PartnerRe has changed its organizational structure following its acquisition of Paris Re, with PartnerRe U.S. expanding to include Canadian business, thereby becoming PartnerRe North America.“PartnerRe’s Canada operations, formerly part of the Global P&C business unit, will combine with the Paris…
Partner Re has reported a net income of $1.5 billion in 2009, marking a significant increase from the $46.6 million profit it reported in 2008. Net income for 2009 Q4 was $354.4 million, an increase from the $95.3 million reported…
The Canadian Council of Insurance Regulators (CCIR) is currently gathering background information on insurers’ use of credit-scoring in various jurisdictions, and has described the IBC’s voluntary Code of Conduct for Insurers’ Use of Credit Information as “a good place to…
An Insurance Bureau of Canada (IBC) steering committee is recommending full adoption by all auto insurers of the Health Claims for Auto Insurance (HCAI) electronic system for processing auto insurance health claims by Mar. 31, 2010. A number of stakeholder…
The Insurance Brokers Association of Ontario (IBAO) says the Insurance Bureau of Canada (IBC)’s voluntary Code of Conduct for Insurers’ Use of Credit Information, posted online in late January 2010, “will do little but create a false sense of security…
Crawford Cares has donated more than $80,000 to Women in Insurance Cancer Crusade (WICC). Crawford & Company (Canada) CEO John Sharoun presented a cheque for $80,661.95 during a luncheon hosted in honour of WICC on Feb. 9. In years past,…
The Joint Liquidators (JLs) of Dyoll Insurance Company Limited have commenced proceedings in the Supreme Court of Jamaica against Aon Benfield Canada ULC (formerly known as Aon Re Canada Inc.), seeking damages amounting to roughly US$19.9 million.In a Jan. 27,…
The Insurance Bureau of Canada (IBC) has released a voluntary Code of Conduct related to insurers’ use of credit-based insurance scores.The code applies to personal insurance only, including auto, homeowner, motorcycle, mobile homes and non-commercial dwelling fire insurance policies. The…
A.M. Best Co. has affirmed Echelon General Insurance Company’s financial strength rating of B++ (good) and issuer credit rating (ICR) of ‘bbb+.’EGI Financial Holdings (EFH), Echelon’s publicly traded parent, also had its ICR of ‘bb+’ affirmed.The outlook for all ratings…
At $24 billion, insured losses in 2009 were the lowest they have been since 2006, in part due to relatively low losses for weather events and a quiet hurricane season, according to Guy Carpenter.This is a large drop from $52.5…
The Halifax Regional Municipality (HRM) supports the province’s existing $2,500 cap on pain and suffering awards for minor auto injuries.The HRM self-insures about 95% of its 1,400 vehicles, including 294 buses, police cars, fire trucks and snow and ice control…
The financial results of the U.S. property and casualty industry in 2009 represent a radical departure from the anemic results in 2008, according to a recent report by A.M. Best.“The U.S. property/casualty industry’s operating results recovered in 2009 from a…