News
FSCO releases updated guidelines for submitting auto rate changes
January 5, 2007 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released updated filing guidelines for submitting changes to automobile insurance rates and risk classification systems.One change is that insurers will be required to use the major filing guidelines in situations in which…
IBC launches study to clear air over auto insurance rates
January 4, 2007 by Canadian UnderwriterAs a response to misconceptions in the public domain about automobile insurance rates, the Insurance Bureau of Canada has launched a report aimed at increasing the general population’s understanding. The report reviews the costs of auto insurance from 2000 until…
BB&T acquires AFCO and CAFO
January 4, 2007 by Canadian UnderwriterBB&T Corporation has completed its acquisition of AFCO Credit Corporation, an insurance premium finance company, and its Canadian affiliate, CAFO Inc., from Mellon Financial Corporation.The move is expected to elevate BB&T from the ninth-largest provider of insurance premium financing in…
Lloyd’s endorses new protocol for resolving reinsurer/client disputes
January 4, 2007 by Canadian UnderwriterLloyd’s has endorsed a new International Reinsurance Industry Dispute Resolution Protocol, which, according to Lloyd’s, “provides the insurance industry with an alternative to a court case or a lengthy arbitration if a disagreement should arise between reinsurer and client.”In a…
Firms to spend more on operational risk management in 2007
January 4, 2007 by Canadian UnderwriterAdoption of and spending on operational risk management will increase substantially in 2007, according to a recent study by AMR Research.The study reveals 46% of firms surveyed plan to implement or evaluate technologies for risk management in the next 12…
Manitoba Public Insurance lists top five frauds of 2006
January 3, 2007 by Canadian UnderwriterManitoba Public Insurance (MPI) cited a woman that claimed $12,000 over 18 months following a car crash for treatment expenses as the most expensive fraud case in 2006.Rounding out the top five frauds for the year were: a ‘stolen’ car…
Ironshore Insurance formed in response to U.S. market dislocation
January 3, 2007 by Canadian UnderwriterIronshore Inc. has raised more than US$1 billion through a private placement of its equity securities, and it will begin underwriting specialty lines of insurance immediately through its Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., the company has announced. “This newly…
What’s New: In Brief (January 03, 2007)
January 3, 2007 by Canadian UnderwriterFor the fourth consecutive year, The Co-operators is among the “50 Best Employers in Canada” according to a list compiled by the international human resources firm Hewitt Associates.The Co-operators, based in Guelph, is 20th on this year’s list, an improvement…
Frank Cowan forms partnership with Temple Insurance
January 3, 2007 by Canadian UnderwriterFrank Cowan Company has announced that Canadian-based Temple Insurance Company (Temple) will participate on all of its insurance programs starting Jan. 1, 2007. Temple is a member of the worldwide Munich Re Group.Frank Cowan Company has been providing specialized insurance…
“HeartFelt Help Fund” to host fundraising benefit for Sean Corner
January 2, 2007 by Canadian UnderwriterThe “HeartFelt Help Fund” will be hosting a benefit for Sean Corner, Friday, February 2nd, 2007. The fundraiser will be held at Premier Place Banquet Hall, 696 Westburne Drive, Concord, Ontario. Sean, 21, became an underwriting trainee at Economical Insurance…
WICC encourages industry participation in “Change for Change” Challenge
January 2, 2007 by Canadian UnderwriterThe Women in Insurance Cancer Crusade (WICC) Ontario chapter has launched a fundraiser with the aim to turn loose change into cancer research.The “Change for Change” initiative kicked-off January 1, 2007, and will run through March 31. The concept was…
Audatex’s recycled parts locating application available in Canada
January 2, 2007 by Canadian UnderwriterAudatex is expanding its recycled parts locating application, Real Steel Download (RSDL) into Canada, the company recently announced.RSDL enables insurance carriers and collision repair facilities throughout the US to locate and insert recycled parts into Audatex estimates. Audatex has introduced…