Industry
The Financial Services Commission of Ontario (FSCO) has issued a cease and desist order against a Quebec-based business operating in Ontario.A FSCO investigation found that Socit de Cautionnement Inc. (otherwise known as Canadian Bonding Corporation), Gestion Lamca Inc. (otherwise known as Lamca Holdings Inc.) and Roger Goulet were operating in the business of insurance in […]
By Canadian Underwriter | November 30, 2006
1 min read
The Insurance Bureau of Canada (IBC) has praised P.E.I.’s proposal for implementing graduated licensing for new drivers, according to the CBC.”I think the government is to be commended for taking this step,” Bill Adams, the manager of government relations for the Atlantic Canada division of the IBC, told the CBC. “There’s a lot of other […]
The Bank Act review continues to go the brokers’ way.Finance Minister Jim Flaherty recently introduced legislative proposals to Parliament that appear to close the issue of banks retailing insurance for yet another five years.IBAC praised the government for not giving banks the power to retail and/or provide information about insurance products from their local branches. […]
By Canadian Underwriter | November 29, 2006
2 min read
A six-week exercise assessing how prepared the UK’s financial services sector would be in the event of a flu pandemic indicated that the country’s financial sector would be able to sustain its core services. Led by the Financial Services Authority (FSA), about 70 firms — including the Tripartite authorities (Bank of England, HM Treasury and […]
By Canadian Underwriter | November 24, 2006
Moody’s Ratings Service is carefully monitoring U.S. financial regulators’ subpoenas against parents of several financial guaranty insurance companies in connection with an ongoing criminal investigation of alleged bid-rigging of awards of municipal guaranteed investment contracts.”Inherent wrongdoing is not indicated but the subpoenas could portend governance or control failures, so we are closely following developments and […]
Fairfax Financial Holdings (Fairfax) has announced an underwritten public offering to sell 9 million common shares of Odyssey Re Holdings Corp. Fairfax will grant the underwriters an option to purchase up to 1.4-million additional shares of common stock to cover over-allotments, if any.Citigroup Corporate and Investment Banking and Wachovia Capital Markets, LLC will lead the […]
The Loyalist Insurance Group Limited has announced its 2006 Q3 revenues decreased to Cdn$449,380 from Cdn$488,331 for 2005 Q3.”The decrease, in part, was due to the sale of a small portion of the customer list to a former employee,” the company announced in a press release.In July 2006, the company negotiated a sale of a […]
By Canadian Underwriter | November 23, 2006
Almost one in three Canadians fail to shred their personal documents before throwing them in the garbage, indicating they are not taking measures to avoid identity theft, according to online research conducted by Royal & SunAlliance (RSA).The RSA survey found people in British Columbia and Quebec appeared to be most concerned about identity theft, whereas […]
Lloyd’s is calling for a paperless claims process in the Lloyd’s insurance market by the end of next year.”Our goal is for all claims going through the [Lloyd’s insurance] market to be processed electronically by the end of 2007,” Lloyd’s CEO Richard Ward said in a recent speech to the Xchanging conference in Brighton, U.K. […]
By Canadian Underwriter | November 22, 2006
ACE INA Insurance, part of the ACE Group of Companies, has opened a new Montreal office. Located at 1800, avenue McGill College, the office will provide commercial property and casualty insurance for the Quebec and Eastern Canadian market.”The opening of this new office in Montreal represents a significant milestone in our expansion strategy,” said ACE […]
By Canadian Underwriter | November 21, 2006
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