News
Do not prepare for end to insurance cycles: Sinnott
June 8, 2004 by Canadian UnderwriterDespite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance…
EAN had “a lot of weaknesses”: IBC
June 7, 2004 by Canadian UnderwriterThe Ontario government’s proposal for an “expert assessor network” (EAN) has “a lot of weaknesses” according to feedback from the insurance industry.The proposal has been sent back to the drawing board, it was confirmed Friday by the office of Mike…
FSCO restrictions part of Kistruck departure: Star
June 7, 2004 by Canadian UnderwriterRestrictions placed by Ontario’s insurance regulator were part of the decision by York Fire & Casualty CEO Stu Kistruck to exit his job, says Bill Star. Kistruck’s departure, which became official on Friday, leaves Star, CEO of parent company Kingsway…
What’s new: In brief (June 07, 2004)
June 7, 2004 by Canadian UnderwriterAnthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided…
Insurer exposure to reinsurance credit risk varies widely: study
June 7, 2004 by Canadian UnderwriterA study of top commercial insurance writers in the U.K. illustrates the wide variance in exposure to reinsurance credit quality and other financial strength indicators. The study “Insurer Financial Strength Examined” looks at key indicators commercial clients need to assess…
Alpine Financial buys remaining Vector brokerages
June 6, 2004 by Canadian UnderwriterAlpine Financial Group has purchased the remaining brokerages of the Vector network, all based in Alberta.The brokerages Garnett Dadswell in Edmonton, Dadswell Forster in Lethbridge, and Wiseman Coupland in Red Deer had been part of the Bow Valley portion of…
Bow Valley plans acquisitions under new owner
June 6, 2004 by Canadian UnderwriterWith the sale of former Vector subsidiary Bow Valley Insurance to the brokerage’s president, Kirit Gohill, the Calgary-based company is planning to grow through acquisition.Gohill, who has also served as Vector’s Western region vice president before the company’s demise (see…
Study a sign industry needs to focus on mold claims
June 6, 2004 by Canadian UnderwriterA recent U.S. study on mold hailed by insurers for finding a lack of evidence mold causes serious injury should be a wake-up call to the industry, says Kyle Urech, directory of business development for Disaster Kleenup Canada.In a letter…
EAN proposal under revision
June 6, 2004 by Canadian UnderwriterThe Ontario Liberals’ proposal of an expert assessor network (EAN) to replace the designated assessment center (DAC) system is going back to the drawing board following consultations.The proposal is facing revisions, confirms Arthur Lofsky, special assistant to Mike Colle, parliamentary…
Vector sells subs to pay debt; trading ceases
June 3, 2004 by Canadian UnderwriterTrading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis.In a press release, the broker consolidator says it has sold the assets of Bow Valley Insurance Services Ltd. and Saskatoon Agencies Inc.,…
What’s new: In brief (June 03, 2004)
June 3, 2004 by Canadian UnderwriterEverest Re has seen its “A+” (superior) rating affirmed by A.M. Best and extended to Everest International Reinsurance Ltd. The rater notes Everest Re’s strong earnings and capital position, with a 2003 ROE of 18.1% and total capital in excess…
Insurers unruffled by class action reform delay
June 3, 2004 by Canadian UnderwriterInsurers are unconcerned by the delay of voting on class action reform by the U.S. senate. Senate majority leader Bill Frist of Tennessee had tried to force cloture on the bill, the “Class Action Fairness Act”, but agreed to delay…