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Directors and officers covered from personal liability

June 27, 2005 by Canadian Underwriter

Independent corporate directors have access to a directors and officers insurance policy that may shield them from personal liability stemming from regulator or shareholder lawsuits.Hartford Financial Services Group Inc.’s Priority Protection-IDL coverage begins when an entity is barred by law…

News Insurance

Western Oil loss of profit insurance claims partially settled

June 27, 2005 by Canadian Underwriter

The Athabasca Oil Sands Project Joint Venture recently reached a settlement withcertain of its insurance underwriters under Section III of the policy issued in relation to the project, according to Western Oil Sands. Profit loss due to insurance claims that…

News Climate ChangeInsurance

Canadian security gains strength (June 27, 2005)

June 27, 2005 by Canadian Underwriter

Canadian security is set to skyrocket with the inception of a new North American plan intended to improve the response to internal and external threats while bolstering free flow of trade between Canada, U.S. and Mexico, according to Deputy Prime…

News Climate ChangeInsurance

Update: NOVA’s Alberta ethane outage

June 24, 2005 by Canadian Underwriter

NOVA Chemicals Corp. (TSX: NCX) continues to work to mitigate the impact of the severe weather-related shutdown of six natural gas processing plants owned and operated by third parties at Empress, AB. Production at the Compnay’s Joffre, AB manufacturing site…

News Insurance

Finite investigations lead to Fairfax subpoena

June 24, 2005 by Canadian Underwriter

Fairmont Specialty Group, a subsidiary of Toronto-based Fairfax Financial Holdings Ltd., recently received a subpoena from the U.S. Securities and Exchange Commission.The subpoena, according to Fairfax Financial, seeks information on “any nontraditional insurance product transactions” with General Re and its…

News Insurance

AXA Canada Inc. subsidiaries receive downgrade rating

June 24, 2005 by Canadian Underwriter

The financial strength ratings for several of AXA Canada Inc.’s wholly owned property and casualty insurance subsidiaries were recently downgraded by A.M. Best. The financial strength ratings have been downgraded to A (Excellent) from A+ (Superior) for AXA Assurances Inc.…

News Insurance

What’s New: In brief (June 24, 2005)

June 24, 2005 by Canadian Underwriter

Clarification: On June 22nd Cowan announced the future site of its Waterloo Region operations located at Fountain Street North and the 401. This will become the head office of Cowan Insurance Group and house two of its three operating companies,…

News Climate ChangeInsurance

NIST stresses need to secure tall buildings through design

June 23, 2005 by Canadian Underwriter

The National Institute of Standards and Technology (NIST) has recommended the technical community implement changes in the design, materials, construction, maintenance and techniques i.e. changes to codes and standards to improve tall building safety and performance. The report, based on…

News Climate ChangeInsurance

Alberta winds result in increased expenses for insurance pools

June 23, 2005 by Canadian Underwriter

Alberta and Calgary-based chemical manufacturing company Nova Chemicals Corp has recently announced it will declare force majeure clauses which excuse the party from liability if an unanticipated event results in its inability for it to perform obligations under contract on…

News Climate ChangeInsuranceMergers and Aqcuisitions

Insurers may be flooded with storm damage claims from Alberta

June 23, 2005 by Canadian Underwriter

Flooding is no longer the only force damaging residences in Alberta. Environment Canada has now released reports of several tornado sightings near Vauxhall, Taber and Coalhurst with at least one of them touching down. In addition, heavy windstorms and golf-ball-sized…

News InsuranceMergers and Aqcuisitions

What’s New: In brief (June 23, 2005)

June 23, 2005 by Canadian Underwriter

Motor vehicle collisions were responsible for more than half of the alcohol-related severe trauma hospitalizations in Canada in 2002-2003, representing a 9% increase over three years, according to statistics recently released by the Canadian Institute for Health Information (CIHI). Over…

News Insurance

Royal & SunAlliance sell 20% stake in Rothschilds

June 22, 2005 by Canadian Underwriter

Royal & SunAlliance Insurance Group Plc recently agreed to sell its 20% stake in Rothschilds Continuation Holdings AG the company that controls the U.K. arm of the Roschild investment bank. Royal & SunAlliance (R&S) are selling the stake to Jardine…