News
US commercial market premiums show signs of levelling off in Q4
January 22, 2009 by Canadian UnderwriterUS commercial property and casualty market premiums showed definite signs of levelling off in 2008 Q4 across small, medium and large accounts and for most major lines of commercial business, according to The Council of Insurance Agents & Brokers (CIAB)’s…
A.M. Best downgrades Kingsway Financial
January 22, 2009 by Canadian UnderwriterA.M. Best Co. has downgraded the issuer credit ratings (ICR) of Kingsway Financial Services Inc. (to “b” from “bb-”) and Kingsway General Insurance Company (to “bb” from “bbb-”).The financial strength rating of Kingsway General Insurance Company was also downgraded from…
What’s New: In Brief (January 22, 2009)
January 22, 2009 by Canadian UnderwriterThe KRG Children’s Charitable Foundation donated Cdn$2 million to Canadian charities in 2008.The donation includes a Cdn$1.3-million contribution to the Hospital for Sick Children.“KRG is in the insurance business and The Hospital for Sick Children represents a giant insurance policy…
Aviva Canada terminates partnership with PC Financial
January 22, 2009 by Canadian Underwriter**CORRECTION** The following item is an amended version of a prevous item in which Sally Turney was incorrectly quoted as saying the partnership no longer met the companies’ financial needs. In fact, the partnership no longer meets the companies’ strategic…
Court can’t split trial if jury notice is served and one of the parties objects
January 21, 2009 by Canadian UnderwriterThe Ontario courts have no jurisdiction to split a trial in which a jury notice is already filed and one of the parties to the action objects, the Ontario Superior Court of Justice has found.The case arose out of a…
Downward economy sees cedants seeking “last-minute” reinsurance deals at renewals
January 21, 2009 by Canadian UnderwriterThe downward economic turn has resulted in a “late” renewal season as of Jan. 1, 2009, with cedants waiting until the last minute to nab the best deal in a hardening market, A.M. Best has noted in an online video.The…
Organizational changes at Crawford & Company (Canada) Inc.
January 21, 2009 by Canadian UnderwriterCrawford & Company (Canada) Inc. has made organizational changes within its senior management that are intended to enhance the company’s strategic growth initiative and customer focus. Pat Van Bakel has been promoted to senior vice president of claims operations. He…
Risk management should be a collective enterprise, not an individual one
January 21, 2009 by Canadian UnderwriterThe current global economic turmoil and credit crisis does not signify enterprise risk management (ERM)’s failure, but rather an over-reliance on financial models, said participants in the Ontario Risk and Insurance Management Society (ORIMS)’s ‘Lunch and Learn’ session.Held in Toronto…
What’s New: In Brief (January 20, 2009)
January 20, 2009 by Canadian UnderwriterTrevor Black has been promoted to branch manager in St. Catharines for Cunningham Lindsey Canada Claims Services Ltd (CLC). “Trevor has a number of exciting plans for our St. Catharines office, namely quality measurement, training and education,” Lorri Frederick, CLC’s…
RIMS Q4 Benchmark Survey indicates soft market losing steam
January 20, 2009 by Canadian UnderwriterCommercial insurance rates in the United States are still softening, but at a much slower pace than recent quarters, the Risk and Insurance Management Society (RIMS)’s Benchmark 2008 Q4 Survey found.The average general liability premium fell more than any other…
Alberta first out of the gates to adopt CCIR privilege model
January 20, 2009 by Canadian UnderwriterLang Michener author Frank Palmay has praised Alberta for being the first provincial jurisdiction in Canada to extend privilege to cover an insurer’s self-assessment documents.“Alberta’s approach is a reasonable balance of the equities and it is hoped that its lead…
North American broker profitability in 2009 expected to be flat or modestly lower
January 20, 2009 by Canadian UnderwriterLooking ahead into 2009, the profitability of the North American insurance broker industry is expected to be flat or modestly lower, Fitch Ratings says in a recent report, Review and Outlook 2008-2009.In making its assessment, Fitch noted the “economic recession…