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New Bermuda market, industry reputation and reserves key issues in 2007

March 29, 2007 by Canadian Underwriter

A new Bermuda market, reputation challenges to the industry and reserve deficiencies are among 10 major changes that Mike Wills, president of Catlins Canadian operations, said hes witnessed in the insurance industry.Wills was speaking at the Ontario Risk and Insurance

News Insurance

Plaintiff lawyers pushing the damages envelope: ORIMS seminar

March 29, 2007 by Canadian Underwriter

Plaintiff lawyers are increasingly trying to convince the courts of specific damages, which used to be part of general damages, in a bid to get damage amounts above and beyond the cap on non-pecuniary damages, people attending the Ontario Risk

News Insurance

AXIS to acquire Media/Pro from AON

March 29, 2007 by Canadian Underwriter

AXIS Capital (NYSE: AXS), a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire from AON Underwriting Managers the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of

News Insurance

What’s New: In Brief (March 28, 2007)

March 28, 2007 by Canadian Underwriter

ING Canada (TSX:IIC) has just purchased for cancellation just over Cdn$500 million of its common shares.More than C$500 million worth of ING Canadas common shares were tendered to a bid. Since the auction process was oversubscribed, ING announced in a

News Insurance

What’s New: In Brief (March 28, 2007)

March 28, 2007 by Canadian Underwriter

The Dominion of Canada General Insurance Company has teamed up with Guidewire Software to modernize and replace The Dominions existing legacy claims system in order to better serve the needs of its policyholders and its network of independent brokers. The

News Insurance

B.C. Court of Appeal clarifies when insurer has duty to defend

March 27, 2007 by Canadian Underwriter

Reporting an event or “circumstance that might lead to a professional liability insurance claim is not, in the absence of a claim, enough to trigger an insurer’s obligation to defend, the B.C. Appeal Court has ruled.In MWH International, Inc. v.

News Insurance

What’s New: In Brief (March 27, 2007)

March 27, 2007 by Canadian Underwriter

CGI Insurance Business Services has moved to a new location, at 150 Commerce Valley Drive, in Markham Ontario.All business units, including CGI Information Solutions and Services, CGI Insurance Company Systems, CGI Adjusters Inc. and CGI Risk Management Solutions will now

News Insurance

Severe flu pandemic could lead to US$683-billion economic loss

March 26, 2007 by Canadian Underwriter

A severe pandemic flu outbreak could result in the second-worst recession in the United States since World War 2, according to a March 2007 report by Trust for America’s Health (TFAH), entitled “Pandemic Flu and Potential for U.S. Economic Recession.”The

News Insurance

Aon launches global risk consulting unit

March 26, 2007 by Canadian Underwriter

Aon Corporation has further consolidated its services with the formation of Aon Global Risk Consulting (AGRC), creating one of the largest dedicated risk consulting, captive management and risk engineering groups in the world.The formation of AGRC follows the launch of

News Insurance

U.S. securities regulator eases reporting requirements for foreign issuers

March 23, 2007 by Canadian Underwriter

The United States Securities Exchange Commission [SEC] has officially made it easier for foreign companies to terminate their SEC registration, thus making it easier to cease their reporting obligations under the Sarbanes-Oxley Act.Smaller foreign companies in particular have criticized the

News Climate ChangeInsurance

Lloyd’s survey finds managing the cycle as top challenge for industry

March 23, 2007 by Canadian Underwriter

Managing the cycle, containing operating costs and improving efficiency and increasing regulatory burden were the three largest concerns weighing on the minds of Lloyds underwriters, according to the companys third annual survey.In total, 116 underwriters from a large number of

News Insurance

What’s New: In Brief (March 21, 2007)

March 21, 2007 by Canadian Underwriter

Audatex announced the appointment of Rick Tuuri as associate vice president of industry relations. Tuuri will serve as a central point of contact for all industry-related opportunities in North America, working with his counterparts around the globe. A 28-year veteran