News

Insurance Bureau of Canada (IBC) is warning that the Canadian insurance industry may be the target of a national telephone fraud scam.The caller claims to be from the policyholder’s insurance company and demands the immediate payment, by credit card, of…

After buying up shares in Kingsway Financial Services, a New York-based money management firm, The Stilwell Group, has served a requisition for a special shareholders meeting to replace two of Kingsway’s current board of directors, president and CEO Shaun W.…

A.M. Best has affirmed the financial strength ratings of ‘A’ for the Canadian property and casualty subsidiaries of American International Group, although the ratings have still been assigned a negative outlook.This concludes a review with negative implications. “A.M. Best’s removal…

ING Canada Inc. appears ready to play ‘Let’s Make a Deal,’ telling Reuters’ news service that it is in a good financial position to expand its business through an acquisition.“From an operating point of view and an ability to integrate,…

The Chubb Corporation [NYSE: CB] has reported a 2008 Q3 profit of US$264 million, down from its 2007 Q3 net income of US$738 million.The third-quarter drop in net income reflects net realized investment losses, including impairments, of US$113 million before…

The insurance industry and regulators should use the current global financial crisis to drive a constructive evolution of regulatory guidance, according to Ernst & Young’s Global Insurance Center. Although the insurance industry faces fewer urgent liquidity challenges than banks do,…

ING Canada Inc. (TSX: IIC) has reported a quarterly net income of Cdn$57.3 million, marking a 37.7% decrease from 2007 Q3’s profit of Cdn$92.0 million.The insurer’s combined ratio for the quarter was 94.0%, a decrease from 2007 Q3’s combined ratio…

Canada’s federal solvency regulator is requiring federally-regulated insurance companies to anticipate in their annual actuarial reports exactly how nation-wide court challenges to auto injury caps will affect their bottom lines.In a Nov. 3 memorandum to the nation’s insurers, the Office…

Insurance companies are taking an ill-advised risk by tying their fates to maintaining specific credit rating levels, Standard & Poor’s says in a recent report, ‘Evaluating Liquidity Triggers in Insurance Enterprises.’“When an insurer agrees to pay a higher rate of…

Compu-quote has teamed-up with E2Value to release a new insurance-to-value (ITV) tool, ezITV.Compu-Quote previously worked with MSB to provide brokers with the insurance-to-value (ITV) tool RCT EvaluRater. But recently MSB announced that, as of Dec. 31, 2008, it would discontinue…

The Allstate Corporation has posted a Q3 net loss of US$923 million, compared to a profit of US$978 million in the same period of last year.Its property-liability combined ratio was 112.7% for the quarter, marking an increase from 2007 Q3’s…

ING Canada Inc. led the way among Canadian P&C insurers appearing in a Globe and Mail corporate governance survey.The Globe and Mail surveyed 180 companies representing various sectors of the Canadian economy. Among Canadian property and casualty companies, ING Canada…