Industry
Kingsway Financial Services Inc. says it intends to repay outstanding debts under its US$175-million, three-year revolving facility before the end of July.The company arranged the credit facility with a syndicate of banks in June 2006. As of June 30, 2008 the amount outstanding under this credit agreement was US$89.8 million.Kingsway also announced its intention to […]
By Canadian Underwriter | July 15, 2008
1 min read
Few U.S. property and casualty insurers excel at managing through market cycles, but mid-sized insurers (surplus between US$10 million and US$100 million) seem to be better at it than their small and larger-sized counterparts, a special report by A.M. Best has found.Also, top performers at managing the cycles tend to focus on underwriting to generate […]
By Canadian Underwriter | July 14, 2008
2 min read
Liberty International Underwriters Canada and ACE INA Insurance have been ordered to share the ongoing defence costs incurred by St. Marys Cement Company Inc. on a 50-50 basis, according to an endorsement by the Ontario Superior Court of Justice. St. Marys sought a declaration that ACE had a legal obligation to contribute to St. Marys’ […]
By Canadian Underwriter | July 11, 2008
B.C.’s Court of Appeal has ruled that ICBC owes a duty of care to advise the legal guardian of a claimant of the claimant’s entitlement to accident benefits and of any limitation on his entitlement.In McIlvenna (litigation guardian of) v. Insurance Corporation of British Columbia, the plaintiff, aged six at the time, was hit by […]
RSA is offering a second term of its Making Partner Program in January 2009.The program has been designed in conjunction with the Executive Development Centre at Queen’s School of Business to provide customized senior management leadership and business skills to RSA brokers.Those selected show a high potential for senior management and aspire to “make partner” […]
By Canadian Underwriter | July 10, 2008
The Financial Services Commission of Ontario (FSCO) has ruled that an insurance company is not responsible for re-training a claimant on the basis that the learning program was more insight-oriented than vocational and rehabilitative. FSCO additionally dismissed claims for income replacement benefits, housekeeping benefits and rehabilitation benefits on the basis that the claimant was experiencing […]
By Canadian Underwriter | July 9, 2008
The Court of Appeal in Alberta has denied an application by State Farm Insurance Company for a stay of the judgement that eliminated the Cdn$4,000 cap on non-pecuniary damages for minor injuries caused by a motor vehicle accident. In Morrow v. Insurance Bureau of Canada, State Farm is the insurer of the appellants involved in […]
By Canadian Underwriter | July 8, 2008
York Fire & Casualty Insurance has appointed Lori Corrigan to the position of vice president and COO.Corrigan brings to the post more than 20 years of insurance industry experience, from both a company and broker perspective, says a York Fire release. Her senior management experience spans marketing, claims and underwriting. In her new position, she […]
The Women in Insurance Cancer Crusade (WICC) has received a Cdn$1,000 personal donation, symbolizing the first WICC Tribute donation. The WICC Tribute is an initiative developed by WICC Ontario, giving industry members a tangible and meaningful way to commemorate colleagues who lost the fight with cancer and to honour those who continue to live and […]
By Canadian Underwriter | July 7, 2008
Despite the endorsement of enterprise risk management (ERM) by executive leaders of North American insurance companies, a full appreciation of ERM hasn’t fully filtered down within their organizations, a PricewaterhouseCoopers study has found.”Despite progress at the top, the study found that ERM is, in many cases, neither relevant to nor clearly understood by business teams,” […]
By Canadian Underwriter | July 4, 2008
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