Industry
American International Group Inc. (AIG) has agreed to pay more than US$1.6 billion in restitution and penalties, and to adopt a series of business practice reforms in order to settle civil fraud charges with state and federal regulators, according to New York Attorney General, the New York Insurance Department, the Securities and Exchange Commission (SEC) […]
February 28, 2006
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An online insurance marketplace, kanetix, is expanding its online quote service to include Ontario business insurance, the company has announced.”Before we added business insurance to the quote service, insurance shoppers coming to kanetix could get quotes for their personal auto, home, motorcycle, life, critical illness and travel insurance needs,” kanetix co-founder Gregory Ellis says. “With […]
By Canadian Underwriter | February 28, 2006
Anthony Clark International Insurance Brokers Ltd. (TSX:ACL) has appointed Robert M. Sadleir to the Corporation’s board of directors. Sadleir is a chartered accountant and vice-president finance for Cal-Gas Inc. Sadleir offers knowledge and experience in the areas of finance, corporate strategy, and general business operations. Anthony Clark is a general insurance broker and has expanded […]
1 min read
Shareholders of Swiss Reinsurance Co. (RUKN.VVX) recently approved the creation of up to $7.8 billion in fresh equity capital that will be used to finance the acquisition of GE Insurance Solutions, the reinsurance unit of General Electric Co (GE). Chairman of the board of directors Peter Forstmoser says the vote indicates that shareholders are convinced […]
By Canadian Underwriter | February 27, 2006
SGI is giving its customers a one-time, 8% rebate in 2006.”SGI has not increased rates for vehicle insurance for five years and there will be no rate increase again this year,” the minister responsible for SGI, Glenn Hagel, said in a press release. “Instead, SGI’s Auto Fund will be giving Saskatchewan vehicle owners an 8% […]
By Canadian Underwriter | February 21, 2006
Managing the insurance cycle remains the most important challenge facing the global insurance industry, according to Lloyd’s underwriters.New Lloyd’s research, carried out among more than 100 underwriters from the international specialist insurance market, reveals that more than half of Lloyd’s underwriters believe that managing the ‘boom and bust’ nature of the insurance cycle will be […]
Willis Group Holdings Ltd. recently hired Derek A. Smyth as chief financial officer of the brokerage’s North American operations.Smyth has 13-years experience at General Electric Co., during which time he served as vice-president securitization, strategic pricing and financial planning and analysis. He also served as CFO of GE Capital IT Solutions in Munich, Germany. Smyth, […]
By Canadian Underwriter | February 20, 2006
Kingsway Financial Services Inc. (TSX:KFS) has entered into a new Cdn$150 million, 364 day revolving credit facility with a syndicate of banks. This credit facility replaces the existing Cdn$150 million, 364 day revolving credit facility that is slated to mature on March 3, 2006. In the new facility, The Bank of Nova Scotia is acting […]
By Canadian Underwriter | February 17, 2006
Chubb Insurance Company of Canada has filed a declaratory action in the Ontario Superior Court of Justice in Toronto related to its insurance policies for Nortel Networks Corporation.The action seeks a determination by the court regarding the insurance coverage available for certain securities class-action lawsuits filed against Nortel in the United States.The action asks a […]
By Canadian Underwriter | February 15, 2006
Cisco Systems has launched a study into the impact of networking technologies on small to medium enterprise (SME) productivity in the United States, Canada, the United Kingdom and Australia.The study is focused on the impact networking technologies have on outcomes such as reduced operating costs, improved customer satisfaction and competitive advantage.Representatives of SME companies (companies […]
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