Industry
Over 100 Colorado policyholders have received offers totaling $12.7 million from Marsh & McLennan Companies Inc. as part of Marsh’s agreement with New York Attorney General Eliot Spitzer to create a $850 million restitution fund, according to a statement recently released by Colorado Insurance Commissioner David Rivera.”Even sophisticated consumers of insurance products can become victims […]
By Canadian Underwriter | May 25, 2005
1 min read
Desjardins Financial Security (DFS) has posted net earnings of $40.6 million for the first quarter ending on March 31, 2005. This is an increase of 55.2% compared to 2004 Q1 results 2004, which had reached $26.2 million. The portion of the earnings allocated to its shareholder, Desjardins Group, amounted to $38.5 million, up $15.5 million […]
By Canadian Underwriter | May 24, 2005
2 min read
i-flex solutions, a provider of technology solutions to the global financial services industry has entered into a strategic alliance with Castek Software Inc., a Toronto based provider of insurance systems for the global Property & Casualty (P&C) insurance industry. As part of the alliance, i-flex has established an equity financing arrangement with Castek that allows […]
The Executive Committee of the Board of Directors of the General Insurance OmbudService (GIO) recently announced the appointment of Glenn Williamson as the first Executive Director of GIO, effective May 2nd, 2005. Williamson’s role will be to manage GIO’s strategic operations and enhance GIO’s profile with federal and provincial governments, key stakeholders, consumers and related […]
The Superintendent of Financial Services has issued an interim Cease and Desist Order against a Toronto paralegal, Robert Crosbie and R.E.C. Paralegal. The order is effective immediately.Under subsection 441(4) of the Insurance Act, the Superintendent orders that Robert Crosbie, carrying on business as R.E.C. Paralegal, and any agents or representatives thereof: A. Immediately cease carrying […]
A global trend toward softening rates is prevalent in the Australian market, causing rate reductions between 5% and 20% in large corporate risks and various other commercial lines. According to the recent report by Standard & Poor’s, Australian nonlife insurers are continuing to show lower claims frequency across many commercial business lines, particularly liability lines. […]
By Canadian Underwriter | May 23, 2005
In response to consumer requests for specialized liability products, XL Insurance (Bermuda) Ltd., a subsidiary of XL Capital Ltd. (NYSE:XL), today announced the extension of its XL Professional Lines portfolio. The Company is adding dedicated coverage for independent directors of company boards to its roster of Directors & Officers (D&O) liability products.Dubbed “A PLUS Independent”, […]
By Canadian Underwriter | May 19, 2005
Kingsway Financial Services Inc. filed a preliminary prospectus for a proposed public offering of preferred units of an investment trust. The trust will only be qualified by securities regulatory authorities in Canada and will be sold by both Scotia Capital Inc. and a newly formed underwriting syndicate.The net proceeds will be utilized as a source […]
By Canadian Underwriter | May 18, 2005
The first four months of 2005 have seen consecutive declines application activity of individually underwritten life insurance in North America. April applications, according to the MIB Group Inc., mark the “third strike” and a decline of 5.0% year-over-year. Year-to-date application activity in Canada is off 2.9% compared to 3.1% for North America and 3.2% for […]
Women in Insurance Cancer Crusade (WICC) Ontario Chapter announced that sponsors and golf registrations are filling-up quickly for its 6th Annual Golf Tournament to be held on Monday, July 18 at the Angus Glen Golf Club in Markham, ON. Currently, over 200 golfers have registered for the tournament, which can accommodate 288 golfers. In addition […]
By Canadian Underwriter | May 17, 2005
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
