Segment
P&C Companies
Fairfax acknowledges U.S.-based class action lawsuit
April 12, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH.SV) (NYSE:FFH) has become aware of a class action lawsuit filed against it and certain of its officers and directors in the U.S. District Court for the Southern District of New York.The lawsuit was filed “on…
FSCO outlines priorities for 2006
April 12, 2006 by Canadian UnderwriterDeveloping principles concerning conflict of interest, developing a model for privilege and whistle-blowing protection and streamlining agent and broker licensing in Ontario are among the Financial Services Commission of Ontario (FSCO)’s priorities for 2006.Section 11 of the FSCO Act requires…
ICBC to sue auto thieves
April 12, 2006 by Canadian UnderwriterIndividual car and truck thieves could become the target of the Insurance Corporation of British Columbia’s (ICBC) plan to file lawsuits against car and truck thieves.The lawsuits would attempt to garner funds to cover the costs of repairing and/or replacing…
A.M. Best softens cat stress test for prepared insurers
April 11, 2006 by Canadian UnderwriterA.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in…
AIG removed from watch negative
April 11, 2006 by Canadian UnderwriterFitch Ratings has affirmed and removed all of its ratings on American International Group, Inc. (AIG) and subsidiaries from watch negative, which it originally place in March 2005. In addition, Fitch has assigned ‘AA’ Issuer Default Ratings (IDRs) to AIG…
CGI, Universal Insurance ink US$45-75 million agreement
April 11, 2006 by Canadian UnderwriterCGI Group Inc. has signed a seven-year, US$45-75 million agreement to provide Universal Insurance of North America with policy and accounting business process services (BPS). CGI will process Universal’s personal lines book of business, including homeowners, dwelling-fire, auto, and umbrella…
What’s New: In brief (April 11, 2006)
April 11, 2006 by Canadian UnderwriterThe OIAA will hold this years ‘Out of Town Meeting’ on June 2 and 3, 2006 in Thunder Bay, ON. Details about the annual shindig, dubbed “Rendezvous 2006: Thunder Bay,” can be found at www.tbiaa.ca. The Website offers information about…
SGI helps Manitoba produce photo ID cards
April 10, 2006 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) and Manitoba Public Insurance (MPI) are teaming up to produce photo ID cards for drivers in both provinces.The SGI/MPI partnership is intended to provide Manitoba with a reliable, cost-effective replacement for its current photo ID card…
Technology may compromise hospital professional liability
April 10, 2006 by Canadian UnderwriterTechnological advancements in the medical field may improve hospital performance and safety leading to lower medical malpractice and professional liability costs but panelists told the Sixth Annual PLUS Medical Professional Symposium that such advances may also expose hospitals and doctors…
Canadian actuaries say Quebec auto premiums must rise
April 10, 2006 by Canadian UnderwriterThe national organization of Canada’s actuarial profession says the Socit de l’assurance automobile du Qubec (SAAQ) has no choice but to raise Qubec motorists’ premiums because of the SAAQ’s “very large funding deficits.”“The Government of Qubec is correct in stating…
Willis expands Toronto group
April 7, 2006 by Canadian UnderwriterWillis Group Holdings, Ltd. (NYSE: WSH) is strengthening its Canadian contingent with the appointment of five new insurance professionals to its Canadian operations. The new Toronto-based employees include Ayesha Navarro, Murray Kammer, Charles Fogden, Matthew Cook, and Douglas Bundock.Formerly senior…
Quebec auto insurance posts growth in 2005
April 7, 2006 by Canadian UnderwriterThe Qubec automobile insurance industry posted further growth in 2005, reporting an overall operating income totalling 16.8% of earned premiums up slightly from the 16.6% generated in 2004.Losses in 2005 (3.0%) grew at a slower pace than earned premiums (3.2%),…