News
FSCO charges leave former Pilot CEO “surprised and disappointed”
May 13, 2004 by Canadian UnderwriterOne of the men facing charges from Ontario’s insurance regulator says those allegations have left him “surprised and disappointed”. Stu Kistruck, former CEO of Pilot Insurance Co. says it is difficult at this time to comment on the charges he…
FSCO lays charges against two former Pilot execs
May 12, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) confirms that charges have been laid against two former executives of Pilot Insurance Co. for allegedly providing the regulator with false information. Former Pilot CEO Stuart Kistruck and CFO Colin Simpson face two…
What’s new: In brief (May 12, 2004)
May 12, 2004 by Canadian UnderwriterAXA Canada Inc’s subsidiaries have seen their financial strength ratings affirmed by A.M. Best. AXA Assurances and AXA Assurances Agricoles are affirmed at “A+” (excellent) with a stable outlook. AXA Pacific is affirmed at “A” (excellent with a stable outlook.…
PACICC to meet insolvency threat head-on
May 12, 2004 by Canadian UnderwriterIn an era of insurer financial instability, the Property & Casualty Insurance Compensation Corp. (PACICC) is ready to step beyond its role as a compensation mechanism for policyholders of defunct insurers, to take a more proactive approach to insolvency.While 2003…
Airlines see rates fall in first quarter 2004
May 12, 2004 by Canadian UnderwriterThe average premiums facing the aviation industry dropped by 14% during the first quarter of 2004, says a new report by London-based Aon Ltd. While just 7% of the market renews in the first quarter, Aon says those airlines report…
What’s new: In brief (May 11, 2004)
May 11, 2004 by Canadian UnderwriterCitigroup and its Travelers Insurance Co. have had their debt ratings affirmed by Moody’s following settlement of claims relative to the WorldCom class action lawsuit. Citigroup announced a US$4.95 billion special charge for the suit and other litigation reserves. With…
RIMS: Risk managers comment on “excellence”
May 11, 2004 by Canadian UnderwriterIn light of the shift in risk management focus away from insurance-buying and toward loss control, risk managers need to look at their own role within the corporation, according to a survey by the Risk & Insurance Management Society (RIMS)…
Lloyd’s “Names” could double money in two years: Association
May 11, 2004 by Canadian UnderwriterThe Association of Lloyd’s Members (ALM) is telling the market’s “Names” they could double their money in two years in the current climate of profitability at the 300-year-old insurance market.The Association’s “Lloyd’s Results Summary” forecasts individual members of the market,…
US commercial reserves continue to haunt industry
May 11, 2004 by Canadian UnderwriterDespite strong profits achieved by U.S. property & casualty insurers in 2003, reserving issues continue to plague the industry, leading Standard & Poor’s to maintain its “negative” outlook on the commercial sector.Although commercial insurers added more than US$40 billion to…
Danier Leather to appeal $15 million shareholder suit
May 10, 2004 by Canadian UnderwriterToronto-based Danier Leather says it will appeal an Ontario Superior Court verdict which could amount to a $15 million payout.The verdict stems from a 1998 initial public offering (IPO), which spawned a class action suit alleging the company and two…
What’s new: In brief (May 10, 2004)
May 10, 2004 by Canadian UnderwriterThe World Trade Center insurance trial verdict will have far-reaching implications for commercial clients, says Wood & Bender LLP. While the decision highlights the need to have insurance negotiations finalized prior to completing major business transactions, it has also spurred…
Asbestos litigation hits the skids
May 10, 2004 by Canadian UnderwriterOnce more, legislation to tackle U.S. asbestos litigation has stalled, this time with negotiations breaking down on Senate bill S.2290. The bill would have established a trust fund to compensate victims of illness related to asbestos exposures, and is an…