Claims
Winmar celebrated the grand re-opening of its Oakville/Mississauga office in a new location. MPP Kevin Flynn, Mayor Rob Burton, Cathy Duddeck, regional and town councillor, Pam Damoff, town councilor, John Sawyer, president of the Oakville Chamber of Commerce, Wendy Rinella, member of the board of the Oakville Chamber of Commerce, John White, co-founder of Winmar, […]
July 31, 2011
1 min read
GC Securities, a division of MMC Securities Corp., has announced the placement of a $150 million cat bond, the first non-U.S. hurricane exposed cat bond issued since October 2010.The placement of $150-million worth of principal at-risk variable rate notes was done through catastrophe bond program Queen Street III Capital. Utilizing a PERILS country-weighted index trigger […]
By Canadian Underwriter | July 29, 2011
Transatlantic Holdings Inc. is recommending stockholders reject Validus Holdings Ltd.’s unsolicited, $3.5-billion offer to acquire all the outstanding common shares of Transatlantic.The Validus offer follows a previously announced, $3.2-billion offer for Transatlantic in June 2011 by Allied World Assurance Company Holdings AG. Transatlantic’s board says it believes the Allied World offer “will provide greater long-term […]
2 min read
Extended warranties or guarantees on products other than vehicles do not count as “insurance” for tax purposes, the Alberta Court of Appeal has ruled.In Brick Protection Corporation v. Alberta (Provincial Treasurer), the Appeal Court concluded on July 21 that taking fees for extended warranties did not make a company liable to pay a tax on […]
By Canadian Underwriter | July 28, 2011
Phony airbag deployment is an increasingly common element of auto fraud, an accident reconstruction expert told an education seminar held in London, Ontario on July 26. Gord Jenish, president of Jenish Engineering, presented some common signs indicating the fraudulent deployment of airbags at the ISB Canada education seminar, Combat Auto Fraud. Jenish noted fraudsters commonly […]
Car theft may be grabbing headlines these days, but frauds involving other types of vehicles have emerged recently on the radar screens of Ontario police. These include insured ‘homemade’ trailers, watercraft and all-terrain vehicles (ATVs).Sergeant Stephen Boyd of the Ontario Provincial Police’s organized crime enforcement bureau discussed these and other emerging fraud trends at the […]
By Canadian Underwriter | July 27, 2011
Insurance companies settling small claims without any investigation may in fact be emboldening fraudsters to commit more serious forms of fraud in the future, a claims investigator warned at a seminar on combating auto fraud.Jordan Legg of Cunningham Lindsey spoke about claims investigation strategies in an ISB Canada education seminar held in London, Ontario on […]
WSI (Weather Services International) is maintaining its forecast for above-average activity in the 2011 hurricane season, likely with a landfall on the US Gulf coastline. Its 2011 predictions include 15 named storms, eight hurricanes and four intense hurricanes (Category 3 or greater). While WSI does not predict as active a season as 2010, it does […]
By Canadian Underwriter | July 26, 2011
Long-range weather event forecasting – from one to 10 years out – would be useful to the insurance industry, which now relies too heavily on historical data to predict the likelihood of severe weather events, according to a report co-published by Lloyds of London and the Met Office (the United Kingdom’s national weather service).”Our climate […]
By Canadian Underwriter | July 22, 2011
British Columbia’s Financial Institutions Commission (FICOM) will no longer perform bankruptcy or criminal record checks for directors, senior officers or significant shareholders of insurance companies or captive insurers.Instead, candidates for these positions will have to bankroll their own criminal record and bankruptcy checks. As part of the application process, the Financial Institutions Act requires directors, […]
By Canadian Underwriter | July 20, 2011
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