Canadian Underwriter

Segment
Risk Management


News Insurance

Supreme Court of Canada finds insurers liable for malfunction of machinery

November 21, 2008 by Canadian Underwriter

The Supreme Court of Canada has overturned an Ontario Court of Appeal decision and ordered a group of property insurers to cover the costs related to a damaged tunnel boring machine under an all-risk policy.In Canadian National Railway Co. v

News Insurance

Fairfax removes hedge from its equity portfolio investments

November 21, 2008 by Canadian Underwriter

Fairfax Financial Holdings Ltd (TSX and NYSE: FFH) has removed the hedge on its equity portfolio investments.As of Oct. 31, 2008, Fairfax continued to hold approximately 73% of its investment portfolio in treasury bills and government bonds as well as

News Insurance

Higher credit ratings linked to ERM maturity levels: RIMS

November 20, 2008 by Canadian Underwriter

Companies with greater risk management and enterprise risk management (ERM) maturity levels are more likely to have higher credit ratings, according to RIMS ‘State of ERM Report 2008 — an in-depth study on ERM practices.’ There is a distinct correlation

News Insurance

U.S. P&C insurers diversifying into life are most likely to see equity declines

November 20, 2008 by Canadian Underwriter

U.S. property and casualty companies that diversified into life insurance have been hit hardest by US$55 billion in GAAP equity losses over the first nine months of 2008, according to a recent report by Fitch Ratings.Fitch analyzed a “public company

News Insurance

Aon proposes way to insure troubled assets

November 19, 2008 by Canadian Underwriter

Insuring troubled assets through the creation of an ‘asset stabilization pool’ would help to strengthen America’s economy, Aon told the House Committee on Financial Services in Washington. The plan involves the sharing of risk by participants in an entity referred

News Insurance

What’s New: In Brief (November 18, 2008)

November 18, 2008 by Canadian Underwriter

Blake Craig, president of J. Leroy Gallant Insurance Limited, has been named president of the Insurance Brokers Association of Prince Edward Island.Craig succeeds the association’s past president, Karen Doiron, who currently serves on the board of directors for the Insurance

News Insurance

Zurich’s Q3 profit drops on investments

November 18, 2008 by Canadian Underwriter

*** CLARIFICATION/CORRECTION*** This item clarifies and corrects information contained in an item posted on Nov. 14. Zurich Financial Services has posted a Q3 net income after tax of US$154 million, marking a dramatic drop from the profit of US$1.5 billion

News Insurance

What’s New: In Brief (November 13, 2008)

November 13, 2008 by Canadian Underwriter

Insurance Bureau of Canada (IBC) is warning that the Canadian insurance industry may be the target of a national telephone fraud scam.The caller claims to be from the policyholder’s insurance company and demands the immediate payment, by credit card, of

News InsuranceMergers and Aqcuisitions

A.M. Best assigns negative outlook to AIG’s Canadian subsidiaries

November 13, 2008 by Canadian Underwriter

A.M. Best has affirmed the financial strength ratings of ‘A’ for the Canadian property and casualty subsidiaries of American International Group, although the ratings have still been assigned a negative outlook.This concludes a review with negative implications. “A.M. Best’s removal

News Insurance

Enhanced risk management required in times of financial crisis: Ernst & Young

November 12, 2008 by Canadian Underwriter

The insurance industry and regulators should use the current global financial crisis to drive a constructive evolution of regulatory guidance, according to Ernst & Young’s Global Insurance Center. Although the insurance industry faces fewer urgent liquidity challenges than banks do,

News Climate ChangeInsuranceMergers and Aqcuisitions

ING Canada reports drop in investment income, increase in underwriting income

November 12, 2008 by Canadian Underwriter

ING Canada Inc. (TSX: IIC) has reported a quarterly net income of Cdn$57.3 million, marking a 37.7% decrease from 2007 Q3’s profit of Cdn$92.0 million.The insurer’s combined ratio for the quarter was 94.0%, a decrease from 2007 Q3’s combined ratio

News Insurance

Canadian P&C insurers among 180 companies ranked for corporate governance in Globe and Mail survey

November 10, 2008 by Canadian Underwriter

ING Canada Inc. led the way among Canadian P&C insurers appearing in a Globe and Mail corporate governance survey.The Globe and Mail surveyed 180 companies representing various sectors of the Canadian economy. Among Canadian property and casualty companies, ING Canada