News
Desjardins reports income increase of 70.8% for first half of ’07
August 27, 2007 by Canadian UnderwriterDesjardins Financial Security reported an income of Cdn$1.386 billion for the first half of 2007.Gross insurance premiums accounted for $1.178 billion, marking an increase of 12%, or $126.2 million, a Desjardins statement says.The company recorded growth of 7.2% in Quebec…
New president at the CIAA
August 27, 2007 by Canadian UnderwriterFred Plant assumed the role of president of the Canadian Independent Adjusters Association during the Presidents Dinner at the associations annual general meeting and conference in Winnipeg. Miles Barber, immediate past-president, passed the presidential hat, noting Plant would bring insight…
Narrowing supply chains create business continuity risks
August 24, 2007 by Canadian UnderwriterBusiness continuity risks are heightened as global manufacturers cut costs by narrowing the supply chain, making it crucial that risk managers understand the function of each link on the supply chain, warns Lloyds. Traditionally firms cant insure against business interruption…
AMF proposes derivatives regulatory framework
August 24, 2007 by Canadian UnderwriterThe Autorit des march financiers (AMF) is seeking comment on a proposed framework for the regulation of the derivatives market in Quebec. The proposal contains suggested legislation and regulation as well as policy statements, an AMF release says.A derivative is…
What’s New: In Brief (August 23, 2007)
August 23, 2007 by Canadian UnderwriterCanadas property and casualty insurers led an overall decline in operating profit in the countrys financial services sector during 2007 Q2, according to a recent report by Statistics Canada.Operating profits in the financial sector fell 1.4% to [Cdn]$17.3 billion in…
Subprime mortgage crisis may spark E&O and D&O liabilities
August 23, 2007 by Canadian UnderwriterInsurance companies may be exposed to greater directors and officers liability (D&O) and errors and omissions (E&O) liability claims in the wake of the current subprime mortgage crisis, warns Marsh.Higher interest rates and falling property prices have contributed to rising…
What’s New: In Brief (August 22, 2007)
August 22, 2007 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has announced that Partner Reinsurance Europe Limited, a wholly-owned subsidiary of PartnerRe Ltd., based in Dublin, Ireland, will, from Jan.1, 2008, be the principal reinsurance carrier for PartnerRe’s business underwritten in France, Ireland, Switzerland and Canada.Under…
More emphasis needed on training and development
August 22, 2007 by Canadian UnderwriterBody shops need to put more emphasis on training and development, according to David Lingham, who works in the collision repair industry in UK and Europe. Lingham told delegates at the 10th annual CARSTAR conference held in Niagara Falls, Ont.,…
Directors & officers concerned about extra-territorial litigation
August 21, 2007 by Canadian UnderwriterNew developments in extra-territorial jurisdiction, stock options backdating and claims against European companies are becoming major areas of concern for company directors, according to a recent publication of Willis Group Holdings. The Willis Boardroom Guide 2007 is published by the…
Hurricane Dean leaves between US$750 million and US$3 billion worth of damages in its wake
August 21, 2007 by Canadian UnderwriterHurricane Dean, which is the first category five storm since 2005, ripped through Jamaica, Mexico and the Lesser Antilles, causing anywhere from US$0.75 billion to US$3 billion, based on estimates from Risk Management Solutions (RMS) and EQECAT. Dean was expected…
OSFI issues letter clarifying amendments related to foreign insurers
August 20, 2007 by Canadian UnderwriterPending changes to the way the Canadian Office of the Superintendent of Financial Institutions (OSFI) oversees foreign property and casualty (P&C) insurers, OSFI will presume that as of Jan. 1, 2009, unless otherwise established, all risks reported on the books…
A.M. Best releases methodology for rating securities
August 20, 2007 by Canadian UnderwriterCriteria for rating securities collateralized by reinsurance recoverables has been described in a methodology released by A.M. Best Co., Securitization of Reinsurance Recoverables. This methodology outlines A.M. Bests criteria in rating securities that are backed by reinsurance recoverables. A large…