Industry
The recent eruption of a Vancouver-based trucking dispute has stalled close to half of container traffic that flows in and out of the Port of Vancouver. According to a port official, this is a pricey spat that poses a price tag of approximately $30 million a day.Almost 40% of all containerized cargo imported and exported […]
By Canadian Underwriter | June 28, 2005
2 min read
Independent corporate directors have access to a directors and officers insurance policy that may shield them from personal liability stemming from regulator or shareholder lawsuits.Hartford Financial Services Group Inc.’s Priority Protection-IDL coverage begins when an entity is barred by law from indemnifying its management or directors, when it declines to provide coverage to directors, or […]
By Canadian Underwriter | June 27, 2005
1 min read
The financial strength ratings for several of AXA Canada Inc.’s wholly owned property and casualty insurance subsidiaries were recently downgraded by A.M. Best. The financial strength ratings have been downgraded to A (Excellent) from A+ (Superior) for AXA Assurances Inc. (Montreal, Quebec) and its wholly owned subsidiary, AXA Assurances agricoles inc., (Montreal, Quebec). In addition, […]
By Canadian Underwriter | June 24, 2005
Motor vehicle collisions were responsible for more than half of the alcohol-related severe trauma hospitalizations in Canada in 2002-2003, representing a 9% increase over three years, according to statistics recently released by the Canadian Institute for Health Information (CIHI). Over 30% of alcohol-related motor vehicle collisions involved Canadians under the age of 25. The number […]
By Canadian Underwriter | June 23, 2005
3 min read
Royal & SunAlliance Insurance Group Plc recently agreed to sell its 20% stake in Rothschilds Continuation Holdings AG the company that controls the U.K. arm of the Roschild investment bank. Royal & SunAlliance (R&S) are selling the stake to Jardine Strategic Holdings Limited (a Hong Kong-based investment company) for a reported $185 million. The Rothschilds […]
By Canadian Underwriter | June 22, 2005
Current insurer restrictions state that Canadian Banks cannot solicit insurance customers in bank branches but, in a recent position statement , Canadian Bankers Association (CBA) CEO Raymond Protti says Canada should ease restrictions on banks selling insurance so they can compete better with insurers. In its 2001 review of the banking industry, the government judged […]
Markel Insurance Co. of Canada recently introduced a new program to provide legal aid to Canadian truckers violating U.S. hours of service rules and other transport laws.The program Market LEGALink consists of a database of trucking-savvy U.S. attorneys who are able to provide policyholders’ drivers with contact information if they are cited for violations. In […]
Rumors surrounding Royal & SunAlliance plan to call for bids on the Company are completely false, according to Royal & SunAlliance Canada’s president and CEO Rowan Saunders. In response to recent media exposure of the Company’s consistently “plummeting shares” and alleged call for bids to “halt these losses,” Saunders says recent restructuring of the Company […]
By Canadian Underwriter | June 21, 2005
Lloyd’s of London and other London-market reinsurers recently moved to block units of ACE Ltd. from consolidating arbitration proceedings on dozens of asbestos claim-exposed reinsurance contracts. According to court filings, ACE units which filed 17 separate arbitration demands charged London reinsurers with a “pattern and practice of delay, obstruction and failure and refusal to timely […]
By Canadian Underwriter | June 20, 2005
The U.S. attorney for the Southern District of New York recently handed PartnerRe Ltd. (NYSE:PRE) a subpoena requesting information regarding the Company’s finite reinsurance products, adding to the already substantial roster of companies that have been summoned as part of the ongoing investigative blitz into the use of finite products. Bermuda-based reinsurers Platinum Underwritings Holdings […]
By Canadian Underwriter | June 17, 2005
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