Segment
Risk Management
Ontario Court of Appeal allows cross-claim, despite being beyond limitation period
February 10, 2011 by Canadian UnderwriterA defendant can still file a cross-claim for contribution and indemnity even after the limitation period of the plaintiff naming that individual has expired, Ian Gold, a founding partner of Thomas Gold Pettingill Lawyers, told delegates of the Ontario Insurance…
Crawford & Company (Canada) announce two senior appointments
February 10, 2011 by Canadian UnderwriterCrawford & Company (Canada) has announced two appointments, one within its Contractor Connection operations and the other in its Class Action Services department.Michael Mooney is Crawford’s new vice president of Class Action Services.He joined the company in 2008, and in…
Insurers urged to follow new fuel spill guidelines immediately, ahead of July 2011 start date
February 9, 2011 by Canadian UnderwriterNew regulatory guidelines for handling and cleaning fuel spill sites will come into effect in July 2011, but not following the new standards now could put insurers at risk of residual liability. The new regulations, Soil, Groundwater and Sediment Standards…
Establishing risk tolerance is a key component of risk management: Zurich CRO
February 9, 2011 by Canadian UnderwriterEstablishing an organization’s risk tolerance level is a critical component of an organization’s risk management process, in much the same way brakes are a necessary component of winning car races, according to John Scott, chief risk officer of Zurich Global…
Intact Financial reports modest increase in 2010 Q4 profit, expects industry to increase premiums in 2011
February 9, 2011 by Canadian UnderwriterIntact Financial Corporation (TSX: IFC) announced it is expecting industry premiums to increase in 2011 at a pace similar to last year, with increases in the mid-single digits in personal auto lines and upper-single digits in personal property lines. “These…
FICOM recommends posting financial statements to company Web sites
February 8, 2011 by Canadian UnderwriterThe Financial Institutions Commission (FICOM), BC’s provincial insurance regulator, is recommending all provincially regulated insurers post their audited financial statements on their Web sites within 90 days of the end of the fiscal year. Under Section 130 of the Financial…
A.M. Best concludes review of GCAN after RSA Canada acquisition, affirms excellent strength rating
February 8, 2011 by Canadian UnderwriterA.M. Best Co. has removed the issuer credit rating (ICR) of “a+” from under review with negative implications and affirmed the ICR and the financial strength rating of ‘A’ (Excellent) of GCAN Insurance Company (GCAN). The outlook for both ratings…
Canadian businesses less concerned about insurance costs than in mid-2010
February 4, 2011 by Canadian UnderwriterIf there is one sign of a softening commercial insurance market in Canada, it might be that Canadian businesses across the country don’t seem to be as concerned about insurance costs as they were in mid-2010.The Canadian Federation of Independent…
Riots in Egypt a stark reminder for companies operating in emerging markets: Marsh
February 4, 2011 by Canadian UnderwriterPolitical unrest in Cairo and other cities across Egypt highlights the complex risks companies investing, manufacturing and trading in emerging markets must be prepared to manage, Marsh said.Companies with operations in countries affected by political unrest face losses from risks…
Markel Corporation reports growth in net income, cites investments for boost
February 4, 2011 by Canadian UnderwriterMarkel Corporation reported a net income of $267 million in 2010, marking an increase from 2009’s net income of $202 million.The insurer cites an increase in net realized investment gains – $36.4 million in 2010, compared to a net realized…
AON reports a 17% increase in profit in 2010 Q4
February 4, 2011 by Canadian UnderwriterProfits attributable to Aon stockholders increased 17% in 2010 Q4, to $231 million, compared to $198 million for the same period last year, Aon announced in its fourth-quarter results.Revenues from fees and commissions increased to $1.753 billion (not including investment…
Merger objection lawsuits on the rise in the United States: Advisen
February 3, 2011 by Canadian UnderwriterMerger objection lawsuits in the US have increased in recent years, even as the number of mergers and acquisitions plummeted during the recession era in 2007-09, according to an Advisen special report called Are Merger Objection Suits a Threat to…