News

After 34 years in the insurance industry, Peter Parkin, the chief operating officer of Sovereign General Insurance Company’s Calgary operations, has announced his intention to retire as of February 28, 2007.Parkin has served at Sovereign for the past 13 years…

Desjardins Financial Security has begun its year on a strong note reporting a net income of CD$30.4 million for the first quarter of 2006, compared to CD$31.9 million for the same period last year. These results, according to Desjardins, are…

The wind-up of the reinsurance business of Cavell Insurance Company became the centre of a recent Ontario Court of Appeal judgment concerning the enforcement of foreign court orders.The Ontario Appeal Court decision upheld a U.K. court order, even though the…

Risk Management Solutions (RMS) recently launched a new platform for quantifying wind-related risk. Meteorological modeling has been extended to include a comprehensive suite of wind events enabling loss calculations both from large-scale Extra-Tropical winter-storms, such as windstorms Anatol, Lothar and…

The Autorit des marchs financiers (AMF) has published a working document on the regulation of derivatives markets in Qubec. The document outlines the orientation the AMF is taking for the development of a proposed regulatory framework. The approach is for…

The CUMIS Group Ltd., recently appointed Kenneth W. Lalonde as president and CEO for the CUMIS Group of Companies, and venture manager of the Credit Union Insurance Services (CUIS) program, effective June 5, 2006. Lalonde offers experience as an executive…

Aeroplan (TSX:AER.UN) and ING Canada Inc. (TSX:IIC.LV) have agreed to offer Aeroplan members the opportunity to earn Aeroplan Miles on certain insurance products offered by ING Canada’s insurance subsidiaries. Aeroplan members will be able to take advantage of this new…

The Canadian Insurance Congress, scheduled for Charlottetown, Prince Edward Island on June 25-27, 2006, has been cancelled.Don Smith, the Congress organizer, announced the decision as a result of registration response. “I could not possibly ask our speakers to come all…

According to a recent survey of reinsurers’ statutory underwriting results, a group of 24 property-casualty reinsurers wrote US$6.6 billion of net premiums during the three months ended March 31, 2006.The report, conducted by the Reinsurance Association of America (RAA), indicates…

The long-term counterparty credit and insurer financial strength ratings on Swiss Reinsurance Co. and its core operating companies will remain on CreditWatch with negative implications, according to Standard & Poor’s Ratings Services. Swiss Re and its entities were placed on…

ING Canada and belairdirect are promoting car seat safety by offering to compensate auto policyholders for any child safety restraint system installed in a vehicle that is involved in an accident, even if the car seat was not damaged on…

The commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 survey revealed that the total…