Industry
A.M. Best Co. has withdrawn the financial strength rating (FSR) of B++ (Good) and assigned a category of NR-5 (Not Formally Followed) to Insurance Corporation of Newfoundland Limited (ICON) (Newfoundland, Canada).This rating action is a result of ICON’s amalgamation into its sister company, AXA General Insurance Company (AXA General) (Ontario, Canada), formerly Anglo Canada General […]
By Canadian Underwriter | March 19, 2007
1 min read
Proposed National Instrument 31-103 which outlines registration requirements for hedge fund participants may significantly increase insurance costs for firms participating in hedge funds, according to a paper authored by Ronald Kosonic of Borden Ladner Gervais.Posted on Borden Ladners Web site, Kosonics paper says minimum insurance requirements for firms with significant hedge fund assets or assets […]
By Canadian Underwriter | March 16, 2007
Royal Bank of Canada is speeding up its plans to open more insurance offices across Canada over the next year, after opening 13 in almost two years, according to a report by Bloomberg.com.In an interview with Bloomberg reporter Doug Alexander, RBC Insurance CEO Neil Skelding is quoted as saying said the pace of the banks […]
2 min read
The United States Attorney for the Southern District of New York has announced that Ian Stuart is now in custody in New York and faces wire fraud and mail fraud charges related to a US$7-million insurance policy scheme.Stuart was extradited to the United States on Mar.15, 2007, after being held in custody in Ontario since […]
Hub International Limited (NYSE:HBG) (TSX:HBG) has agreed to acquire substantially all of the assets of BNC Insurance Services, Inc., one of the largest Arizona-based insurance brokers.The brokerage, which does business as Milne & BNC Insurance Services, has approximately US$19 million in revenue. This operation will become a new regional platform (hub) doing business as Hub […]
By Canadian Underwriter | March 15, 2007
The Honourable Order of the Blue Goose, Ontario pond, is presenting its Annual Charity Scotch Nosing on April 5th at the Saint Andrews Club in Toronto, with all benefits going to the Sean Corner Benefit Fund. Gooses and ganders of both scotch expert and novice status alike will be treated to a four-course dinner and […]
By Canadian Underwriter | March 12, 2007
Aon Re Global and Benfield Group have reached a global and comprehensive settlement with Benfield Group of all the litigation relating to the defection of former Benfield facultative reinsurance employees to Aon Re.Under the amicable settlement, Benfield will receive payments over time totalling 9.5 million [approximately Cdn$21.5 million] which includes all of Benfields costs, according […]
The Ontario Bar Association (OBA)s Insurance Law Subsection has announced that Jesse T. Glass of Laxton Glass LLP (Toronto) and Eric R. Williams of Williams McEnery LLP (Ottawa) are the recipients of the 2007 OBA Award for Excellence in Insurance Law. Glass has worked as a lawyer since 1959 and is the past chairman of […]
By Canadian Underwriter | March 9, 2007
The Financial Services Commission of Ontario (FSCO) has released its Health Claims for Auto Insurance (HCAI) Rollout Guideline, which includes, among other things, revised accident benefit claims forms and a Central Processing Agency (CPA), an agent designated to receive accident benefit claims forms on behalf of insurers.The HCAI Rollout Guideline currently applies only to participating […]
National Bank of Canadas outgoing president and CEO, Ral Raymond, indicated in a Mar. 7, 2007 speech to shareholders that the banks have clearly not given up advocating for changes in the Bank Act respecting insurance.Revisions to the Bank Act, anticipated to be passed in April 2007, currently do not include provisions that would allow […]
By Canadian Underwriter | March 8, 2007
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