A previously announced deal to sell the remaining insurance properties of troubled Queensway Financial Holdings has run aground. In a press release, Queensway announces that the deal to sell its U.S. insurance companies to Argonaut Group “has been terminated”. Reasons…
Insurer Liberty International Canada is filing suit against beleaguered Canadian animation company Cinar. The suit, to the tune of $900,000, was filed in Quebec Superior Court.Cinar has come under fire recently, facing allegations of tax fraud and heavy financial losses.…
The outcome of a class action lawsuit filed in Ontario against the Co-operators General Insurance Co. in an attempt to reclaim amounts the insurer allegedly gained from salvage following a total loss write-off of a vehicle and deductible charged to the insured, could herald a new attack of “strike suits” against auto insurers
The primary responsibility of any insurance professional is to provide the best possible service to policyholders. That means not only offering solid advice and guidance in the area of loss prevention, and approving and paying claims as quickly as possible when legitimate losses occur, but also identifying and denying fraudulent claims.
The Facility Association has named David Simpson its new president and CEO. Simpson is former president of the Insurance Institute of Ontario and assistant division manager with State Farm. He succeeds Stan Griffin, who has become executive vice president of…
Rising insurance prices, increased global risk exposure, and emerging non-property risks. Today’s risk management profession is facing a new corporate landscape where greater emphasis is being placed on a holistic approach to risk evaluation and cost. Can risk managers benefit from the expertise and risk tools developed by insurers?
Global expansion and risk diversification with emphasis on managing capital will serve as the cornerstones of the next development phase of the insurance industry, speakers at the recently held International Insurance Society (IIA) 37th annual seminar predicted. The event, which took place in Vienna, Austria, drew 530 senior insurance management delegates representing 50 countries. A survey carried out by the IIA of the attendees confirmed the common message of the speakers – the global insurance marketplace is at the brink of a revolution.
Royal Bank of Canada (TSE, NYSE: RY) has announced the sale of Louisiana-based State National Fire Insurance Company to an undisclosed Louisiana company. Royal Bank had acquired State National Fire as part of its buyout of Liberty Life and Liberty…
Swiss Re, the parent company of Swiss Re Canada, has entered into a unique "risk swapping" agreement with Japanese insurer Tokio Marine and Fire, through Tokio Millennium Re of Bermuda. The catastrophe risk swapping deal, worth US$450 million covers losses…
Crawford Adjusters Canada has been appointed to administer the class action settlement arising from the use of diet drug Pondimin, the company has announced in a press release. An Ontario Superior Court Justice has approved the appointment, and the process…
Last year may have been a period in “hell” for global reinsurers. after seven consecutive years of declining rate adjustments spurred by weak market conditions, reinsurers were struck a double whammy of soaring catastrophic losses and a sudden reduction in retrocession capacity. action had to be taken, and was taken with treaty renewal rates rising around the globe. However, if last year was “hell”, then this year the industry must face “purgatory”, where the sins of the past will be tested against the resolve of reinsurers to implement the necessary premium rate adjustments desperately needed to regain profitability.
The area of subrogation is a necessary part of the claims process, one which is often overlooked or under-utilized by the primary insurer. A poor or effective claims management approach to subrogation can mean the difference of millions of dollars to the bottom-line. Faced with the current business climate, can insurers afford financial spillage?