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104 Ontario insurers enrolled in HCAI as of Jan. 2

January 11, 2008 by Canadian Underwriter

**CLARIFICATION** This story includes information omitted from first publication on Jan. 11 The new Health Claims for Auto Insurance (HCAI) system for electronically submitting accident benefit health care claims forms in Ontario has 104 insurance companies enrolled as of Jan.…

News InsuranceMergers and Aqcuisitions

Correction: Sovereign General Insurance not entitled to void policy in B.C. wine collection case

January 11, 2008 by Canadian Underwriter

**CORRECTION**Yesterday, Canadian Underwriter reported that the B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up. This was…

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What’s New: In Brief (January 10, 2008)

January 10, 2008 by Canadian Underwriter

The Canadian insurance market can expect to see more consolidation in 2008, according to Philip H. Cook of Omega Insurance Holdings Inc.Speaking at a CIP Symposium breakfast meeting at the National Club in Toronto, Cook read off the names of…

News Climate ChangeInsuranceMergers and Aqcuisitions

Ice Storm today may generate twice the losses than a decade ago

January 10, 2008 by Canadian Underwriter

A recurrence of the 1998 Ice Storm today would result in total insured losses of between US$1 billion and US$3 billion potentially twice the US$1.3-billion cost incurred in 1998, according to a retrospective report by Risk Management Solutions (RMS).RMS released…

News Climate ChangeInsurance

Reinsurers’ rate discipline “dwindling,” Benfield report says

January 10, 2008 by Canadian Underwriter

Another year of comparatively mild losses for the reinsurance market in 2007 means “any remaining post-loss caution from previous years is rapidly dwindling,” according to a report, ‘Changing the Game,’ published by Benfield, an independent reinsurance and risk intermediary. The…

News Insurance

D&O rates expected to rise after subprime mortgage crisis

January 10, 2008 by Canadian Underwriter

The subprime mortgage and securities crisis in the United States might lead to increased D&O rates over the next two to three years, Philip H. Cook, the CEO of Omega Insurance Holdings, predicts.Cook noted D&O rates have been falling in…

News Insurance

What’s New: In Brief (January 09, 2008)

January 9, 2008 by Canadian Underwriter

Clive R. Tobin will retire from his post as chief executive of XL Capital Ltd.’s insurance operations, and David B. Duclos will succeed him.Tobin will continue with XL as vice chairman of XL Insurance (Bermuda) Ltd., where he will concentrate…

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U.S. cases top list of court decisions affecting Canadian insurers

January 9, 2008 by Canadian Underwriter

A U.S. Supreme Court decision that reinforced a heightened pleading standard in securities suits was deemed the most important court award or settlement of 2007, according to a Willis Group Holding Canadian alert on executive risks. While the list of…

News InsuranceMergers and Aqcuisitions

Sovereign General Insurance ordered to pay its half of $2.3-million policy

January 9, 2008 by Canadian Underwriter

The B.C. Supreme Court ordered Sovereign General Insurance in December to pay its half of a Cdn$2.3-million policy to a couple who lost their multi-million dollar wine collection due to a sewer back-up, according to Canadian Press.A rare and expensive…

News Insurance

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

January 8, 2008 by Canadian Underwriter

Westport Insurance Corporation, a Swiss Re company, has merged with Employers Reinsurance Corporation. Employers Reinsurance Corporation holds a Canadian branch. In the merger, Employers Reinsurance Corporation assumed the Westport name and all of the liability and obligations under and according…

News Insurance

U.S. outlines its case against ex-insurance executives in finite reinsurance case

January 8, 2008 by Canadian Underwriter

The United States government has started to present its case against five former executives of General Reinsurance Corp. and American International Group Inc. in a fraud case surrounding a finite reinsurance transaction.The insurers have denied the fraud charges. They will…

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Systemic financial risk tops list of threats in 2008

January 8, 2008 by Canadian Underwriter

This year holds the highest levels of political and economic uncertainty for a decade, with systemic financial risk topping the list of greatest threats, according to the World Economic Forum’s report, Global Risks 2008.Diversification of risk may have strengthened stability…