Industry
Co-operators General Insurance Company is undergoing a number of changes to its senior management team, as three of its members are moving on to retirement.The senior management team oversees all of the companies in The Co-operators group of companies.Dan Thornton, senior vice president and chief operating officer of Co-operators Life Insurance Company, sister company to […]
By Canadian Underwriter | September 14, 2006
2 min read
Following a review of its businesses, Norwich Union, a subsidiary of Aviva and the U.K.’s largest insurer, is poised to reduce its U.K. workforce by 4,000 prior to the end of 2007.”Approximately half of [the workforce reductions] are anticipated to be through compulsory redundancies,” the company announced in a press release. “Norwich Union will seek […]
1 min read
The Dominion of Canada General Insurance Company (“The Dominion”) is now automatically including up to $25,000 of identity fraud expense coverage in its and Chieftain’s homeowners, tenants and condominium policies, subject to a $250 deductible.The Dominion announced it is not charging any additional premium for this coverage.”We chose to include this coverage rather than charge […]
Oxygen Holdings P.L.C. recently introduced a reinsurance broker, Oxygen Re that will serve buyers of non-marine, marine and aviation treaty reinsurance and retrocessional covers.In addition, London-based Oxygen Holdings says it will introduce third-party capital in various forms to support underwriting.The unit is launching as the Company predicted that a “seismic shift” is occuring in the […]
By Canadian Underwriter | September 13, 2006
Ontario’s insurance regulator is consultating with Ontario-incorporated insurers, reciprocals and fraternal societies on proposed changes to insurance legislation that would allow these insurers to operate under investment and corporate governance rules similar to those at the federal level. According to the Financial Services Commission of Ontario (FSCO), the “proposed ‘prudent portfolio’ approach would give Ontario’s […]
The property retrocession business Swiss Reinsurance Co acquired when it purchased GE Insurance Solutions, will not be renewed.The reason the reinsurer is not renewing the business is related to the dissolution of the retrocession market. The decision of Swiss Re reiterates the fact that it will be very hard for primary insurance companies to get […]
By Canadian Underwriter | September 12, 2006
The Precept Group, a full-service insurer based in Waterloo, Ontario, is donating money to help build Canada’s first solar park The Precept Group Inc. announced it will be donating money to The Sunpark Challenge to help buy the solar panels and equipment necessary to generate clean, renewable electricity from the power of the sun. “We […]
Reinsurers need to remember that electronic records represent potential legal landmines and should be treated cautiously, attendees of a New York reinsurence conference heard recently.”Reinsurance once was thought of as a business governed by gentlemen’s agreements sealed with handshakes in Monte Carlo or Baden-Baden,” A.M. Best noted in a report on the New York conference. […]
By Canadian Underwriter | September 11, 2006
ENVIRONMENTAL SOLUTIONS Remediation Services (ESRS) has opened a new ESRS office in Montral, which will be managed by Ray Penta. A native to Montral, Penta has over 17 years of experience specializing in environmental investigations and remediation projects. The Montral office will serve both U.S. and Canadian clients, as do the other ESRS hub office […]
Aon Corp. is the newest of a number of brokers who have the go-ahead to accept profit-based commissions from insurers under the terms that the broker is acting as the insurers managing general agent or underwriting manager.The agreement, reached with New York Attorney General Eliot Spitzer, New York Superintendent of Insurance Howard Mills, Illinois Attorney […]
By Canadian Underwriter | September 8, 2006
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