Segment
Risk Management
Severe weather losses from April and May triple annual average in U.S.
June 27, 2011 by Canadian UnderwriterLosses stemming from severe weather in the United States during April and May were nearly triple the 1990-2010 annual average for severe weather losses, an Aon Benfield report says.Insured losses during the two-month period are estimated at $15 billion. Total…
Jardine Lloyd Thompson teams up with Canadian Paralympic Committee
June 24, 2011 by Canadian UnderwriterJardine Lloyd Thompson (JLT) Canada, a risk management insurance supplier, is teaming up with the Canadian Paralympic Committee (CPC) to offer national sport organizations risk management tools for hosting sporting events.The new, four-year partnership between JLT and CPC started on…
A.M. Best upgrades rating of Western Financial Insurance Company to A-
June 24, 2011 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating (FSR) to A- (Excellent) from B+ (Good) and issuer credit rating (ICR) to “a-” from “bbb-” of Western Financial Insurance Company (WFIC), based in Winnipeg, Manitoba. The rating upgrade follows the…
Private U.S. insurers see 2011 Q1 underwriting losses more than double: IIS
June 23, 2011 by Canadian UnderwriterPrivate U.S. property and casualty insurers’ net underwriting losses grew to $4.5 billion in 2011 Q1 from an underwriting loss of $1.8 billion in 2010 Q1, reported the Insurance Information Institute.The figures are consolidated estimates for all private property/casualty insurers…
Companies expanding role of finance departments to take on risk management responsibilities: survey
June 23, 2011 by Canadian UnderwriterChanges in the business and regulatory landscape are driving more companies to expand the role of finance departments to take on financial risk management responsibilities, according to a study by Protiviti.Protiviti polled nearly 200 finance executives from around the world,…
Alberta puts up $25 million to address uninsurable flood damage after May flooding
June 23, 2011 by Canadian UnderwriterThe Alberta government is committing up to $25 million in disaster financial assistance to help residents, small businesses and municipalities that experienced uninsurable loss from flooding in southwestern Alberta at the end of May.The 2011 Southwestern Alberta Disaster Recovery Program…
Darrell Leadbetter joins OSFI as a P&C director
June 22, 2011 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has appointed Darrell Leadbetter as a director in its Property and Casualty Insurance Group.Leadbetter most recently served as the Property and Casualty Compensation Corporation (PACICC)’s chief economist and vice president of…
Back-up power supply a key difference between Canadian and Fukushima nuclear plants
June 22, 2011 by Canadian UnderwriterBack-up energy supplies mark a key difference between Canadian nuclear power reactors and the reactors at the Fukushima Daiichi plant that were damaged in the March 2011 Honshu earthquake, said John Honey, a specialist engineering consultant with the Nuclear Insurance…
Privacy Commissioner audit finds Staples did not wipe data storage devices prior to resale
June 22, 2011 by Canadian UnderwriterCanada’s Privacy Commissioner has called on Staples Business Depot to review and improve compliance with its own privacy policies and procedures after an audit found the company had re-sold computers, hard drives and electronic memory devices without first wiping personal…
Three Northbridge subsidiaries to operate under one brand, Northbridge Insurance
June 21, 2011 by Canadian UnderwriterThree of Northbridge Financial Corporation’s subsidiaries – Lombard Insurance, Commonwealth Insurance and Markel Insurance – will operate under one brand, Northbridge Insurance, effective Jan. 1, 2012. In a FAQ posted on its Web site, Northbridge said it is an operational…
Chesterfield Canada extends terrorism and sabotage coverages to include damage for strikes and riots
June 21, 2011 by Canadian UnderwriterChesterfield Canada Inc. has extended its sabotage and terrorism coverages to include coverage damage resulting from strikes, riots, civil commotion and malicious damage. The extra coverage can be purchased as an add-on or as standalone coverage. There is no need…
A.M. Best upgrades rating of ACE INA Insurance (Canada)
June 21, 2011 by Canadian UnderwriterA.M. Best has upgraded the issuer credit rating (ICR) to “aa” from “aa-” and affirmed the financial strength rating (FSR) of A+ (Superior) of ACE INA Insurance (Canada). ACE INA Holdings Inc. and ACE Limited also received an upgraded ICR…