Industry
The limit of Underinsured Motorist Protection (UMP) coverage under governing legislation in British Columbia is limited to Cdn$1 million for all or each of the dependents of a passenger killed in a motor vehicle accident, the Court of Appeal for British Columbia found, dismissing an appeal. In 1999, Cameron Carl Lougheed was a passenger in […]
By Canadian Underwriter | October 31, 2007
2 min read
Insurers performed best in underwriting and claims, while the poorest performance was in the area of policy administration, according to a Willis Group Holdings Limited survey.The survey of more than 2,700 Willis employees also found that specialist carriers are perceived as offering a superior level of all-around service to Willis and its clients, as opposed […]
1 min read
Cunningham Lindsey Group has signed a definitive agreement regarding substantial investment from Stone Point Capital, a private equity firm, and the buy-out of Cunningham Lindsey Groups minority shareholders. Under the agreement, Stone Point will acquire a 51% interest in the operating companies of Cunningham Lindsey in return for an investment of approximately US$80 million.Fairfax Financial […]
By Canadian Underwriter | October 30, 2007
A proposed move to a single securities commission in Canada one with a principles-based approach to regulation would do little to cut costs for investors and issuers, experts argued in a report released by Quebecs Autorit des marchs financiers (AMF).The main arguments justifying the centralization of Canadas securities commissions do not stand up to analysis, […]
A.M. Best Co. has affirmed the A+ financial strength rating of The Wawanesa Mutual Insurance Company (WMIC) (Winnipeg) and The Wawanesa Mutual Insurance Company (United States Branch).The outlook for the financial strength rating is stable, according to A.M. Best. The ratings of WMIC are based on its superior level of capitalization and strong, liquid balance […]
By Canadian Underwriter | October 29, 2007
CNA Financial Corporation announced a 2007 Q3 profit of US$174 million, a decrease from 2006 Q3s US$311 million.The company also reported a combined ratio of 91.6% for property and casualty operations, a statement says. Net written premiums decreased US$165 million over 2006 Q3, the release says.Standard lines retention decreased four points to 76% over last […]
Alberta is planning to scrap its industry-wide adjustment of grid prices in its auto insurance product, according to Dennis Gartner, the assistant deputy minister of pensions, insurance and financial institutions of Alberta.The industry-wide adjustment applies to the provinces grid prices only.In its place, the government is contemplating some kind of file-and-approve system, including some kind […]
By Canadian Underwriter | October 26, 2007
Dan Lawrie, president of Dan Lawrie Insurance Brokers Ltd., has personally donated Cdn$125,000 to Mohawk Colleges new, Cdn3-million concourse for their insurance and financial services. In recognition of the donation, the Dan Lawrie Insurance Learning Centre will be established. The centre is intended to assist students in making the most of their learning experience. It […]
Insurance industry counsel should consider telling their clients to get rid of backup data while rules preventing this still do not exist in Canada, Samuel Soloman, chairman and founder of DOAR Litigation Consulting, told delegates and counsel attending an ARC Group of Canada seminar on Oct. 25 in Toronto. Policies in the United States prevent […]
If a danger related to the use of a product is not obvious, and a consumer seeks reassurance from a merchant concerning the safety of the product, the answer must not be misleading, the Ontario Court of Appeal has found in a recent product liability case. In Walford v. Jacuzzi Canada Ltd., Marion Walford wanted […]
By Canadian Underwriter | October 25, 2007
3 min read
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