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Kingsway takes initiatives to cut costs by $20 million

December 17, 2008 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) has announced a number of initiatives in an effort to reduce costs by approximately $20 million.The actions include reducing staff, freezing salaries, eliminating bonuses (except for exceptional performance) and reducing corporate overhead, according to…

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IAIS ponders early warning/ early reaction mechanism for reinsured catastrophes

December 17, 2008 by Canadian Underwriter

The International Association of Insurance Supervisors (IAIS) and specifically the Reinsurance Transparency Group (RTG) are considering an early warning/early reaction mechanism for reinsured major catastrophes, especially catastrophes that span multiple jurisdictions.IAIS’s Global Reinsurance Market Report (GRMR) 2008 notes that some…

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Saskatchewan regulator orders car warranty telemarketer to cease and desist

December 16, 2008 by Canadian Underwriter

The Saskatchewan Financial Services Commission (SFSC) has issued a cease-and-desist order to an unlicensed automobile warranty service that was telemarketing consumers in Saskatchewan.The SFSC’s allegations have not been proven in court.According to the SFSC, World Wide Warranty, Inc., also known…

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Airline insurance hardening, despite benign loss environment

December 16, 2008 by Canadian Underwriter

The airline insurance market is showing sure signs of hardening, with premiums increasing 16% through the month of November, despite the fact that the line has not experienced any significant recent losses, reports Willis Group Holdings.In its report, Airline Insurance…

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What’s New: In Brief (December 16, 2008)

December 16, 2008 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) and The Co-operators are poised to unveil on Dec. 17 the third “safer living home” to be built in Canada.The house, which replaces a home that was previously destroyed by fire, has been…

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What’s New: In Brief (December 16, 2008)

December 16, 2008 by Canadian Underwriter

Norm Angrove has been appointed senior manager of value-added programs with PPG Automotive Refinish. Angrove will be responsible for marketing the CertifiedFirst and MVP programs in North America effective Jan. 1, 2009.He will lead the strategic direction of CertifiedFirst in…

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OSFI consultation paper on reinsurance discusses a variety of hot-button issues

December 15, 2008 by Canadian Underwriter

Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has issued a much-anticipated consultation paper on reinsurance that features discussion of a broad range of hot-button issues affecting the reinsurance sector.The 21-page document gives a broad synopsis…

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High-tech crime on the rise

December 15, 2008 by Canadian Underwriter

Nearly 70% of member companies in a U.K.-based business association have reported increases or dramatic increases in deliberate high-tech crime, according to a membership survey by The Corporate IT Forum.The U.K. business association has a membership of more than 150…

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What’s New: In Brief (December 15, 2008)

December 15, 2008 by Canadian Underwriter

Cunningham Lindsey Canada has opened a new Toronto North location in Richmond Hill, Ontario. Dave Lyon will manage the office, which will be staffed also by Rick Bahen, Ross Arthur, Nick Tucci, Fop Riethoff, Dale Reid and senior adjusters Pamela…

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Using ERM is increasingly important for determining insurers’ credit quality

December 15, 2008 by Canadian Underwriter

Enterprise risk management (ERM) will be increasingly critical to assessing the credit quality of North American insurance companies looking forward into 2009, according to a Standard & Poor’s report.“The insurers that can best identify, aggregate and control their liquidity, credit…

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Rule change allows expert evidence to be preserved

December 12, 2008 by Canadian Underwriter

A modification to a court’s rules of civil procedure, which previously prohibited the collection of evidence for a case prior to commencement of a proceeding, now allows the preservation of evidence of a potential witness in advance of a trial.The…

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U.S. securities regulator, Zurich, Converium reach settlement over finite reinsurance contracts

December 12, 2008 by Canadian Underwriter

The U.S. Securities and Exchange Commission (SEC) has settled civil securities fraud charges against Zurich Financial Services and Converium Holding AG, now known as SCOR Holding (Switzerland) AG, relating to finite reinsurance transactions.Without admitting or denying the SEC’s findings, Zurich…