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Industry should improve communication to prevent intervention

March 20, 2007 by Canadian Underwriter

In order for insurers and reinsurers to avoid government intervention and pressure from regulators, they need to improve communication with both insureds and government bodies, says Pierre Ozendo, chairman and CEO, Swiss Re America Corportation.Ozendo told journalists in a meeting…

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What’s New: In Brief (March 20, 2007)

March 20, 2007 by Canadian Underwriter

Gore Mutual Insurance Company has increased its investment in The Insurance Brokers Association of Canadas Broker Identity Program (BIP) for 2007. Gore Mutuals decision to become a full partner of IBAC is the result of our commitment to brokers, Kevin…

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Ontario to see harmonized insurance classes, definitions in April 2007

March 19, 2007 by Canadian Underwriter

Harmonized classes of insurance and applicable definitions will be implemented in Ontario on Apr. 30, 2007, according to a FSCO bulletin.Please note that insurers current licensing status will not be affected and no action is required by insurers as a…

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A.M. Best to expand public issuance of insurers’ Issuer Credit Ratings

March 19, 2007 by Canadian Underwriter

A.M. Best Co. is expanding its public issuance of Issuer Credit Ratings (ICR) on insurance companies in 2007. Over the next year, A.M. Best expects to publish ICRs on all rated direct insurers and reinsurers as part of each company’s…

News InsuranceMergers and Aqcuisitions

Insurers’ desire for fewer vendors squeezing bodyshops

March 19, 2007 by Canadian Underwriter

Various pressures are reshaping the auto collision repair industry in 2007 including insurance demands for fewer vendors and many feel this will be the year that some bodyshop owners decide to close their doors, according to an online report by…

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What’s New: In Brief (March 19, 2007)

March 19, 2007 by Canadian Underwriter

A.M. Best Co. has withdrawn the financial strength rating (FSR) of B++ (Good) and assigned a category of NR-5 (Not Formally Followed) to Insurance Corporation of Newfoundland Limited (ICON) (Newfoundland, Canada).This rating action is a result of ICON’s amalgamation into…

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Proposed hedge fund registration may increase insurance requirements

March 16, 2007 by Canadian Underwriter

Proposed National Instrument 31-103 which outlines registration requirements for hedge fund participants may significantly increase insurance costs for firms participating in hedge funds, according to a paper authored by Ronald Kosonic of Borden Ladner Gervais.Posted on Borden Ladners Web site,…

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Data loss a significant global risk, survey finds

March 16, 2007 by Canadian Underwriter

One in three global businesses see loss of data as a significant threat and the key issue to address in operational risk management planning, according to the latest global risk briefing report conducted by the Economist Intelligence Unit (EIU) and…

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Royal Bank of Canada accelerates plans to open new insurance offices

March 16, 2007 by Canadian Underwriter

Royal Bank of Canada is speeding up its plans to open more insurance offices across Canada over the next year, after opening 13 in almost two years, according to a report by Bloomberg.com.In an interview with Bloomberg reporter Doug Alexander,…

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Ontario wholesale broker Ian Stuart extradited to New York

March 16, 2007 by Canadian Underwriter

The United States Attorney for the Southern District of New York has announced that Ian Stuart is now in custody in New York and faces wire fraud and mail fraud charges related to a US$7-million insurance policy scheme.Stuart was extradited…

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Newfoundland brokers to meet province on disclosure requirements

March 15, 2007 by Canadian Underwriter

Newfoundland brokers are meeting with the provinces superintendent of insurance to discuss the disclosure requirements contained in the provinces January 2007 consumer protection document entitled Principles for the Sale of Insurance.As far as the industry is concerned, especially the brokers…

News InsuranceMergers and Aqcuisitions

Canada’s P&C premium growth rates “essentially flat” in 2006

March 15, 2007 by Canadian Underwriter

Canadian property and casualty direct premiums in 2006 were essentially flat, growing only an anemic 1%, according to a report on the preliminary year-end results posted online by MSA Research Inc.MSA Research noted that overall, in 2006, direct premiums written…