Industry
Kingsway Financial Services Inc. has made some executive changes to create its leadership team, align management responsibilities and formulate Kingsway’s strategy for the future.Shelly Gobin has been appointed senior vice president and CFO. She will assume overall responsibility for reinsurance in her new role.Colin Simpson has been appointed senior vice president and chief strategy officer. […]
By Canadian Underwriter | May 16, 2008
1 min read
Projected to be bigger in scope than the savings and loan crisis in the late 1980s and early 1990s, the subprime mortgage and credit derivative fiasco currently embroiling the United States is merely in its infancy, panelists told people attending a PLUS Canada seminar in Toronto.Initial estimates have projected the value of insurance claims arising […]
2 min read
Zurich Financial Services Group reported a net income of US$1.4 billion, an increase of 3% in its 2008 Q1 earnings over 2007 Q1.The general insurance unit of the company saw a 10% increase in gross written premiums and policy fees, from US$10.2 billion to US$11.2 billion for the quarter, “reflecting both organic growth, as well […]
By Canadian Underwriter | May 15, 2008
*** CORRECTION This item contains a correction of an item that was originally posted on May14. Please note the contact information for the Guy Carpenter & Company Casino Night has been amended. Peter Phillips has been appointed managing director of Aon Capital Markets. The department is responsible for variable annuity hedging and consulting and related […]
EGI Financial Holdings Inc. (TSX:EFH) says it is poised to take advantage of the hardening market conditions now developing in 2008.”With competitive conditions persisting within the non-standard auto line of business, we have remained focused on continued diversification efforts and profitably growing our niche products division,” EGI Financial CEO Douglas McIntyre said in a press […]
The conventional view of good faith is misleading or incomplete in that it does not answer essential questions such as whether the obligation is contractual, Roderick Winsor, partner with Blaney McMurtry LLP told delegates at the Insurance Law: Spring Update 2008 in Toronto on May 15. In Maschke Estate v Gleeson, Winsor observed, it was […]
Unwarranted optimism about claims trends and immense pressure to meet quarterly profit targets are two of the primary reasons insurers find themselves in trouble during a soft market, said George Cooke, president and CEO of the Dominion General Insurance Company of Canada.Cooke spoke at the Property and Casualty Underwriters Club final luncheon of the 2007-2008 […]
By Canadian Underwriter | May 14, 2008
If businesses do not start preparing now for expanding litigation exposures, they could face a future liability crisis, Lloyd’s warns. Dealing with liability risk consumes roughly 13% of a board’s time, and this is expected to increase further over the next three years, according to a Lloyd’s report, ‘Directors in the Dock: Is Business Facing […]
By Canadian Underwriter | May 13, 2008
The Property and Casualty Insurance Compensation Corporation (PACICC) is making it a priority in 2008 to seek changes to Canada’s Winding Up and Restructuring Act (WURA).The organization said in its 2007 annual report it would be preparing to lobby the government on the following issues related to WURA, among others:the scope of legislation for restructuring […]
At a time when some B.C. insurers believe eliminating guaranteed replacement cost (GRC) coverage would eradicate under-valuation of personal lines homeowners policies, ING Insurance Company of Canada announced it is piloting a project to introduce GRC coverage for commercial lines policies.GRC coverage typically promises to rebuild a home or a building after a total loss […]
By Canadian Underwriter | May 12, 2008
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