Segment
P&C Companies
U.S. reinsurers affected by IRS revenue ruling
June 20, 2005 by Canadian UnderwriterThe Internal Revenue Service (IRS) recently ruled that an organization that is the sole purchaser of coverage from an insurer cannot take a tax deduction for the premiums.In the Revenue Ruling 2005-40, the IRS states that insurance must involve risk…
Report on Royal and Sun’s shares
June 17, 2005 by Canadian UnderwriterRoyal & Sun Alliance Insurance Group Plc. shares recently fell 0.6% – following a 70% decrease over the past five years – to close at 83 pence in London, valuing the insurer at 2.4 billion pounds (US$4.4 billion). These results…
Anthony Clark secures debt financing arrangement
June 17, 2005 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (“ACL”) closed a $30,750,000 (US$25,000,000) secured debt financing arrangement with the lenders Bridge Healthcare Finance, LLC (“BHF”) and Bridge Opportunity Finance, LLC (“BOF”). These lenders are providing Addison York Insurance Brokers Ltd. the US…
Finite investigations add three subpoenas to the roster (June 17, 2005)
June 17, 2005 by Canadian UnderwriterThe U.S. attorney for the Southern District of New York recently handed PartnerRe Ltd. (NYSE:PRE) a subpoena requesting information regarding the Company’s finite reinsurance products, adding to the already substantial roster of companies that have been summoned as part of…
What’s New: In brief (June 17, 2005)
June 17, 2005 by Canadian UnderwriterDesjardins Group and CGI created a strategic alliance to offer Canadian credit unions technology solutions and services. A service agreement was recently rendered with L’Alliance des caisses populaires de l’Ontario, which allowed for the implementation of Desjardins’ IT solution through…
Former insurance broker fined for fraud
June 17, 2005 by Canadian UnderwriterToronto Police – 54 Division – recently arrested a former insurance broker for fraud investigations.Panayiotis (Peter) Bariamis, 57, of Toronto, is charged withfraud over $5,000, forgery and 16 counts of uttering forged documents.The police alleged that approximately 400 people were…
Deductible ruling reversed by Ontario court
June 16, 2005 by Canadian UnderwriterThe Appeal Court of Ontario has instigated the filing of numerous nationwide class-action suits with its recent ruling that an insurer should pay the full value of a destroyed vehicle if it keeps the remains for salvage value.This ruling means…
Bait Car program may save insurers money
June 16, 2005 by Canadian UnderwriterInsurers may soon see a decrease in auto theft claims as recent initiatives by B.C. police take flight, right along with criminals in the act. According to media reports, lower mainland B.C. police have implemented a fleet of ‘bait cars,’…
What’s New: In brief (June 16, 2005)
June 16, 2005 by Canadian UnderwriterThe Canadian Agricultural Income Stabilization (CAIS) has recently received a number of changes to ensure the program is more responsive to the needs of producers, which represent 149,258 individuals nationwide. The CAIS increasingly offers significant assistance to CAIS producers, helping…
Integro Canada recruits another ex-Marsh to its team
June 15, 2005 by Canadian UnderwriterIntegro USA an insurance brokerage firm offering brokerage and risk management services recently appointed John Chippindale as the new managing director and president of Integro Canada. Chippindale is another ex-Marsh Canada employee the New York-based firm has recruited to its…
Antarctic polluters liable for environmental damage
June 15, 2005 by Canadian UnderwriterAn international treaty has recently been developed to protect the Antarctic environment and under this pact, anyone who causes an environmental accident in the region will be held liable, according to the government of New Zealand the country chaired negotiations…
Auto insurers to pay $1 million for indirect auto claims
June 15, 2005 by Canadian UnderwriterTwo recent court rulings have ordered two insurance company’s Citadel General Assurance Co. and Lumbermens Mutual Casualty Co. to pay almost $1 million in damages for two unrelated lawsuits representing appeals for two incidents that both occurred in 1999. Citadel…