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What’s New: In Brief (February 13, 2008)

February 13, 2008 by Canadian Underwriter

EW Disaster Kleenup L.P. has changed its name to FirstOnSite Restoration L.P. and has appointed Ian Milne as its new CEO.Ken Zardo has also been appointed vice-president of national sales and marketing, a company release says. Zardo brings nearly 30…

News InsuranceMergers and Aqcuisitions

Alberta government appeals court ruling that finds auto injury cap unconstitutional

February 12, 2008 by Canadian Underwriter

The Government of Alberta has appealed an Alberta Court of Queen’s Bench decision that would eliminate a Cdn$4,000 cap on soft tissue injury awards to auto collision claimants.Alberta Premier Ed Stelmach told reporters in a scrum that the government would…

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Marsh 2007 Q4 profits fall

February 12, 2008 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) has reported a 2007 Q4 profit of US$85 million, compared to US$226 million over the same period last year.Consolidated revenue in 2007 Q4 was US$2.9 billion, up 8% from 2006 Q4. Income from continuing…

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Insurer appeal dismissed, exclusion language found ambiguous

February 12, 2008 by Canadian Underwriter

An insurer has a duty to defend an insured against a plaintiff’s claim for bodily injury arising from his exposure to mould and/or bacteria despite a policy exclusion that suggests otherwise, an Ontario court has ruled.The court also disallowed the…

News InsuranceMergers and Aqcuisitions

Investigation continues into alleged collision ring

February 12, 2008 by Canadian Underwriter

Toronto Police Service (TPS) and the Insurance Bureau of Canada are continuing a criminal investigation into the activities of a ring that allegedly staged vehicle collisions for the purpose of committing insurance fraud, according to a TPS release. The allegations…

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Alberta court strikes down cap on minor auto injuries

February 11, 2008 by Canadian Underwriter

Alberta’s Court of Queen’s Bench has struck down the Cdn$4,000 cap on minor injuries that arise from the use or operation of a motor vehicle, deeming it to be unconstitutional. In Morrow v. Zhang, two plaintiffs, Peari Morrow and Brea…

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Markets looking at insurance event-linked futures

February 11, 2008 by Canadian Underwriter

As preparations for the next hurricane season proceed apace, the insurance industry continues to look for ways that capital markets can be used as the basis for building up capital this time, the industry is looking at event-linked insurance futures,…

News InsuranceMergers and Aqcuisitions

Personal Property Security Act does not apply to a transfer of interest under policy of insurance

February 11, 2008 by Canadian Underwriter

The Personal Property Security Act (PPSA) does not apply to a transfer of interest i.e. such as a vehicle to an insurer under a policy of insurance, the Ontario Superior Court of Justice has confirmed.In GE Canada Equipment Financing v.…

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What’s New: In Brief (February 11, 2008)

February 11, 2008 by Canadian Underwriter

PPG has announced five new and four updated courses listed are recognized and can count towards I-CAR Gold Class Professionals, I-CAR Platinum Individual and AMI Accredited Automotive Manager designations. Courses being offered in 2008 include: MVP Advanced Collision Estimating Skills…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (February 08, 2008)

February 8, 2008 by Canadian Underwriter

Manitoba Public Insurance (MPI) is launching a pilot project on Feb.9 aimed at keeping young children safe in vehicles.The Manitoba Child Car Seat Program will allow parents to have improved public education information via new videos, pamphlets and public presentations,…

News Insurance

Aon amalgamates risk and insurance brokerage operations

February 8, 2008 by Canadian Underwriter

Aon Corporation is integrating its worldwide risk and insurance brokerage operations into a single global business, Aon Risk Services, with more than 26,000 colleagues in 120 countries and more than US$5 billion in revenues.“Everything we do is based on helping…

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Financial forecasting off by average of 13%, KPMG finds

February 8, 2008 by Canadian Underwriter

In a study that might be of interest to D&O insurers, KPMG and the Economist Intelligence Unit have co-authored a report, ‘Forecasting with Confidence,’ which notes that “although organizations invest significant time and effort in this important task [of financial…