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PartnerRe changes organizational structure of Canadian business following Paris Re acquisition

February 11, 2010 by Canadian Underwriter

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…

News Insurance

What’s New: In Brief (February 11, 2010)

February 11, 2010 by Canadian Underwriter

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…

News AssociationsInsuranceMergers and Aqcuisitions

Provincial regulators expected to discuss IBC’s credit scoring code at CCIR meeting in March

February 10, 2010 by Canadian Underwriter

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…

News AssociationsInsuranceMergers and Aqcuisitions

What’s New: In Brief (February 10, 2010)

February 10, 2010 by Canadian Underwriter

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…

News AssociationsInsurance

IBAO says IBC credit scoring principles “create a false sense of security”

February 10, 2010 by Canadian Underwriter

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 donates more than $80,000 to WICC News Insurance

Crawford Cares increases funds raised for WICC

February 10, 2010 by Canadian Underwriter

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,…

News InsuranceLegal

Dyoll Insurance Company liquidators sue Aon Benfield Canada ULC in Supreme Court of Jamaica

February 9, 2010 by Canadian Underwriter

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,…

News AssociationsInsurance

IBC posts insurers’ voluntary Code of Conduct related to credit scoring

February 9, 2010 by Canadian Underwriter

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…

News Insurance

What’s New: In Brief (February 09, 2010)

February 9, 2010 by Canadian Underwriter

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…

News InsuranceMarkets / Coverages

2009 sees lowest insured losses in 3 years

February 9, 2010 by Canadian Underwriter

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…

News InsuranceMergers and Aqcuisitions

Halifax Regional Municipality supports Nova Scotia’s auto cap

February 8, 2010 by Canadian Underwriter

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…

News Insurance

U.S. property and casualty insurers see profits rise from $3.8 billion in 2008 to $30.6 billion in 2009

February 8, 2010 by Canadian Underwriter

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…