News

CanAm Special Risk Agency Limited (CanAm Insurance) has acquired the travel insurance book of business from PrimeLink Management Services Inc., Broker Advantage Inc. and the Pentius Group. The travel medical insurance products, marketed under the brand names PrimeLink, Travel Protect…

Hannover Re said it generated the best result in the company’s history in 2006.The Group reported a 2006 net income of EUR514.4 million [Cdn$799.8 million] and a return on equity of 18.7%. The companys combined ratio in 2006 stood at…

Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Cunningham Lindsey Group Inc. (LIN) to ‘B-‘ from ‘B’. The outlook is negative.“The downgrade reflects LIN’s weak earnings and cash flow, liquidity [that is] dependant on support from…

Gore Mutual Insurance Company, along with its broker partners and business associates and the Canadian Blood Services (CBS), hosted their first clinic day in the BC/Yukon region. Twenty-one units of blood were donated as a result, and every unit of…

Guy Carpenter & Company has launched SelectCat, an index-based product designed to provide reinsurers with capacity, flexibility and rational pricing for managing their property catastrophe risks. SelectCats pricing and loss index is developed from a synthetic layer, structured for a…

Benfield Group Limiteds profits in 2006 increased to 38.4 million [Cdn$87 million], compared with a 34.9 million [Cdn$79.1 million] profit in 2005.Overall, the Groups reinsurance broking revenue increased by 12.9% (to 299.4 million, or Cdn$678.5 million), up from 265.1 million…

ICBC is structuring its rates over the next two years so that lower-risk drivers will be paying lower rates, while higher-risk customers will pay higher rates.“Higher rates for high-risk drivers means benefits for good drivers,” said Paul Taylor, ICBC’s president…

The Honourable Order of the Blue Goose, Ontario pond, is presenting its Annual Charity Scotch Nosing on April 5th at the Saint Andrews Club in Toronto, with all benefits going to the Sean Corner Benefit Fund. Gooses and ganders of…

La Capitale General Insurance has enhanced the scope of its recreational vehicle insurance, now offering watercraft and caravan/motorhome insurance (all types) as a stand-alone insurance product.There is no obligation to obtain a home or automobile insurance contract in order to…

ACE INA Insurance and ACE INA Life Insurance, part of the ACE Group of Companies, has appointed Karen Barkley as president and CEO of ACE Canada.She succeeds Daniel Courtemanche, who is now the president and CEO of GCAN Holdings Inc.,…

Aon Re Global and Benfield Group have reached a global and comprehensive settlement with Benfield Group of all the litigation relating to the defection of former Benfield facultative reinsurance employees to Aon Re.Under the amicable settlement, Benfield will receive payments…

The Ontario Bar Association (OBA)s Insurance Law Subsection has announced that Jesse T. Glass of Laxton Glass LLP (Toronto) and Eric R. Williams of Williams McEnery LLP (Ottawa) are the recipients of the 2007 OBA Award for Excellence in Insurance…