News

Canadian and U.S. property and casualty reserves were modest at year-end 2007, but Fitch Ratings predicts that reserve redundancy will begin to decline moving forward amid eroding market conditions and increasing accident-year loss ratios.In its report, Fitch Ratings examines the…

Carstar Automotive Canada has created two new regional director positions aimed to help the company develop three distinct regions of operation within Canada. Bob Gagnon will assume the role of regional director eastern Canada (Quebec and the Maritimes), bringing to…

The rate of development of privacy and data security insurance products had been hampered by the fact that buyers were frustrated by the patchwork of non-standardized coverages and comparatively low limits available in the market, Advisen reports.“An inadequate understanding of…

Tropical Storm Fay is expected to cross the Florida Keys on Monday night arriving on the west coast on Tuesday afternoon, possibly at hurricane strength. The National Hurricane Center (NHC) has given a near 40% probability to Fay’s achieving hurricane…

Neil Morrison has been appointed as CEO of Hub Ontario in addition to his current role as CEO of HKMB Hub International Limited. The promotion is effective Oct. 1. Dennis Pauls, who is currently the CEO of Hub Ontario, will…

The Financial Services Commission of Ontario (FSCO) has denied housekeeping, caregiving and medical benefits to a truck driver who was able to continue his job after a motor vehicle accident without any apparent difficulty, but who nevertheless claimed to be…

National oil companies (NOCs) are failing to manage the risks of limited oil and gas resources, the recruitment and retention of a qualified workforce and energy price volatility, according to a Marsh study.In the Marsh Oil and Gas Risk Report:…

Risk Management Solutions (RMS) has launched winter and severe convective storm models for Canada and the U.S. The winter storm models explicitly assess losses from snow, ice, freezing temperatures, and extra-tropical winds. “Winter storms are complex weather systems that can…

Crawford & Company reported a net income of US$7.9 million for 2008 Q2, up US$1.8 million from the same quarter in 2007. Consolidated revenues totalled US$263.3 million in 2008 Q2, up from US$240.5 million in 2007 Q2, the company reported.…

ING Canada Inc. (TSX: IIC) reported its profits declined to Cdn$112 million in 2008 Q2, down from the Cdn$194.3-million net income it reported last year.The company said the decline was due in part to severe winter weather storms, as well…

XL Insurance has launched an aviation insurance team for the Canadian market. Tony Trost, Canadian aviation manager, who will report to Rod Mearing, XL Insurance’s international aviation manager, will lead the team. Before joining XL Insurance, Trost served as senior…

Asset-driven losses and market volatility are putting increasing pressure on carrier earnings, with profitability increasingly reliant on technical earnings rather than investment gains, Guy Carpenter & Company LLC published in its recent report, Bag Profits Early: Investment Gains under Pressure.“With…