Segment
P&C Companies
Royal & SunAlliance acquires ING’s commercial marine portfolio (July 15, 2005)
July 15, 2005 by Canadian UnderwriterRoyal & 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…
Gen Re CEO under investigation
July 14, 2005 by Canadian UnderwriterOfficials 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…
Sarbanes-Oxley consulting creates opportunities and risks (July 13, 2005)
July 13, 2005 by Canadian UnderwriterUnderwriters and accountants will have many opportunities to advise companies in interpreting and implementing the Sarbanes-Oxley Act, but should be aware of the increased exposure to risk, according to information recently revealed at the PLUS E&O Symposium. Douglas Carmichael, chief…
RBC sidesteps legislation, opens insurance office
July 12, 2005 by Canadian UnderwriterThe Royal Bank’s RBC Insurance subsidiary recently opened its first retail office evading the federal Bank Act’s ban on the sale of insurance at bank branches.The new office is located in Scarborough, ON and is located directly beside a Royal…
Truckers driving hours investigated in RCMP officers death
July 8, 2005 by Canadian UnderwriterThe recent accident which left an RCMP officer dead after a truck driver hit his parked cruiser; has raised concerns regarding the amount of time truckers are behind the wheel and the number of trips they take without hiatus. Preliminary…
Cambridge allies with the McLarens Group
July 7, 2005 by Canadian UnderwriterCambridge a global outsourcing firm specializing in claims and loss management and the McLarens Grouop a Canadian-based claims management firm recently formed an alliance to expand their North American presence so that firms doing business in both Canada and the…
Railroads require safer data recorders to aid accident investigations
July 6, 2005 by Canadian UnderwriterCrash data recorders on trains are being improved to capture additional information and better safeguard locomotive event data for use in accident investigations under a recently issued Federal Railroad Administration (FRA) ruling.Under the ruling event recorders will be hardened to…
Canadian Underwriter magazine launches new insurance careers website: i-hire.ca
July 6, 2005 by Canadian UnderwriterA new website slated to quickly and effectively pair up insurance industry job seekers and employers was recently released by Canadian Underwriter Magazine. i-hire.ca is, according to Canadian Underwriter’s senior publisher Steve Wilson, "Canada’s Insurance Career Destination," offering the insurance…
Elliott Special Risks partners with Newport Private Yield
July 5, 2005 by Canadian UnderwriterElliott Special Risks recently entered into a partnership with Newport Private Yield LP.Through this partnership, Newport is acquiring an ownership interest in the company, however senior management will continue to own a significant interest and maintain operational control and responsibility…
Trucks damaging Saskatchewan highways pay more
July 5, 2005 by Canadian UnderwriterVehicle registration for Saskatchewan farmers operating heavy trucks is set to increase by September 1, 2005. These government insurance fees are being re-balanced to address the damage heavy vehicles cause to highways and they will fluctuate to reflect the damage…
Brokerage clients told to stave signing agreement
July 4, 2005 by Canadian UnderwriterMarsh & McLennan Cos. Inc. clients were recently advised by Massachusetts Attorney General Thomas F. Reilly to wait until they accept restitution from the Marsh & McLennan in accordance with its $850 million settlement with New York Attorney General Eliot…
PACICC members to receive total of $19.8 million in dividends
July 4, 2005 by Canadian UnderwriterThe Property and Casualty Insurance Compensation Corporation (PACICC) recently implemented measured to begin refunding dividends totaling $19.8 million to its member companies. PACICC recovered these funds through insurance company liquidations. The dividends PACIC is refunding stem from six of the…