Industry
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
1 min read
Desjardins Group and CGI created a strategic alliance to offer Canadian credit unions technology solutions and services. A service agreement was recently rendered with L’Alliance des caisses populaires de l’Ontario, which allowed for the implementation of Desjardins’ IT solution through Northern Ontario’s 13 committed caisses. In addition, Desjardins Credit Union also selected the Desjardins information […]
The Appeal Court of Ontario has instigated the filing of numerous nationwide class-action suits with its recent ruling that an insurer should pay the full value of a destroyed vehicle if it keeps the remains for salvage value.This ruling means that millions in refunds for policyholders will stall.However, recently the appeal court revoked its decision […]
By Canadian Underwriter | June 16, 2005
Swiss Reinsurance has reported its property & casualty business remains highly profitable, anticipating a year-end combined ratio for its P & C units of approximately 96%. At its recent investors’ day in New York, the Company also reported that its overall operations continued to repeat all financial targets stating continued strength in its capital adequacy.The […]
The Canadian Agricultural Income Stabilization (CAIS) has recently received a number of changes to ensure the program is more responsive to the needs of producers, which represent 149,258 individuals nationwide. The CAIS increasingly offers significant assistance to CAIS producers, helping them to protect their farm income (eligible income minus eligible expenses) from both small and […]
2 min read
Two recent court rulings have ordered two insurance company’s Citadel General Assurance Co. and Lumbermens Mutual Casualty Co. to pay almost $1 million in damages for two unrelated lawsuits representing appeals for two incidents that both occurred in 1999. Citadel is the auto insurer for Toronto teenager Michael Vytlingam’s family. In 1999, a boulder, that […]
By Canadian Underwriter | June 15, 2005
A coalition of over 100 insurers, financial institutions, agent groups and trade associations have called on the Senate Banking Committee in support of an optional federal charter for insurers. The coalition recently requested a federal regulator oversee the industry because they report that the current state system is nothing more than a burden to insurers […]
By Canadian Underwriter | June 14, 2005
Shumka Craig & Moore Adjusters Canada Ltd. (“SCM”) has acquired Custard Insurance Adjusters Canada Inc. (“CIA”), providing the independent, Edmonton-based firm with over 60 branches nationwide. CIA adds 11 Ontario branches to SCM’s roster, helping to solidify its standing as one of Canada’s top three independent insurance adjusting firms.”Not only will our Ontario operation benefit […]
A second General Re Corp. executive recently pled guilty to conspiracy in regards to his involvement in a reinsurance transaction implemented for American International Group Inc. (AIG). Former senior VP Richard Napier, is charged with conspiring to misrepresent AIG’s reported loss reserves and faces a maximum penalty of five year imprisonment, a US$250,000 fine or […]
By Canadian Underwriter | June 10, 2005
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