News
Legacy modernization and replacement dubbed top IT challenge in 2011
January 5, 2011 by Canadian UnderwriterLegacy 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…
RIBO cautions brokerages not to share office space without obtaining proper exemptions
January 5, 2011 by Canadian UnderwriterRegistered 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…
OSFI publishes final Guideline B-3 on reinsurance practices
January 5, 2011 by Canadian UnderwriterThe 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…
Lombard commercial brokers can now obtain client data remotely through Keal’s comXP and Apple’s mobile devices
January 5, 2011 by Canadian UnderwriterLombard 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…
Desjardins Financial Group makes $443-million cash offer to buy Western Financial Group
January 4, 2011 by Canadian UnderwriterDesjardins 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…
Canadian reinsurance market sees continued softening in Jan. 1 renewals
January 4, 2011 by Canadian UnderwriterCanada 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…
Cunningham Lindsey acquires major U.S. commercial adjusting firm
January 4, 2011 by Canadian UnderwriterCunningham 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…
Colin Simpson resigns from Kingsways’ board of directors
January 4, 2011 by Canadian UnderwriterColin 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…
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 UnderwriterMutual 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.…
An ATV in B.C. is not an “automobile” under Ontario law: Ontario arbitrator
December 22, 2010 by Canadian UnderwriterAn 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…
Ontario’s top court resolves issue of “trust” between broker and insurer
December 22, 2010 by Canadian UnderwriterThe Ontario Court of Appeal has ruled an insurance broker must pay back $75,510 it had unilaterally collected to renew expiring insurance policies, noting the broker had changed the insurer upon renewal and had paid the new insurer one month’s…
The Co-operators donates about $215,000 to United Way in Regina
December 22, 2010 by Canadian UnderwriterThe Co-operators has raised more than $214,900 during its annual United Way campaign in Regina, Saskatchewan. Staff members donated $110,300 to the Regina campaign. The company provided an additional $104,600 in corporate funds. Staff members across the country raised a…