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A.M. Best ranks 35 Canadian P&C insurers based on public data

June 19, 2006 by Canadian Underwriter

A.M. Best Co. has affirmed the public data (pd) financial strength ratings of 35 Canadian property and casualty companies, assigned one pd rating and downgraded one pd rating. “These pd ratings are based solely upon public information and present the…

News Insurance

Royal & SunAlliance to acquire Shillington’s personal lines business

June 19, 2006 by Canadian Underwriter

Royal & SunAlliance has announced plans to reduce costs including 1,500 layoffs (1,350 of them in the U.K. and Scandanavian regions) and a future strategy of double-digit growth in its international division, including Latin America and Canada.Part of Royal’s growth…

News InsuranceMergers and Aqcuisitions

The Co-Operators offers Claims Guarantee

June 16, 2006 by Canadian Underwriter

The Co-operators Group Ltd. recently launched a Claims Guarantee that is meant to address Canadian consumer uncertainty in the insurance company.“Some people hesitate before making an insurance claim or even asking questions about their coverage,” Kathy Bardswick, president and CEO,…

News Insurance

AXA increases broker support

June 16, 2006 by Canadian Underwriter

AXA Canada recently demonstrated its commitment to insurance brokers across Canada by increasing its investment in the Insurance Brokers Association of Canada (IBAC) Broker Identity Program to Full Partner status. The move means AXA Canada will be able to display…

News Insurance

Watch out for aggravated claims, law report tells insurers

June 16, 2006 by Canadian Underwriter

Depending on what the Supreme Court of Canada holds when it decides the point in Fidler v. Sun Life Assurance Co., insurers have “cause for concern” about being hit with aggravated damages for wrongfully denied claims, according to a recent…

News Climate ChangeInsurance

Benfield warns of 2007 capacity squeeze

June 16, 2006 by Canadian Underwriter

Bermuda reinsurers have forecast that rates will continue to harden through the year and a capacity squeeze could even spread beyond the Florida market into other territories in 2007.Increased demand, revised catastrophe models and more stringent capital constraints continue to…

News Climate ChangeInsurance

AIG verifies break-in

June 15, 2006 by Canadian Underwriter

American International Group Inc. recently confirmed that on March 31 the company suffered a break-in during which computer equipment containing personal information on approximately 930,000 individuals was stolen from a Medical Excess L.L.C. unit office in Midwest US.The data is…

News Insurance

AXA buys Winterthur for US$9.98 billion

June 15, 2006 by Canadian Underwriter

AXA has agreed to buy Winterthur from the Credit Suisse Group for CHF 12.3 billion (US$9.98 billion), to be paid in cash. In addition, AXA will refinance CHF 1.6 billion (US$1.3 billion) of Winterthur’s outstanding debt, of which CHF 1.1…

News Insurance

Legislative proposals leave out Bank Act issue

June 15, 2006 by Canadian Underwriter

Insurers are pleased that a federal government white paper released June 14 makes no mention of changing the Bank Act to allow banks to promote insurance products in their local branches.The finance ministry white paper is a blueprint for legislation…

News Climate ChangeInsurance

Canadian business not prepared for pandemic

June 14, 2006 by Canadian Underwriter

Canadian organizations may be concerned about a future pandemic outbreak, but they aren’t prepared for one, according to the findings of a Conference Board of Canada survey.The survey was released to coincide with the launch of a new Pandemic Preparedness…

News Insurance

CCIR/CISRO announce reciprocal licensing model

June 14, 2006 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have adopted a reciprocal licensing model for the insurance agent/broker licensing system in Canada effective July 4, 2006.The reliance model incorporates greater harmonization for agent…

News Insurance

Kingsway financial strength reaffirmed

June 14, 2006 by Canadian Underwriter

Standard & Poors (“S&P”) has reaffirmed the ‘BBB-‘ long-term counterparty credit and senior unsecured debt ratings of Kingsway Financial Services Inc. (TSX:KFS, NYSE:KFS).The ratings agency also affirmed the rating of Kingsway’s U.S. holding company, Kingsway America Inc. The outlook is…