Industry
Marsh & McLennan Cos. Inc. clients were recently advised by Massachusetts Attorney General Thomas F. Reilly to wait until they accept restitution from the Marsh & McLennan in accordance with its $850 million settlement with New York Attorney General Eliot Spitzer.Reilly, in association with a group of attorneys general, is investigating allegations against Marsh and […]
By Canadian Underwriter | July 4, 2005
1 min read
The Property and Casualty Insurance Compensation Corporation (PACICC) recently implemented measured to begin refunding dividends totaling $19.8 million to its member companies. PACICC recovered these funds through insurance company liquidations. The dividends PACIC is refunding stem from six of the ten liquidation funds it manages representing the insolvencies of Advocate General, Ontario General, Beothic General, […]
2 min read
Powering up the provincial persona of adjusters nationwide is a path well traveled by past, present and future Canadian Independent Adjusters Association (CIAA) presidents, who have led the organization in a goal to become the go-to group controlling Canada's claims adjustments. Craig Walker winds up his presidency with plans to promote the provincial profile of the CIAA and harmonize the role of adjusters across the country, creating cornerstones for the association's ultimate ideal of becoming a self-regulated provincially partnered group of adjusters.
June 30, 2005
8 min read
In the May 2005 issue of CU, the article "Staying on the Road" delved deep into the depths of the looming disaster facing car rental companies and their insurers and reinsurers. Liability was increasingly being placed on rental agencies and subsequent costs to their insurers showed little signs of receding - unless the Ontario court sided with the insurance industry in terms of where liability should rest. Today the tides are changing and, for the insurance industry, concerns are slowly drifting off to sea, a journey incited by recent decisions of the Court of Appeal to uphold the original judicial verdict in the case of Avis Rent A Car vx. Certas.
By William Blakeney of Blakeney Henneberry Murphy | June 30, 2005
4 min read
Important developments are pouring down, affecting the run-off abilities of insurance companies, not to mention the business books of reinsurers hoping to eliminate policy liabilities. Currently, under certain circumstances, the possibility of using a Solvent Scheme of Arrangement to transfer or eliminate policy liabilities is becoming a more visited option for Canadian companies.
By Brian Reeve, Partner, Cassels Brock & Blackwell, LLP | June 30, 2005
7 min read
The insurance industry is apt to invest in the training, supervision and management of staff, however even more time and money should be allocated to the development of a better workflow technique. Effective workflow will unquestionably elicit a more efficient employee network. The ultimate goal is always an increasingly productive team and yet, resistance persists - people are naturally suspicious of change and this trait is particularly visible in most business structures. However, the futility of resistance prevails as the insurance industry is continually working to create a more productive team, as the staff is the essential asset. So the question remains, are a company's technological tools any different? Does technology resist change? The answer - No, technology will do exactly what it is told.
By Chris Venn, President of Inventive Networks | June 30, 2005
6 min read
Combined, global costs resulting from catastrophic storm damage may show an increase of two-thirds by the 2080s, according to the Association of British Insurers (ABI). The new report, “Financial Risks of Climate Change,” provides a global analysis of the projected climate-change trends of hurricanes, typhoons and windstorms. The potential effects of such changes may increase […]
Sun Life Assurance Company of Canada and its primary subsidiaries Sun Life Assurance Company of Canada and Sun Life Insurance and New York-based Annuity Company recently received affirmation from A.M. Best regarding a financial strength rating of A++ (Superior). A.M. Best has also affirmed all of Sun Life’s existing debt ratings and its issuer credit […]
By Canadian Underwriter | June 30, 2005
GCAN Insurance Company’s (Toronto) financial strength rating of A (Excellent) has recently been affirmed by A.M. Best. GCAN’s stable rating reflects its underwriting and operating performance, which supported internal growth and ability to expand its premium writings. According to A.M. Best, “This performance record over the years has exceeded its market peers and the greater […]
By Canadian Underwriter | June 29, 2005
The financial strength of the companies comprising Northbridge Financial Corp. (Toronto) recently received confirmation of A- ratings (Excellent) from A.M. Best Co. In addition the Company’s received assigned issuer credit ratings of “a-.” A.M. Best’s ratings of Northbridge reflect the Company’s capitalization, favorable underwriting and operating performance and strong business franchise in Canada. However, the […]
By Canadian Underwriter | June 28, 2005
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