Segment
Risk Management
XL Capital’s Q1 profits take a hit
April 23, 2008 by Canadian UnderwriterXL Capital Ltd. reported a net income of US$211.9 million for 2008 Q1, a 39% drop from the same period of last year’s profit of US$549.7 million.The reduction of US$337.8 million in net income is partly due to a decrease…
What’s New: In Brief (April 22, 2008)
April 22, 2008 by Canadian UnderwriterIn order for the current soft market cycle to differ from previous ones, the current market must be able to respond to inadequate profit opportunities with swifter adjustments in market capacity and corresponding rate increases, according to a FitchRatings report.In…
Canadian companies lagging in move to IFRS
April 22, 2008 by Canadian UnderwriterMany companies are closer to the starting gate rather than the finish line when it comes to preparing for the country’s transition to International Financial Reporting Standards (IFRS), a survey by the Chartered Accountants of Canada (CA) has found.Just over…
What’s New: In Brief (April 21, 2008)
April 21, 2008 by Canadian UnderwriterDesjardins Group and recycling company Cascades have teamed up to support each other’s sustainable development and business reciprocity initiatives. Under the agreement, according to a joint release, the two companies will collaborate in:developing a preferred partnership for the Desjardins Paper…
What’s New: In Brief (April 21, 2008)
April 21, 2008 by Canadian Underwriter**CORRECTION: This news brief corrects an error contained in a news brief posted on April 21, 2008**. Lloyd’s of London has appointed LoriAnn Lowery as its new president of Lloyd’s North America and Deborah Moor as president of Lloyd’s Canada.Lowery…
Court distinguishes between pollution-related losses and claims
April 18, 2008 by Canadian UnderwriterIn a commercial D&O policy, exclusions for “pollution-related losses” are not the same thing as exclusions for “pollution-related claims,” the Ontario Court of Appeal has ruled.In Boliden Ltd. v. Liberty Mutual Insurance Company, Liberty issued a directors’ and officers’ liability…
The Co-operators increases profit by $21 million in 2007
April 17, 2008 by Canadian UnderwriterThe Co-operators Group Ltd. announced a net income of Cdn$154.8 million in 2007, up from Cdn$133.4 million the previous year. “The strong financial performance allowed the organization to make an unprecedented contribution of more than [Cdn]$1 million to The Co-operators…
What’s New: In Brief (April 17, 2008)
April 17, 2008 by Canadian UnderwriterLast year proved to be a buyer’s market for the insurance industry; barring any catastrophes in 2008, the price of premiums will likely continue to trend downwards, according to the Risk and Insurance Management Society (RIMS) 2008 Benchmark Survey.The survey…
What’s New: In Brief (April 16, 2008)
April 16, 2008 by Canadian UnderwriterIntegResource Canada, a restoration company, has announced that Genesis Restorations is now a partner contractor. “Genesis is a valued addition to our national network, and will provide exceptional restoration service in the Vancouver, Fraser Valley and Okanagan regions,” IntegResource Canada…
CGL covers third party property damage to condo’s foundation, court rules
April 15, 2008 by Canadian UnderwriterA Commercial General Liability (CGL) policy does cover third party property damage caused by a condominium contractor’s negligence in trying to repair its own constructed foundation, the Ontario Court of Appeal has ruled.In making the ruling, the court distinguished between…
Subprime “train wreck” could continue to 2010
April 15, 2008 by Canadian UnderwriterThe scale of the subprime crisis so far is having the equivalent impact on the insurance industry as a Category 5 hurricane hitting Miami, A.M. Best reports.For 2008 Q1, D&O and E&O claims and litigation linked to the subprime crisis…
What’s New: In Brief (April 14, 2008)
April 14, 2008 by Canadian UnderwriterZurich North America Commercial (NAC) has announced it is reducing its staff by 400 positions “to proactively manage its cost structure.”“NAC will reduce approximately 400 positions or 4% of the staff that support the business division, primarily in non-market-facing roles,”…