News
Sarbanes-Oxley audit rules eased
May 18, 2006 by Canadian UnderwriterThe U.S. Securities and Exchange Commission intends to enact a series of actions to improve the implementation of certain internal control requirements of the Sarbanes-Oxley (SOX) Act. These actions include issuing SEC guidance for companies and working with the Public…
ING reaches IBAC’s ‘Full Partner’ status
May 18, 2006 by Canadian UnderwriterReiterating its commitment to Canadian insurance brokers, ING Insurance Canada has increased its involvement in the Insurance Brokers Association of Canada (IBAC) Broker Identity Program to Full Partner status. Under the terms of this new status ING will provide more…
NB car insurers to see higher profits
May 17, 2006 by Canadian UnderwriterNew Brunswick-based car insurance companies are set to see higher profits than other Atlantic Canadian provinces that are exposed to rate regulations. The New Brunswick Insurance Board (NBIB) recently granted NB car insurers permission to earn these higher profits. This…
AIG adopts climate change policy
May 17, 2006 by Canadian UnderwriterAIG recently unveiled a new policy that will manage the risks and capture the business opportunities posed by climate change, making it the first U.S.-based insurance company to adopt such a product.The national coalition of investors and environmental groups Ceres…
Look both ways for reinsurance side-cars (May 17, 2006)
May 17, 2006 by Canadian UnderwriterReinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent…
Look both ways for reinsurance side-cars (May 17, 2006)
May 17, 2006 by Canadian UnderwriterReinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent…
Look both ways for reinsurance side-cars (May 17, 2006)
May 17, 2006 by Canadian UnderwriterReinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent…
Aviva offers premium discount in Quebec for hybrid cars
May 17, 2006 by Canadian UnderwriterAviva Insurance Company of Canada, Scottish & York and Traders General Insurance Company, all Aviva Canada Inc. (Aviva) member companies, are rewarding drivers in Quebec who choose to be kind to the environment with an automatic 10% discount on their…
Mergers, acquisitions to increase in 2006-07: U.S. study
May 16, 2006 by Canadian UnderwriterInsurance industry mergers and acquisitions increased in 2005 to the highest level since 2001 and may foreshadow an acceleration of activity this year and the next, according to a new study by Hartford, Connecticut-based Conning Research and Consulting, Inc.The study…
Flaherty personally supports status quo re: Bank Act
May 16, 2006 by Canadian UnderwriterCanadian Finance Minister Jim Flaherty has reaffirmed his personal commitment to the Conservative Party’s platform to “maintain the current regulations governing insurance marketing by the chartered banks.”Currently the Bank Act does not allow banks to retail insurance products or distribute…
Arch preferred stock rated ‘BB+’
May 16, 2006 by Canadian UnderwriterArch Capital Group Ltd.’s (NASDAQ:ACGL) proposed $100 million issuance of Class B, noncumulative preferred shares recently received a ‘BB+’ preferred stock rating from Standard & Poor’s Ratings Services. In addition, S & P’s also affirmed its ‘BBB’ long-term counterparty credit…
FM Global’s A+ rating affirmed
May 16, 2006 by Canadian UnderwriterBusiness property insurer FM Global’s financial performance rating of A+ (Superior) was recently affirmed by A.M. Best Ratings Co.Noting that FM Global continues to be “a market leader among providers of commercial property insurance,” the insurance ratings company went on…