Industry
The Insurance Bureau of Canada (IBC) and SMARTRISK recently joined forces in order to create a national injury prevention initiative that aims to help reduce the human and economic costs of injury. The initiative is responding to the realities of injury in Canada that include the fact that: injury is the leading killer and disabler […]
By Canadian Underwriter | October 21, 2005
1 min read
Buoyed by what it calls a warm reception to its new insurance office in Toronto, RBC Insurance is opening a second Canadian retail insurance office located right next to RBC Royal Bank’s branch in the Centre Mall Branch of the Hamilton Stoney Creek area.The new office will allow potential area customers to meet face-to-face with […]
Recent underwriting efforts by bond insurers’ are being influenced by competition from within the industry, as well as from banks, according to “Bond Insurers’ International Underwriting Activities Are Shaped By Competitive Pricing Pressures” a recent report created by Standard & Poor’s Ratings Services.S&P’s notes that along with the bond insurers that pioneered international financial guaranty […]
By Canadian Underwriter | October 20, 2005
The Financial Services Commission of Ontario (FSCO) publicized its proposed changes to the Statutory Accident Benefits Schedule (SABS) in June 2005, which included the elimination of the Designated Assessment Centres as well as the implementation of the “Unfair and Deceptive Practices Act.” The Canadian Society of Medical Evaluators (CSME) an association that serves Canadian physicians […]
2 min read
Global insurance broker Willis Group Holdings (NYSE: WSH), the global recently entered into a new US$300 million five-year revolving credit facility. Drawdowns under this facility will bear interest at an initial rate of LIBOR plus 45 basis points, subject to adjustments based on future changes in the Company’s credit agency ratings.This new facility completes the […]
By Canadian Underwriter | October 17, 2005
The average American insurance company currently faces 40 lawsuits, five of which they initiated, according to a survey of corporate counsel in America conducted by the international lawfirm Fulbright & Jaworski L.L.P. The annual “2005 Litigation Trends Survey” found that nearly one quarter of insurance companies have legal budgets of over 2% of their total […]
By Canadian Underwriter | October 14, 2005
Standard & Poor’s has affirmed its ‘A-‘ long-term counter-party credit and insurer financial strength ratings on the main operating entities of Royal & SunAlliance Insurance Group PLC. The ratings agency described Royal & SunAlliance’s outlook as stable, reflecting “the group’s track record of successful execution of strategy, strong competitive position, and strong overall prospective operating […]
Royal & Sun Alliance Insurance Group plc recently acquired Chile’s leading general insurance business Compaia de Seguros Generales Cruz del Sur S.A. and its Argentinean sister company La Repblica Compaa Argentina de Seguros Generales S.A. for $119m (68m) payable in cash. The partnership between Cruz del Sur and Royal & SunAlliance will result in the […]
By Canadian Underwriter | October 13, 2005
The Insurance Brokers Association of Ontario (IBAO) is warning Ontarians about a province-wide automobile insurance hoax.The association notes ads have been circulating throughout the media in dozens of cities across the province advertising automobile insurance. IBAO contends that “these ads are a hoax.””Consumers should be leery of offers that include six months’ free automobile insurance […]
Canada’s insurers have launched a national insurance crime TIPS line to make it easier for Canadians to report auto theft, insurance fraud, staged auto collisions and other crimes related to insurance. As a result of an anonymous tip that listed, the Insurance Bureau of Canada (IBC), the administrator of the new TIPS line, recently foiled […]
By Canadian Underwriter | October 7, 2005
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