Industry
Insurance Bureau of Canada is applauding the Nova Scotia government for making important changes to the province’s graduated driver licensing (GDL) program.”These changes will significantly make Nova Scotia’s roads safer,” said Don Forgeron, vice-president, Atlantic, Insurance Bureau of Canada. “They will serve to reduce the unnecessarily high number of deaths and injuries currently experienced by […]
By Canadian Underwriter | March 30, 2007
1 min read
In response to growing concerns about the threat of identity theft, The Co-operators announced it has extended identity theft coverage to clients with home or farm insurance. The new coverage reimburses clients for up to Cdn$10,000 of costs associated with recovering or correcting damage to their personal identity. Insured expenses include legal fees and costs […]
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) announced that it has entered into an agreement to purchase 1,031,090 subordinate voting shares of Cunningham Lindsey Group Inc. from a group of third party investors.The Cunningham Lindsey shares will be acquired pursuant to a private agreement transaction at an aggregate purchase price of Cdn$2.25 million, a […]
ACE Canada, the Canadian based operating division of the ACE Group of Companies, has appointed Terri Mitchell as executive vice president and chief operations officer of ACE Canada’s Life, Accident and Health Group.Mitchell joined ACE Canada in 2004 as vice president and has held several senior management positions within the organization. In her new role, […]
By Canadian Underwriter | March 29, 2007
AXIS Capital (NYSE: AXS), a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire from AON Underwriting Managers the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of business,. Headquartered in Kansas City and formed in 1979, Media/Pro is a full-service managing general […]
2 min read
A growing lack of critical talent in Torontos financial services sector looms, according to a year-long study of the industry by the Toronto Financial Services Alliance (TFSA).Talent Matters A Study of the Toronto Financial Service Industry Talent Market found that Torontos insurance companies, banks and investment firms, can expect major gaps in critical talent the […]
By Canadian Underwriter | March 28, 2007
ING Canada (TSX:IIC) has just purchased for cancellation just over Cdn$500 million of its common shares.More than C$500 million worth of ING Canadas common shares were tendered to a bid. Since the auction process was oversubscribed, ING announced in a press release, the company has determined that, in accordance with the terms of the bid, […]
Reporting an event or “circumstance that might lead to a professional liability insurance claim is not, in the absence of a claim, enough to trigger an insurer’s obligation to defend, the B.C. Appeal Court has ruled.In MWH International, Inc. v. Lumbermens Mutual Casualty Company, the B.C. Court of Appeal overturned a trial judges findings that […]
By Canadian Underwriter | March 27, 2007
Ontarios Court of Appeal has overturned a judges order for Royal & SunAlliance Insurance Group Plc, along with 5 other insurers, to pay Canadian National Railway Co. (CN) $30 million to cover a failure of a tunnel-boring machine, reports the Montreal Gazette. CN should have known the machine had a faulty design and the insurance […]
A severe pandemic flu outbreak could result in the second-worst recession in the United States since World War 2, according to a March 2007 report by Trust for America’s Health (TFAH), entitled “Pandemic Flu and Potential for U.S. Economic Recession.”The report found a pandemic flu could cause a 5.5% drop in the U.S. gross domestic […]
By Canadian Underwriter | March 26, 2007
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