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Sexual favoritism demeaning, deemed harassment

July 20, 2005 by Canadian Underwriter

A recent court ruling by the California Supreme Court indicates that a supervisor can be sued for sexual harassment if they show favoritism toward employees whom they have a sexual relationship with. In Edna Miller vs. Department of Corrections, the…

News Insurance

Royal submits recommendations regarding Banking Act reforms

July 20, 2005 by Canadian Underwriter

In lieu of its recent push to convince the federal government to pass a reform allowing banks increased rights to sell insurance directly through branches, the Royal Bank of Canada recently used its 11-page submission to reiterate what it sees…

News Insurance

New regulations increase building and demolition cost and time

July 20, 2005 by Canadian Underwriter

The cost and duration of construction and demolition projects in Ontario may be set to increase significantly as a result of new provincial asbestos regulations. These increases will tap into the pockets and schedules of building owners and operators but…

News Insurance

2005 Audi A6 and 2006 Infiniti M35 earn good crash results

July 19, 2005 by Canadian Underwriter

Two large luxury cars recently earned top ratings in both front and side impact crash tests conducted by the Insurance Institute for Highway Safety. The 2005 Audi A6 earned good ratings and “best pick” designations for its performance in both…

News Insurance

Temple Insurance’s rating placed under review

July 19, 2005 by Canadian Underwriter

Temple Insurance Company financial strength rating of A (Excellent) has been placed under review with negative implications, by A.M. Best. This degraded review was initiated in line with the recent announcement that Munich Re is reviewing the reserve position of…

News Insurance

Ontario auto premiums show decrease

July 19, 2005 by Canadian Underwriter

Auto insurance premiums in Ontario have fallen 15% since Nov. 2003, leaving the average auto premium in the province at a rate of $1,279 a figure reached by dividing total premiums paid by the number of insured vehicles according to…

News Insurance

Strong p&c industry results anticipated

July 19, 2005 by Canadian Underwriter

Results for the property and casualty insurance industry are expected to be stronger than anticipated for 2004 despite the fact that the industry’s performance will degrade over the next three years, according to Clint Harris, analyst at Conning Research and…

News Climate ChangeInsurance

Terrorism backstop likely reality

July 15, 2005 by Canadian Underwriter

A federal terrorism insurance backstop is likely to be implemented but observers say it may not be as thorough as the 2002-implemented Terrorism Risk Insurance Act, ending Dec. 31.Under testimony the Treasury Secretary John W. Snow says the Bush administration…

News Insurance

Kingsway completes $78 million public offering

July 15, 2005 by Canadian Underwriter

Kingsway Linked Return of Capital Trust (TSX:KSP.UN) has completed the public offering of $78 million of 5% Kingsway Linked Return of Capital Preferred Units (“LROC Preferred Units”) due June 30, 2015. The offering was made through a syndicate of underwriters…

News Insurance

Royal & SunAlliance acquires ING’s commercial marine portfolio (July 15, 2005)

July 15, 2005 by Canadian Underwriter

Royal & SunAlliance Insurance Company of Canada recently acquired the renewal rights of ING Insurance Company of Canada’s $13-million marine commercial insurance business.Royal & SunAlliance will control the business beginning Sept. 1, 2005. Under the terms of the agreement, Royal…

News Climate ChangeInsurance

Hurrican Emily upgraded to Category 3

July 14, 2005 by Canadian Underwriter

The National Hurricane Center recently upgraded Hurricane Emily to a dangerous Category 3 storm, and Jamaica issued a hurricane watch for the island.The Dominican Republic and Haiti issued a tropical storm warning for much of the island they share. A…

News Insurance

Gen Re CEO under investigation

July 14, 2005 by Canadian Underwriter

Officials investigating a finite reinsurance deal executed in 2000 by General Reinsurance Corp. and American International Group Inc. are examining whether Gen Reinsurance Corp’s current chief executive officer, Joseph P. Brandon, is being investigated regarding whether or not he had…