Industry
Property catastrophe reinsurance renewal rates decreased globally as of Apr. 1, 2008, but some areas of the world showed greater rate discipline than others, according to a report by Guy Carpenter & Company LLC.Insurers in Asia and in the United States each pushed hard for reinsurance rate reductions, the Guy Carpenter report observed, but U.S. […]
By Canadian Underwriter | April 23, 2008
2 min read
Liberty Mutual Group is acquiring Safeco Corporation for roughly US$6.2 billion. Upon completion of the transaction, Liberty Mutual will become the fifth largest property and casualty insurer in the United States, the company reports in a release. Currently, Liberty Mutual Group is the sixth-largest property and casualty insurer in the United States, based on the […]
1 min read
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) has filed a preliminary short form base shelf prospectus with the Canadian securities regulatory authorities, allowing Fairfax to offer up to US$1 billion of debt, equity or other securities over a 25-month period. “Should Fairfax offer any securities, it will make a prospectus supplement available that will […]
By Canadian Underwriter | April 22, 2008
New technologies including forward collision warning and lane departure warning show more potential to avoid or mitigate crashes, including fatal ones, according to research by the Insurance Institute for Highway Safety (IIHS).In its latest Status Report, IIHS researchers categorized the kinds of crashes that five emerging technologies are intended to prevent or mitigate. To determine […]
Many companies are closer to the starting gate rather than the finish line when it comes to preparing for the country’s transition to International Financial Reporting Standards (IFRS), a survey by the Chartered Accountants of Canada (CA) has found.Just over half of the 550 senior executives in Canadian companies surveyed indicated their company would need […]
Ontario auto rates are on the rise, according to data posted by the Financial Services Commission of Ontario (FSCO), the regulator of the province’s insurers.Rate applications approved for 2008 Q1 averaged +1.05%, based on the entire market, FSCO noted in an online bulletin.Rate changes approved in 2004, 2005, 2006 and 2007 were -10.60%, -2.43%, -1.27% […]
By Canadian Underwriter | April 21, 2008
If Bill 22 is passed in British Columbia, insurers will be on the hook for all health care costs related to bodily injury claims, warns Jonathan Hodes of Clark Wilson, LLP.Since the 1950s, the insurance industry in British Columbia had an unofficial agreement with the Ministry of Health that insurers would repay the government for […]
Desjardins Group and recycling company Cascades have teamed up to support each other’s sustainable development and business reciprocity initiatives. Under the agreement, according to a joint release, the two companies will collaborate in:developing a preferred partnership for the Desjardins Paper Challenge;co-operating to fulfill the 12 corporate actions adopted by Desjardins as part of the ‘Change […]
**CORRECTION: This news brief corrects an error contained in a news brief posted on April 21, 2008**. Lloyd’s of London has appointed LoriAnn Lowery as its new president of Lloyd’s North America and Deborah Moor as president of Lloyd’s Canada.Lowery will be responsible for all business operations across the U.S. and Canada, including business development […]
Canada’s class action plaintiff bar is becoming more sophisticated as it adopts U.S.-style litigation practices, delegates of the AIG Canada Product Symposium were told. Canadian plaintiff lawyers are increasingly seeking contingency fees in class action cases, Alan D’Silva, partner at Stikeman Elliott LLP, suggested. “We’re seeing the courts approving multiples of four or five times […]
By Canadian Underwriter | April 18, 2008
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