News

Its official: The 2005-07 Bank Act review has finally been laid to rest.The Insurance Brokers Association of Canada (IBAC) on Apr. 2 applauded the Parliament of Canada for passing bill C-37 in late March.As passed, the bill does not give…

Insurers should count on an average of roughly eight weeks lead time to prepare for enrolment in Ontarios new Health Claims for Auto Insurance [HCAI] system, an electronic method for collecting and transmitting auto insurance health claims data. All 180…

The Intergovernmental Panel on Climate Change (IPCC) is preparing to launch its second report this year, which found that Canada can expect to see major issues around heat waves and water shortages, reports the Toronto Star. The Star obtained a…

Kingsway Financial Services Inc. (TSX:KFS, NYSE: KFS) announced the completion of the acquisition of Mendota Insurance Company, a wholly owned subsidiary of The Travelers Company, Inc.. The transaction includes Mendotas wholly owned subsidiaries, Mendakota Insurance Company and Mendota Insurance Agency,…

Insurance Bureau of Canada is applauding the Nova Scotia government for making important changes to the province’s graduated driver licensing (GDL) program.“These changes will significantly make Nova Scotia’s roads safer,” said Don Forgeron, vice-president, Atlantic, Insurance Bureau of Canada. “They…

In response to growing concerns about the threat of identity theft, The Co-operators announced it has extended identity theft coverage to clients with home or farm insurance. The new coverage reimburses clients for up to Cdn$10,000 of costs associated with…

Reinsurance rates on line for personal lines, standard commercial lines and complex commercial lines in Canada are likely to be flat or up to 10% lower during mid-year renewals of property catastrophe reinsurance programs, Aon Re Global predicts.Additionally, Aon Re…

Fairfax Financial Holdings Limited (TSX and NYSE: FFH) announced that it has entered into an agreement to purchase 1,031,090 subordinate voting shares of Cunningham Lindsey Group Inc. from a group of third party investors.The Cunningham Lindsey shares will be acquired…

A new Bermuda market, reputation challenges to the industry and reserve deficiencies are among 10 major changes that Mike Wills, president of Catlins Canadian operations, said hes witnessed in the insurance industry.Wills was speaking at the Ontario Risk and Insurance…

Plaintiff lawyers are increasingly trying to convince the courts of specific damages, which used to be part of general damages, in a bid to get damage amounts above and beyond the cap on non-pecuniary damages, people attending the Ontario Risk…

ACE Canada, the Canadian based operating division of the ACE Group of Companies, has appointed Terri Mitchell as executive vice president and chief operations officer of ACE Canada’s Life, Accident and Health Group.Mitchell joined ACE Canada in 2004 as vice…

AXIS Capital (NYSE: AXS), a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire from AON Underwriting Managers the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of…