News

Citigroup Inc. confirms that it will spin off Travelers Property Casualty Corp. Up to 20% of Travelers will be released through an initial public offering, and the remainder will be spun off to Citigroup shareholders.The deal follows a long and…

The Canadian Coalition Against Insurance Fraud (CCAIF) has handed down its annual “Top Ten” list of insurance fraud schemes, and topping the list is a bilingual fraudster who tried to double file a claim by using both official languages.Other examples…

In the wake of Canada’s new financial service legislation and the relaxation of ownership restrictions, the first of the big lifeco mergers has been proposed. SunLife Canada is prepared to pay $7.3 billion in an all-share deal to acquire Clarica…

The Insurance Bureau of Canada (IBC) has taken up arms against a coalition of personal injury lawyers in Newfoundland and Labrador, accusing the group of spreading "misinformation" to the public as the lobby battle wages on for reform to the…

Rating agency A.M. Best has reaffirmed the "A" (excellent) rating of the Canadian insurance operations of Kingsway Financial Services Inc. (TSE: KFS). The operations in question include Kingsway General Insurance Co., York Fire & Casualty Insurance Co., Jevco Insurance Co,…

The broker-insurer portal currently under construction by the Centre for the Study of Insurance Operations (CSIO) got a shot in the arm from its board of directors, who voted unanimously to fund the project through a special assessment.“Top-up” funding was…

U.S.-based St. Paul will undergo a major overhaul as the company plans to exit certain lines of business, including medical malpractice, and to exit countries where “the company is not likely to achieve competitive scale”.Canada will, however, not be among…

Lloyd’s of London says it will have record-breaking capacity in 2002, to the tune of US$17.2 billion. This, combined with last year’s capacity of US$15.4 billion, means the market’s capacity has grown 20% in two years. The previous highest year…

Insurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary…

Coverage for airlines introduced by the government following the September 11 terrorist attacks could become a permanent measure, the National Post is reporting. This comes after an announcement by federal Transport Minister David Collenette that the temporary coverage, which involves…

In a not unexpected move, the Financial Services Commission of Ontario (FSCO) is seizing control of troubled Canadian Millers’ Mutual’s assets.FSCO says the move was made in light of the insurer’s assets being deemed insufficient to provide for the company…

The cost of risk declined in 2000, according to a survey released by the Risk and Insurance Management Society (RIMS). The annual Benchmark Survey, conducted with Ernst & Young, asks more than 830 risk managers in the U.S. and Canada…