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A.M. Best predicts “prolonged” soft market for Canada

September 19, 2007 by Canadian Underwriter

A prolonged soft market may lie ahead for the Canadian property and casualty insurance market, according to a special report by A.M. Best.There’s no room for complacency as Canadian property/casualty insurers enjoy another solid year, the ratings agency wrote in…

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Ian Stuart Smith receives eight-year prison sentence for fraud scheme

September 19, 2007 by Canadian Underwriter

Canadian resident Ian Stuart Smith has been sentenced to more than eight years in prison for his part in a fraud scheme, in which insurance agents for various entities throughout the United States and Canada were induced to purchase millions…

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

September 19, 2007 by Canadian Underwriter

Crawford & Company (Canada) Inc. raised more than Cdn$10,000 for the Women in Insurance Cancer Crusade (WICC) at its 13th annual Crawford Classic charity golf tournament held in Toronto on Sept.12, 2007. Golfing during unseasonably cold weather has become somewhat…

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

September 18, 2007 by Canadian Underwriter

Dalhousie University in Halifax was home to a sea of nervous faces at the RIMS Canada conference Sept. 18, as students tested their skills playing Risk, a classic game of strategy, for their chance to win a $5,000 bursary from…

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Boomers, younger generation show different attitudes about tech use

September 18, 2007 by Canadian Underwriter

Baby Boomers and younger business owners have different attitudes towards technology, according to survey results released Sept. 17 by Ipsos Reid on behalf of Micorsoft Canada Co.The survey was conducted online with 1,230 small- and medium-sized businesses (SMB) owners randomly…

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Nowell Seaman bestowed with Don Stuart Award

September 18, 2007 by Canadian Underwriter

Nowell Seaman of Saskatoon is the 2007 recipient of the Donald M. Stuart Award, originally created by the Ontario Chapter of RIMS in 1979 to recognize outstanding contributions to the Canadian risk management community.Seaman, manager, risk management and insurance services,…

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‘Echo’ generation poses potential solution for succession woes

September 18, 2007 by Canadian Underwriter

Chances are that organizations are having a tough time recruiting talent in the age cohort range of mid-20s to mid-30s because not nearly as many people were born into this generation, unlike their predecessor Baby Boomers, David Foot, author of…

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What’s New: In Brief (September 17, 2007)

September 17, 2007 by Canadian Underwriter

EGI Financial Holdings Inc. (“EGI”) has announced that its wholly owned subsidiary, Echelon General Insurance Company, is entering the Canadian emergency travel health insurance market through agreements with key distributors, which are expected to generate Cdn$16 million in annual premiums.…

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Contract certainty and shorter service time are key

September 17, 2007 by Canadian Underwriter

Contract certainty and shortening service time are key areas to focus on in an effort to improve the service the insurance industry offers its customers, the insurers panel told delegates at the RIMS Canada Conference in Halifax, Nova Scotia. Richard…

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Court orders Chubb to pay policyholder Cdn$5 million in home fire case

September 17, 2007 by Canadian Underwriter

The Ontario Superior Court of Justice ordered Chubb Insurance Company of Canada to pay just over Cdn$5 million to Missisauga policyholder Bridgette Sagl, after Sagls house burned down in December 1997.Chubb initially denied coverage based on its (ultimately disproven) theory…

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Brokers battle over contingency fees at RIMS Canada, Halifax

September 17, 2007 by Canadian Underwriter

The broker panel at this years Risk and Insurance Management Society Canada Conference in Halifax, Nova Scotia heated up when asked to comment on what has replaced contingency fees, with some suggesting that they are here to stay, and others…

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FSCO obtains cease and desist order against Unifund Assurance Company

September 14, 2007 by Canadian Underwriter

Ontarios insurance regulator, the Financial Services Commission of Ontario (FSCO), in June 2007 obtained a cease and desist order against Unifund Assurance Company, FSCO posted in a quarterly bulletin announcing the outcomes of its regulatory actions.On June 6, 2007, the…