Industry
Saskatchewan Government Insurance (SGI) is increasing the income benefits to those most seriously injured in auto accidents prior to August 2002. The minimum income benefit will be based on the industrial average wage, current at just over $430 per week, and indexed annually according to the Consumer Price Index. About 200 customers injured in accidents […]
By Canadian Underwriter | April 14, 2005
2 min read
A.M. Best has produced a methodology for the equity credit it gives for the use of hybrid securities issued by insurers. Specifically, it looks at the assessment of the impact of these instruments on financial ratios and financial flexibility of the rated entity. Hybrid securities are typically in the form of preferred stock, trust preferred […]
By Canadian Underwriter | April 13, 2005
1 min read
The filing of frivolous lawsuits is not a significant problem, according to a survey of U.S. federal court judges.The survey, taken by the Federal Judicial Center, was intended to assess the appropriateness of “Rule 11” of the Federal Rules of Civil Procedure which allows judges to impose sanctions at their discretion on lawyers or parties […]
By Canadian Underwriter | April 11, 2005
A lawsuit launched on behalf of members of a farm co-operatives pension plan have seen their class action certified.Ontario Superior Court Justice Warren Winkler certified the suit, which stems from investment losses suffered by the Participating Co-operatives of Ontario Trusteed Pension Plan. The class could include up to 2,300 current and former employees of 25 […]
Former AIG chairman and CEO Maurice Greenberg will refuse to testify to an investigation into his level of involvement in certain accounting practices, according to a statement from Greenberg’s lawyer David Boies. Boies says that because they were unable to have authorities agree to any limits on the scope of questioning, specifically on how far […]
Groupe Promutuel, a group of Quebec-based mutual insurers, says its members posted combined net earnings of $36 million for 2004. Premium volume grew by 11% last year to reach $456 million, and member equity rose from $291 million in 2003 to $327 million in 2004. The group had set a target of reaching $300 million […]
By Canadian Underwriter | April 10, 2005
A.M. Best has taken a positive view of GE Insurance Solutions capital restoration plan, affirming the company’s financial strength rating at “A”, and affirming the “a” issuer credit rating of Employers Reinsurance Corp. and GE Re. The rater did lower the issuer credit rating of GE Insurance Solutions itself to “bbb” from “bbb+”, with all […]
By Canadian Underwriter | April 7, 2005
Insurers have to act on the industry underwriting cycle rather than using it as an excuse not to act, Lloyd’s CEO Nick Prettejohn told a London audience Thursday.Speaking at the Financial Services Authority’s Insurance Conference, Prettejohn says the biggest challenge facing the industry is for insurers to “make a profit on underwriting on more than […]
The first in what is expected to be a series of class action lawsuits has been filed against a feed provider, with the Canadian government also named as a defendant, stemming from mad cow disease.Animal nutrition company Ridley Inc., based in Winnipeg and Minnesota, says its has learned that a Quebec farmer has filed lawsuit […]
GE Insurance Solutions Corp. (formerly called Employers Re) has been downgraded by Standard & Poor’s to financial strength “A” from “A+”, and counterparty credit rating “BBB+” from “A-“. The move follows a review of the group’s poor operating performance over the last five years on the back of significant reserve strengthening. S&P also believes that […]
By Canadian Underwriter | April 5, 2005
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