Industry
**CORRECTION** This item corrects the organization’s name that appeared in an item posted on August 25, 2008. The Insurance Corporation of British Columbia (ICBC) reported a net income of Cdn$255 million for the first half of 2008, roughly the same as the Cdn$256 million reported for the first half of 2007.ICBC’s expense ratio operating costs, […]
By Canadian Underwriter | August 26, 2008
2 min read
Kingsway Financial Services Inc. is selling York Fire & Casualty Insurance Company to La Capitale General Insurance Inc., a member company of the mutual company La Capitale Financial Group Inc., which is owned by members of Quebec’s civil service. The transaction is expected to be completed during 2008 following the receipt of regulatory approvals.York writes […]
By Canadian Underwriter | August 25, 2008
Aon Corporation has announced it will acquire Benfield Group Limited. Under the agreement, Aon will acquire Benfield for 3.50 (Cdn$6.79) per share in cash and assume 91 million (Cdn$176.43 million) of Benfield net debt, representing an enterprise value of approximately 935 million (Cdn$1.81 billion) on a fully diluted basis, the company notes in a release. […]
By Canadian Underwriter | August 22, 2008
1 min read
In its recommendations to the Financial Services Commission of Ontario (FSCO), the Insurance Bureau of Canada (IBC) has recommended a $1,500 cap on post-PAF assessments and treatments for minor injuries.The recommendation was one of 25 made to FSCO as part of the commission’s five-year review of the province’s auto insurance legislation.IBC suggested that FSCO redefine […]
A.M. Best has developed a methodology for rating contingent capital facilities used by insurers.Contingent capital facilities allow companies to preset the terms and conditions of future capital-raising initiatives, allowing financial flexibility for organizations while protecting balance sheets against the unexpected, A.M. Best explains. Considering the recent interest in contingent capital, A.M. Best has determined which […]
By Canadian Underwriter | August 21, 2008
Crawford & Company (Canada) Inc. appointed a new leadership team for its ClaimsAlert contact centre, which will guide the division through continued growth and expansion across Canada. Roland Giguere has joined Crawford as assistant vice president, ClaimsAlert. Giguere brings with him extensive experience in optimizing human resource management, technological innovation and business line development. He […]
FirstOnSite Restoration L.P. has acquired Ezi-Way Cleaning Services Ltd. of Charlottetown, P.E.I and Ezi-Way Disaster Kleenup (Moncton) Ltd. of Moncton, N.B.”With this acquisition we have considerably strengthened our position in the Maritimes,” said Ian Milne, FirstOnSite’s CEO. The new acquisitions will become part of FirstOnSite’s Atlantic division based in Halifax, he added.Including the newly acquired […]
By Canadian Underwriter | August 20, 2008
The 2009 Ford Escape has earned top safety pick from the Insurance Institute for Highway Safety (IIHS) in tests for front, rear and side impacts.The best performers also included the 2008 Mitsubishi Outlander, 2008 Nissan Rogue and 2009 Volkswagen Tiguan. The IIHS tested eight small SUV models in the tests, and for the first time […]
Canadian and U.S. property and casualty reserves were modest at year-end 2007, but Fitch Ratings predicts that reserve redundancy will begin to decline moving forward amid eroding market conditions and increasing accident-year loss ratios.In its report, Fitch Ratings examines the industry’s reserves at year-end 2007, focusing on core reserves from the most recent 10 accident […]
By Canadian Underwriter | August 19, 2008
The rate of development of privacy and data security insurance products had been hampered by the fact that buyers were frustrated by the patchwork of non-standardized coverages and comparatively low limits available in the market, Advisen reports.”An inadequate understanding of exposures and relevant insurance products by many agents and brokers also may have impeded growth,” […]
By Canadian Underwriter | August 18, 2008
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