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What’s New: In Brief (March 16, 2009)

March 16, 2009 by Canadian Underwriter

The Certified Restoration Drycleaning Network (CRDN) is challenging insurance companies to dig into their closets and donate professional attire to help economically disadvantaged Canadians dress for success. The clothing drive, held Apr. 20 to May 1, supports Dress Your Best,…

News InsuranceMergers and Aqcuisitions

SGI introduces program to help immigrants to Saskatchewan obtain driver’s license

March 13, 2009 by Canadian Underwriter

SGI, Saskatchewan’s public insurer, has introduced its Immigrant Driver Education Grant Program, which provides funds to help immigrants to Saskatchewan obtain a driver’s license.SGI is making Cdn$125,000 available for refugees and immigrants who have taken up permanent residency in Saskatchewan…

News Insurance

Export Canada given green light to provide temporary credit insurance capacity

March 13, 2009 by Canadian Underwriter

With the passing of Bill C-10 on Mar.12, the Government of Canada has given Export Development Canada (EDC) a new, temporary ability to participate in domestic financing and insurance with private sector financial institutions, private insurance providers and the surety…

News Insurance

What’s New: In Brief (March 13, 2009)

March 13, 2009 by Canadian Underwriter

Small businesses appear to be weathering the financial turmoil with more resilience than large organizations, the Canadian Federation of Independent Business (CFIB) observes.The CFIB pointed to employment numbers released by Statistics Canada that show the percentage change in employment growth…

News Insurance

Increased demand for trade credit insurance

March 13, 2009 by Canadian Underwriter

Demand for trade credit insurance skyrocketed last year, and insurers are more cautious about what they will cover and the charge for the coverage, Marsh says in a recent report, As Global Economic Recession Deepens, Businesses Look to Protect Revenue…

News Insurance

What’s New: In Brief (March 12, 2009)

March 12, 2009 by Canadian Underwriter

Aviva Canada has teamed up with Thinkfirst Canada to deliver Aviva Brain Day in Grade 5 classrooms across the country, aimed at promoting brain and spinal cord injury prevention.Although children and youth make up only 17% of the Canadian population,…

News Insurance

OSFI revises its outsourcing of business activities guideline

March 12, 2009 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions Canada (OSFI) has set out its expectations for federally regulated entities (FRE) that outsource or contemplate the outsourcing of one or more business activities to a service provider.The revisions to Guideline B-10…

News Insurance

Many U.K. insurers still lack specific, embedded capital models required for Solvency-II compliance

March 12, 2009 by Canadian Underwriter

The biggest challenge for insurers in complying with risk-based Solvency II requirements is likely to involve the development of specific internal capital models and embedding those models into day-to-day business practices, a U.K. chartered accounting firm suggests.In its Spring 2009…

News Insurance

Transparency, competition should be part of any new regulatory regime for ratings agencies: S&P’s

March 12, 2009 by Canadian Underwriter

Greater transparency, accountability and ongoing competition among ratings agencies should be mainstays of any global regulatory framework for ratings agencies, Standard & Poor’s says in a recent white paper.Acknowledging weaknesses in the current regulatory regime for ratings agencies, Standard &…

News Insurance

Global broker-led acquisitions to outpace private equity buyouts, S&P’s report says

March 11, 2009 by Canadian Underwriter

Thanks in part to a fundamental shift in the debt market, the era of private equity-leveraged buyouts in the insurance broker sector is over, and a new era of broker-led acquisitions has begun, Standard & Poor’s says in a new…

News InsuranceMergers and Aqcuisitions

Front end collision tests need to consider “small overlap” crashes

March 11, 2009 by Canadian Underwriter

Researchers conducting front-end crash tests need to focus on “small overlap” collision tests, which involve 20% or less of the vehicle’s front end, in addition to full-width crash tests, the Insurance Institute for Highway Safety (IIHS) says.The IIHS analyzed 2000-06…

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What’s New: In Brief (March 11, 2009)

March 11, 2009 by Canadian Underwriter

A spokesman for America’s Watchdog says homeowners from several communities in B.C.’s Lower Mainland have joined a chorus of calls to investigate the use of Chinese drywall in buildings.Thomas Martin, president of America’s Watchdog, is quoted by Chris Montgomery of…