News
S&P’s revises notching criteria
October 18, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its notching criteria for Canadian insurance operating companies to achieve greater global consistency of its ratings on subordinated debt, hybrids, and preferred share instruments.“This change will apply only to Canadian operating insurance companies,”…
Willis grows West
October 18, 2006 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings (NYSE: WSH) has appointed two senior associates in Calgary in a move to continue strengthening its presence in “key geographic markets across North America.” Willis has appointed Kathy Underhill to the position of executive…
Edmonton introduces emergency management agency
October 17, 2006 by Canadian UnderwriterThe government of Edmonton has created a new provincial Emergency Management Alberta Agency, which will better prepare Alberta for response to emergency situations. The new agency combines the current organization with the Alberta Fire Commissioner’s Office (FCO), which the government…
Insurance lobby secures changes to Bill 18 in Ontario (vicarious liability)
October 17, 2006 by Canadian UnderwriterAnswering the lobby of several insurance groups and associations, the Financial Services Commission of Ontario (FSCO) has announced it is amending the Ontario Automobile Policy (OAP 1) and a number of related forms as a result of Bill 18, which…
IBC applauds new Ontario seat belt rules
October 17, 2006 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has endorsed proposed amendments to Ontario’s Highway Traffic Act that would require one seatbelt for each passenger in a vehicle.“We applaud [Ontario Transportation] Minister Donna Cansfield for taking swift action to address this serious…
B.C. looking at biometrics for driver’s licenses
October 16, 2006 by Canadian UnderwriterB.C.’s provincial government is developing a policy on using biometrics for drivers’ licences, and ICBC is conducting a study of the issue, according to a report in The Vancouver Province.”This isn’t too far down the road in terms of making…
Crawford mobilizes after Hawaii earthquake
October 16, 2006 by Canadian UnderwriterCrawford & Company has mobilized its Canadian and U.S. staff to handle “any and all claims needs” following a sizable earthquake with a magnitude of 6.6 that sent more than 20 sharp aftershocks across the Hawaii islands on Oct. 15.“We…
What’s New: In brief (October 16, 2006)
October 16, 2006 by Canadian UnderwriterA.M. Best has also affirmed the financial strength ratings of A (Excellent) and the ICRs of “a” of Toronto-based ACE INA Insurance. In addition, the ACE Group’s financial strength ratings (FSR) of A+ (Superior) and the issuer credit ratings (ICR)…
Female insurers recognized
October 13, 2006 by Canadian UnderwriterAmong a group of women leaders recently noted in “Business Insurance” magazine’s “Women to Watch” issue are FM Global’s Maxine Walker as well as four individuals from Aon including: Corbette Doyle; Kathryn Hayley; Kathleen M. Burns; and Kelly Smith.The honorees…
Edmonton auto insurer penalized
October 13, 2006 by Canadian UnderwriterEdmonton’s Superintendent of Insurance recently issued a CD$45,000 penalty to State Farm Mutual Automobile Insurance Company, according to a release from the government of Alberta. The penalty represents a violation of The “Insurance Act,” stemming from the auto insurers failure…
Western Financial buys two southern Alberta brokerages
October 13, 2006 by Canadian UnderwriterWestern Financial Group has recently completed the acquisition of two insurance brokerages in Southern Alberta Thomsen Fisher Agencies and Willow Creek Agencies.Thomsen Fisher Agencies is located in Alberta’s seventh-largest city, Medicine Hat, Alberta. Willow Creek Agencies is based in Claresholm,…
What’s New: In Brief (October 13, 2006)
October 13, 2006 by Canadian UnderwriterThe Federation of European Risk Management Associations (FERMA) has launched an electronic training initiative designed to help smaller businesses avoid financial failure, A.M. Best reports.The program, known as Professional in Risk Management, was unveiled at FERMA’s fall seminar at the…