News
What’s New: In Brief.
February 24, 2009 by Canadian UnderwriterSteven Stieber will be honoured with the Ontario Bar Association’s 2009 Award for Excellence in Insurance Law on Apr. 28, 2009. Stieber is being recognized for his outstanding achievements in the practice of insurance law and his contributions to the…
Moody’s downgrades Swiss Re from Aa3 to A1
February 24, 2009 by Canadian UnderwriterMoody’s Investors Service has downgraded the insurance financial strength (IFSR) and senior debt ratings of Swiss Reinsurance Company (Swiss Re) and associated companies from Aa3 to A1. The ratings have been assigned a negative outlook, according to Moody’s. The downgrade…
Insurance claim for environmental damage may proceed in both Canadian and U.S. courts
February 23, 2009 by Canadian UnderwriterA mining company in British Columbia that is suing its insurers for coverage in an environmental claim may have its case heard in both the U.S. and Canadian courts, opening up the possibility of conflicting rulings in different jurisdictions.In Teck…
What’s New: In Brief (February 23, 2009)
February 23, 2009 by Canadian UnderwriterCarstar Automotive Canada is cautioning the public about a fraud scheme in which someone is offering “phony” jobs on behalf of the company. The identity fraud scheme, currently taking place in Ontario, is offering the “phony” jobs on behalf of…
ING Insurance Company of Canada becomes Intact Insurance Company
February 23, 2009 by Canadian UnderwriterING Insurance Company of Canada has become Intact Insurance Company. Last week, institutional and retail investors acquired ING Groep’s ownership interest in ING Canada in a Cdn$2.2-billion private placement and secondary offering. The deal transformed the subsidiary into an independent,…
EGI Financial reports 2008 profits of Cdn$5.98 million
February 23, 2009 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) has reported a 2008 net income of Cdn$5.98 million, marking a 60.3% decrease from 2007’s profit of Cdn$15 million.The combined ratio for 2008 was 99.9% compared with 91.4% in the year prior.The loss ratio…
Lincoln General drives Kingsway 2008 Q4 losses
February 20, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) has reported a 2008 Q4 loss of US$360.4 million and a loss of US$405.9 for the entire year.“The disappointing results in 2008 reflect the impact of legacy operational problems,” said Shaun Jackson,…
Fairfax Financial reports record investment gains for 2008
February 20, 2009 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) reported profits of US$346.8 million in 2008 Q4 and US$1.5 billion for 2008, reflecting record investment gains of US$2.72 billion in 2008.Northbridge Financial Corporation, Fairfax’s Canadian commercial lines subsidiary, reported a profit…
Co-Operators reports drop in year-end profit
February 20, 2009 by Canadian UnderwriterCo-Operators General Insurance Company announced a profit of Cdn$62.1 million for 2008, marking a drop from 2007’s net income of Cdn$148.2 million.The company reported a net loss of Cdn$18.3 million in 2008 Q4, a decrease from 2007 Q4’s profit of…
OSFI posts amended disclosure guidelines
February 20, 2009 by Canadian UnderwriterCanada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has amended its guidelines for financial disclosures, taking into account recent changes made to the Canadian Accounting Standards, CICA Handbook.“The new Canadian Accounting Standards, CICA Handbook section 3862,…
Ontario Superior Court rules “saving harmless” implies a duty to defend
February 19, 2009 by Canadian UnderwriterA title insurer agreeing to “indemnify and save harmless” an insured against a negligence suit has a duty to defend, even if the allegations against the insured ultimately prove to be false or do not fall under the policy coverage.The…
What’s New: In Brief (February 19, 2009)
February 19, 2009 by Canadian UnderwriterThe shareholders of Northbridge Financial Corporation (TSX: NB) have approved by a special resolution the anticipated amalgamation of Northbridge with Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH).The amalgamation will be effective on or around Feb. 20, 2009.Northbridge will effectively become…