by Canadian Underwriter

Colin Simpson has stepped down from Kingsway Financial Services Inc.’s board of directors.Simpson was the company’s former president and CEO. He resigned in April 2010 and was replaced by Larry Swets. Simpson remained on the board of directors. “We are…

News Insurance

The Economical receives proposal from VC & Company asking policyholders to vote on a new board of directors in May 2011

January 4, 2011 by Canadian Underwriter

Mutual policyholders of The Economical Mutual Insurance Company will not only be considering a path of demutualization in May 2011, but they may also be asked to consider a re-composition of its board of directors. Toronto firm VC & Co.…

News InsuranceLegal

An ATV in B.C. is not an “automobile” under Ontario law: Ontario arbitrator

December 22, 2010 by Canadian Underwriter

An all-terrain vehicle (ATV) driven in B.C. does not count as an “automobile” under Ontario law, the Financial Services Commission of Ontario (FSCO) has determined.In Alana Bray and ING Insurance Company of Canada, Alana Bray was injured in June 2001…