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Reinsurance market stands as only capital market to run smoothly: Willis Re

April 1, 2009 by Canadian Underwriter

The reinsurance market stands as the only capital market operating smoothly, with buyers still able to access large quantities of contingent capital, according to a Willis Re report. Reinsurers reported poor investment results for 2008. At the same time, a…

News Insurance

Aviva Canada sees underwriting profits plummet

April 1, 2009 by Canadian Underwriter

Aviva Canada Inc. has reported an after-tax net income of Cdn$233 million in 2008, marking a drop from the Cdn$364 million reported in 2007.Claims for the insurer cost Cdn$2.07 billion in 2008, an increase from the Cdn$1.97 billion for the…

News InsuranceMergers and Aqcuisitions

FSCO to make insurer payments to Motor Vehicle Accident Claims Fund a priority

March 31, 2009 by Canadian Underwriter

About six months after a pointed judicial observation about the roles played by insurers and the province’s Motor Vehicle Accident Claims Fund (MVACF), the Financial Services Commission of Ontario (FSCO) has made it a priority to clarify the roles of…

News Insurance

Fitch advocates expanded disclosure in response to proposed change in GAAP accounting standards

March 31, 2009 by Canadian Underwriter

Fitch Ratings is advocating expanded disclosure in response to a proposal by the Financial Accounting Standard Board (FASB) to change the U.S. GAAP method for determining whether an investment is other-than-temporarily impaired.Currently under U.S. GAAP, an issuer is required to…

News Insurance

Aspects of (re)takaful insurance require special rating consideration

March 31, 2009 by Canadian Underwriter

(Re)takaful insurance has grown from a niche product to a mainstream risk management offering and Standard & Poor’s (S&P’s) has identified aspects of the business model that may be subject to specific consideration or special treatment in its financial strength…

News Insurance

What’s New: In Brief (March 31, 2009)

March 31, 2009 by Canadian Underwriter

Export Development Canada is assessing the extent of its existing accounts receivable insurance (ARI) coverage for Canadian automotive industry suppliers, according to the Government of Canada. ARI covers the full book of business for up to 90% of a businesses’…

News Insurance

Canadian insurers urge G20 leaders to support principles-based regulation

March 30, 2009 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) and six other international insurance associations have presented a unified statement in support of principles-based regulation yesterday to the G20 leaders in advance of the Apr. 2 G20 summit meeting in London, England.“This initiative,…

News Insurance

Jupiter Resources to buy insurer NatProv Holdings Inc.

March 30, 2009 by Canadian Underwriter

Jupiter Resources, Inc., an importer and exporter of goods (in addition to other business activities, including mining interests), has announced its intention to enter into the insurance market, signing a letter of intent to purchase 100% of the issued and…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (March 30, 2009)

March 30, 2009 by Canadian Underwriter

The Ford Mustang is the most popular collector car in British Columbia. The ICBC has released a list of the 10 most common collector car brands in the province according to active insurance policies. Following the Mustang, the remainder of…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (March 30, 2009)

March 30, 2009 by Canadian Underwriter

Canadian and foreign federally regulated property and casualty insurers can now upload certain corporate returns and their amendments to a secure Web portal on the Office of the Superintendent of Financial Institutions Canada (OSFI)’s Web site.The forms that can now…

News Insurance

What’s New: In Brief (March 27, 2009)

March 27, 2009 by Canadian Underwriter

Danielle Boulet has been appointed chair of the Canadian Council of Insurance Regulators (CCIR). Boulet, who is the superintendent of solvency for the Autorité des marchés financiers (AMF), served as CCIR vice-chair for the past two years. “It is with…

News Insurance

Internal governance an ongoing process, not a laundry list

March 27, 2009 by Canadian Underwriter

Organizations with successful internal governance often have boards that are fully engaged and are able to “wrestle with and get into heated debates” over the issues and questions that drive an organization’s strategy, said Paul Ledwell, president of the Institute…