Industry
A.M. Best Co. has affirmed the financial strength rating of A+ of the ING Canada Group, but noted: ING Canada will be challenged to maintain current profitability levels due to pricing pressure from competitors for commercial lines products and the impact of regulated automobile business. The ratings agency said capitalization is strongly supported by the […]
By Canadian Underwriter | July 4, 2007
1 min read
The territorial limitation contained in an automobile insurance policy and in the Insurance Act restricts coverage provided in the underinsured motorist endorsement, the Ontario Court of Appeal ruled on July 3.In Pilot Insurance Company v. Sutherland, the Appeal Court ruled the territorial restriction in a policy applied to the underinsured motorist endorsement. The decision effectively […]
2 min read
Tesfaye Fekade has been appointed to the position of vice president, operations of MSA Research Inc.In a press release, Joel Baker, MSA president and CEO, commented that Fekade is an extremely valued addition to the MSA team.His deep technical knowledge coupled with his prior professional experience enable us to substantially ramp up service delivery, customer-support […]
A.M. Best Co. is hosting a comprehensive, one-day conference in Toronto to explore the issues facing the Canadian insurance industry. The 2007 Review& Preview ConferenceCanadian Update will be held Sept. 21 from 8:30 a.m. to 3 p.m. at the Westin Harbour Castle. Conference speakers include A.M. Best Company’s senior property/casualty and life/health analysts, as well […]
By Canadian Underwriter | July 3, 2007
Insurance companies interested in reducing regulation need to take a hard look at their reputational risks, according to Scott Newquist, the managing director of the consulting firm Perception Partners. Speaking at a seminar organized by the Insurance Bureau of Canada (IBC), Newquist said “experience has shown us over the past 10 years that what causes […]
June 30, 2007
Last month, Canadian Underwriter associate editor Vanessa Mariga wrote our cover story, which was supposed to be a basic overview of the state of technology in the Canadian insurance industry. However, what she discovered is that the attitudes about, politics around and objectives for technology in Canada’s insurance industry are anything but “basic.” Vanessa’s piece […]
By David Gambrill, Editor | June 30, 2007
3 min read
A.M. Best Co. has affirmed the financial strength ratings (FSR) of 43 Canadian property/casualty companies, upgraded five FSRs, assigned three FSRs and downgraded one FSR. “These ratings are based solely upon public information and present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process,” A.M. […]
The Canadian property and casualty industry posted excellent results in 2006, sporting a 91.7% combined ratio and a 17% return on equity (ROE), but it should be mindful of the lessons learned from soft markets in the past since 2007-08 results are expected to deteriorate, A.M. Best warned in a recent report. The A.M. Best […]
French insurer April Group has announced its new presence in Canada with the acquisition of two Quebec brokerages, Escapade Assurances Voyages and Dave Rochon Assurances. Escapade, situated in Sainte Croix, was created in 2003 and specializes in travel insurance for short and long voyages and for specific destinations. It is distributed essentially by telephone and […]
AXA is making available a comprehensive portfolio of customized art insurance products and related services to meet the growing demands of individual art collectors, museums, galleries, corporations, galleries, trusts, travelling exhibitions and artists in the Canadian marketplace. AXA will be offering in Canada customized policies to insure objects in every active area of serious collecting, […]
By Canadian Underwriter | June 29, 2007
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