News

Western Financial Group has increased its ownership of Falkins Insurance Group Limited from 20% to 40%. In addition, all parties have agreed upon a pathway to provide Western with the ability to acquire full ownership of Falkins by Jan. 1,…

Police action and legislative changes are required to effect stronger penalties for insurance fraud, an RBC Insurance media roundtable concluded on July 28.Insurance fraud cost the Ontario auto insurance industry about $1.3 billion (out of about $9 billion in collected…

TorQuest Partners, a Canadian-based manager of private equity funds, has made what it calls a “significant equity investment” in SCM Insurance Services (SCM).The exact amount of the investment was not disclosed.TorQuest Partners has more than $700 million of equity capital…

Marsh announced the appointment of 59 new managing directors in North America, five of which are Canadian.The 2010 ‘Class of Managing Directors’ work within a number of different risk practice and industry groups within Marsh and are located across both…

Mark Sylvia has tendered his resignation as CEO of EGI Financial Holdings (TSX: EFH) and as director of Echelon General Insurance, EGI’s subsidiary.Sylvia has been with EGI since 2001. He resigned “to pursue other interests,” a company release says.“I would…

Going against the advice its own actuary, Alberta has ordered an industry-wide auto insurance rate decrease of 5%.The premium reduction takes effect Nov. 1, 2010. The adjustment applies only to mandatory coverage, which is required by law and includes third…

This summer has brought the worst storm activity to the province of Saskatchewan in 20 years, according to Saskatchewan Government Insurance (SGI).Historically, the majority of summer storm activity occurs in July and August. But SGI has already received more than…

Gore Mutual Insurance Company is in production with Duck Creek Technologies Inc. to process Gore Mutual’s commercial property policies using Duck Creek’s policy administration system. “This new system for Gore Mutual’s national commercial property line is the first of many…

Co-Operators General Insurance Company reported a 2010 Q2 net income of $6.5 million, marking a drop from the $13.9 million net income reported in 2009 Q2.A market yield adjustment on its bond and mortgage portfolios resulted in an $11.5 million…

Ontario’s insurance regulator has told industry defence counsel that 55% to 65% of all non-catastrophic, minor injury claims would need to fall within the province’s new Minor Injury Guideline (MIG) in order for auto insurers to turn a profit.Due to…

Ontario’s amended Rules of Civil Procedure have given trial judges the power to order experts for both sides to prepare a joint report, which may lead to more claims settlements and fewer trials. Bill Chalmers of Hughes Amys made the…

Global warming is undoubtedly occurring, with the last decade being the warmest in history, according to the U.S. National Oceanic and Atmospheric Administration.In its report, State of the Climate, more than 300 scientists from around the world, including Canada, examined…