News

Standard and Poor’s has reaffirmed its rating of The Guarantee Company of North America as A- (Stable).  Guarantee issued a press release saying, “the rating reflects the company’s strong competitive position and financial performance in its specialty markets and its…

A Toronto man has been charged in connection with an insurance fraud investigation. According to Toronto police, the fraud scheme involved a paralegal who said he was operating under Royal Sun and Alliance Company, using ‘Executive Brokers’ as the name…

The Canada Revenue Agency (CRA) has confirmed that business income earned by a Barbados “exempt insurance company” (EIC) may generally be repatriated to Canada free of Canadian tax, despite the EIC being subject to a very low amount of tax…

Banks are predictably lobbying the federal government during the 2012 Bank Act review to lift restrictions preventing them from marketing and selling insurance products in their branches, but a recent Canadian Bankers Association (CBA) submission suggests banks see this more…

Policy Works has entered into an agreement with L’Union Canadienne to deliver a commercial lines data exchange solution. This will integrate Policy Works’ Commercial Management System (CMS) and L’Union Canadienne’s underwriting system. It offers pure no-touch processing, which enables brokers…

RSA Canada has invested in Real-Time Inquiry, which allows brokers to access client information. Applied Systems TAM brokers will be able to access their client’s billing, claims and policy information quickly and easily, without ever leaving their broker management system.Brokers…

Climate models may be capable of predicting the frequency of North Atlantic hurricanes as far as 10 years ahead, well beyond the current seasonal timescale, Lloyd’s reported.Lloyd’s awarded its inaugural Science of Risk Prize to Doug Smith of the U.K.’s…

New Brunswick is the latest province to introduce legislation combating distracted driving, prompting the praise of Insurance Bureau of Canada (IBC).New Brunswick’s proposed law would prohibit, while driving, the use of any electronic device with a display screen, communication device…

The Dominion of Canada General Insurance Company renewed its agreement as an official supplier of the Canadian Curling Association through the 2013-14 season.The Dominion has been an official supplier of the CCA since 2005, and is also the title sponsor…

A man who fractured his neck while attempting to do a headstand on a “stripper pole” in a luxury limousine coach was injured as a result of an “accident,” an Ontario arbitrator has ruled, and is therefore entitled to accident…

Standard & Poor’s Ratings Services has revised its outlook on XL Group Ltd. and its subsidiaries to ‘Stable’ from ‘Negative.’Standard & Poor’s also affirmed its ‘A’ counterparty credit and financial strength ratings on XL Group’s core insurance subsidiaries and its…

CNA Canada has launched its improved and updated Oneworld Global Master Policy, providing coverage for Canadian-based business leaders that operate domestically or internationally. Oneworld is designed to offer customized coverages to insureds within CNA Canada’s core industry groups, including: construction,…