Segment
P&C Companies
Joint Forum releases intermediary sales practices paper
January 30, 2005 by Canadian UnderwriterThe Joint Forum of Financial Market Regulators (JFFMR) has released its “Principles and Practices for the Sale of Products and Services in the Financial Sector”.The new document suggests principles for the sale of a wide array of products, including p&c…
What’s new: In brief (January 30, 2005)
January 30, 2005 by Canadian UnderwriterStephen Mallory, former managing director of Marsh Canada, has been named president and CEO of Hub International Ontario Ltd. Mallory succeeds Nelson Tilander, who although leaving the CEOs role after six years for an indefinite medical leave, will remain as…
Canadian financial services outperform peers: study
January 30, 2005 by Canadian UnderwriterCanadian financial services companies outperformed their peers over the past five years, according to a new report by Mercer Oliver Wyman released at last week’s World Economic Forum.The study notes, “North America has outperformed the global SPI (shareholder performance index)…
Allianz Insurance Co. and Trafalgar ratings cut
January 27, 2005 by Canadian UnderwriterStandard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB” from “BBB+”. The downgrade follows a review which began last October when it was…
Colorado probe of title insurers could have significant impact on sector: Fitch
January 27, 2005 by Canadian UnderwriterNews that the Colorado Insurance Department may sanction nine unnamed title insurers for allegedly paying kickbacks to homebuilders could have far-reaching implications for the entire title insurance industry, says Fitch Ratings.The rating agencies says it believes that along with Colorado,…
New accounting standards for financial instruments released
January 27, 2005 by Canadian UnderwriterNew standards for reporting financial instruments in corporate financial results have been officially released by Canada’s Accounting Standards Board (AcSB). The board says the standards are “a hybrid of U.S. GAAP and international standards”. “The new standards close a lot…
What’s new: In brief (January 27, 2005)
January 27, 2005 by Canadian UnderwriterCGI and Insurance Search Bureau (ISB) have signed an agreement wherein CGI information products will be exclusively distributed to the p&c claims industry by ISB. ISB president Michael Damm says, “the fact that the information required in handling of a…
U.S. House introduces new tort reform bill
January 26, 2005 by Canadian UnderwriterA new bill aimed at reducing frivolous lawsuits has been introduced to the U.S. House of Representatives by Texas Congressman Lamar Smith.The “Lawsuit Abuse Reduction Act of 2005” mirrors legislation passed by the House in the last Congress, however the…
Western Financial to make $20 million offering
January 26, 2005 by Canadian UnderwriterAlberta-based broker network and bank Western Financial Group Inc. (TXS: WES) says it has priced an offering of 9 million subscription receipts at $2.15 each for gross proceeds of $19.35 million. The offering, set to close on February 3, also…
Industry preparing for release of 2004 yearend results: Yakabuski
January 26, 2005 by Canadian UnderwriterThe insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of…
What’s new: In brief (January 26, 2005)
January 26, 2005 by Canadian UnderwriterCanadian CEOs are bullish on the future, according to results of the latest PriceWaterhouse Coopers (PwC) Global CEO survey. A full 55% of Canadian CEOs are very confident of future revenue growth, compared to just 38% of U.S. CEOs and…
Lloyd’s loses one leg of arbitration over Central Fund insurance
January 25, 2005 by Canadian UnderwriterLloyd’s of London has come up on the losing end of one decision in continuing arbitration over an insurance contract to support its new Central Fund. Lloyd’s is seeking payment from six insurers for claims under the five-year insurance contract…