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What’s New: In Brief (December 20, 2007)

December 20, 2007 by Canadian Underwriter

PPG Canada Inc. and the CertifiedFirst Network have announced a platinum level sponsorship renewal of WICC (Women in Insurance Cancer Crusade). In the first three years of sponsorship of WICC, PPG worked closely with WICC and attended several key events…

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Wendy Baker resigns as president of Lloyd’s America Inc.

December 20, 2007 by Canadian Underwriter

Winifred “Wendy” Baker, who in 1990 became the first woman to lead a reinsurance company, will step down after nine years as president of Lloyd’s America Inc. at the end of December 2007, A.M. Best has reported.Baker managed Lloyd’s offices…

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What’s New: In Brief (December 20, 2007)

December 20, 2007 by Canadian Underwriter

Giffin Koerth has added two new engineers to the roster James Wheeler and Val Chlistovsky. “Both gentlemen bring our property division strong expertise and continue to fulfill Giffin Koerth’s desire to always improve our level of service to the insurance,…

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Kingsway reports reserve increase at Lincoln General subsidiary

December 19, 2007 by Canadian Underwriter

Kingsway Financial Services Inc. [KFSI] has reported a reserve increase at its Lincoln General subsidiary in 2007 Q4.“Following further review of trends in claims development at its Lincoln subsidiary, including the updated indications provided by the company’s external appointed actuary,…

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What’s New: In Brief (December 19, 2007)

December 19, 2007 by Canadian Underwriter

The 2008 edition of the Ontario General Insurance Hockey Tournament will run Apr. 18-20, 2008 in Fort Erie/Welland, with proceeds going towards Big Brothers and Big Sisters.Big Brothers and Big Sisters [B.B.B.S] operate Camp McGovern, a camp established in 1971…

News InsuranceMergers and Aqcuisitions

Theft rings increasingly targeting luxury vehicles

December 19, 2007 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) says its investigations over the past few years illustrate an alarming trend in Canada of organized auto theft rings targeting high-end or desirable vehicles with the intention of exporting them overseas or chopping them…

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What’s New: In Brief (December 19, 2007)

December 19, 2007 by Canadian Underwriter

Phishing attacks in the United States soared in 2007, as US$3.2 billion was lost to these attacks, according to a survey by Gartner, Inc.Phishing is essentially the practice of luring Internet users to a fake Web site through the use…

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What’s New: In Brief (December 18, 2007)

December 18, 2007 by Canadian Underwriter

The National Insurance Conference of Canada (NICC) has re-launched its Web site, containing new videos and photographs from the 2007 conference. The 2008 annual NICC will be held at the Hilton Lac-Leamy in Gatineau-Ottawa on Oct. 1-3, 2008. The 2008…

News Insurance

Aon sells Combined Insurance to ACE for US$2.4 billion in cash

December 18, 2007 by Canadian Underwriter

Focussing more exclusively on the risk brokerage and consulting side of its business, Aon Corporation has signed a definitive agreement to sell 100% of the outstanding stock of Combined Insurance Company of America and certain of its subsidiaries to ACE…

News Climate ChangeInsuranceMergers and Aqcuisitions

2007 international p&c losses totalled US$25 billion

December 18, 2007 by Canadian Underwriter

Natural and man-made catastrophes led to overall financial losses of US$61 billion across the globe, with property insurers contending with losses totalling US$25 billion, according to preliminary estimates by Swiss Re.Although the insured losses, at US$25 billion, were US$9 billion…

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What’s New: In Brief (December 18, 2007)

December 18, 2007 by Canadian Underwriter

A British Columbia resident was ordered by a B.C. Supreme Court judge to pay the Insurance Corporation of British Columbia (ICBC) Cdn$87,337 in damages to recover the costs paid out for stolen vehicle claims. The ruling concludes a civil action…

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Kingsway Financial Services founder Bill Star to retire Dec. 31, 2007

December 17, 2007 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX:KFS) has announced that its founder, William G. [Bill] Star, is retiring from his position as Kingsway’s president and CEO, effective Dec. 31, 2007. Shaun Jackson, currently executive vice president and chief financial officer, has been…