Segment
Risk Management
Stilwell Group calls for ousting of two more Kingsway board members
February 3, 2009 by Canadian UnderwriterA minority shareholder of Kingsway Financial Services Inc. has requisitioned a special election to remove two more ‘legacy’ board members and put an end to “certain payments to board members.”The Stilwell Group, a New York City-based money management firm, holds…
Risk management must integrate actuarial functions
February 2, 2009 by Canadian UnderwriterA key lesson learned from the current financial crisis is that risk management must integrate risk and actuarial functions, Swiss Re Canada’s Online newsletter said.Traditionally the focus of risk management has been on identifying and reporting risks, but the crisis…
Ambiguity requires trial to determine status of unnamed insured
February 2, 2009 by Canadian UnderwriterThe phrase “companies under management control” is too vague to determine whether an unnamed insured — a roofing company hired by Atomic Energy Canada Ltd. (AECL) — is entitled to the AECL’s property policy coverage without the need for a…
Two-year ‘window of opportunity’ exists following catastrophe
January 29, 2009 by Canadian UnderwriterThe 2003 Kelowna, B.C., wildfires created a two-year window of opportunity in which public and private interest in adopting and improving mitigation strategies was heightened, an Institute for Catastrophic Loss Reduction (ICLR) study found.The ICLR released a major study evaluating…
Political risk impact of credit crunch will come to light in 2009
January 29, 2009 by Canadian UnderwriterThe impact of the political consequences of the global credit crunch will be seen in 2009, according to the 16th annual Political Risk Map, launched by Aon Risk Services. Miles Johnstone, director of Aon’s Political Risk team, explained: “This year’s…
Court allows insurer to reject claim without obligation to void or cancel policy
January 28, 2009 by Canadian UnderwriterThe Ontario Court of Appeal has confirmed that if an insured fails to disclose a material change in a risk to a commercial insurance policy, the insurance company may reject the claim without being obligated to void or cancel the…
What’s New: In Brief (January 27, 2009)
January 27, 2009 by Canadian UnderwriterThe Travelers Companies Inc. (Travelers) reported a profit of US$801 million for 2008 Q4, marking a decrease from 2007 Q4 profit of US$1.063 billion.The company reported a combined ratio of 85.9% and a return on equity of 12.8% for the…
Feds to create Cdn$4-billion fund for infrastructure improvements
January 27, 2009 by Canadian UnderwriterThe Canadian government is poised to create a new Cdn$4-billion Infrastructure Stimulus Fund as part of its 2009 federal budget, Transport Minister John Baird has indicated to the Canadian Press.The money is part of Cdn$7-billion in infrastructure spending to be…
KRG Insurance Brokers Inc. merges with Roger R. James Insurance Brokers Ltd. (January 26, 2009)
January 26, 2009 by Canadian UnderwriterRoger R. James Insurance Brokers Ltd. and KRG Insurance Brokers Inc. have merged to become one of Canada’s largest independent brokers.The financial terms of the merger were not disclosed. Established in 1976, RRJ Insurance Group is a multi-line office with…
Financial crisis result of failure to embrace ERM
January 26, 2009 by Canadian UnderwriterThe financial crisis that began in 2008 resulted from a system-wide failure to embrace appropriate enterprise risk management (ERM) behaviours, said Joseph Restoule, Risk and Insurance Management Society (RIMS) president.Restoule introduced a RIMS report, The 2008 Financial Crisis; a Wake-up…
GNAIE endorses fair value accounting recommendations
January 23, 2009 by Canadian UnderwriterThe Group of North American Insurance Enterprises (GNAIE), an organization of major life and property/casualty insurers and reinsurers, has endorsed the Group of Thirty’s recommendations on fair value accounting.The Group of Thirty, established in 1978, is a private, non-profit, international…
Insurance-linked securities survive “acid test” of credit crisis
January 23, 2009 by Canadian UnderwriterThe significance of insurance-linked securities will likely increase over time, despite the global credit crisis, suggests The Geneva Association in its most recent Insurance Economics report.Now that AIG has become a systemic risk in its role as a major financial…