Industry
In its “report card” on North American insurance holding companies, reinsurers stand out as facing significant challenges, says Standard & Poor’s.The rater says these challenges come on three fronts, including the devastation wrought by last year’s record U.S. hurricane losses (the impact of which has already been seen on 2004 earnings report by several Bermuda-based […]
By Canadian Underwriter | March 13, 2005
1 min read
Former Quebec Justice Minister Marc Bellemare has announced he will run for mayor of Quebec City in the November municipal election. Bellemare resigned his provincial role last year after a failed attempt to reform Quebec’s auto insurance system. The Insurance Corp. of B.C. has awarded $10,000 in scholarships to four students at University of B.C.’s […]
A class action lawsuit seeking $3 billion has been filed against Nortel Networks and its auditors, Deloitte and Touche LLP.The suit, filed in Ontario Superior Court on behalf of investors who bought the company’s shares between April 24, 2003 and April 27, 2004, names several of Nortel’s former directors and officers, including former CEO Frank […]
By Canadian Underwriter | March 10, 2005
The Canadian operations of Royal & SunAlliance achieved a “significant turnaround” in 2004 to produce a combined ratio of 96.6%, compared to 102.9% in 2003. The Canadian operations achieved an underwriting profit of $39 million, with the company noting this was $15 million ahead of its strategic plans. A statement from the Canadian operations notes: […]
Moody’s has raised the outlook on Aon Corp. to “stable” from “negative” on the back of the broker’s announcement of a US$190 million settlement with five agencies in three states for alleged conflicts of interest. Moody’s says the settlement represents “resolution of a significant uncertainty around the company”, and is financially manageable. Moody’s also believes […]
The Insurance Bureau of Canada (IBC) says the proposed new regulations on electronic vehicle immobilizers announced today does not go quite far enough.Transport Canada has proposed regulations which would require passenger car and light-duty truck manufacturers to include electronic immobilizers as standard equipment on all vehicles sold in Canada by September 1, 2007. However, the […]
By Canadian Underwriter | March 9, 2005
The Roman Catholic Episcopal Corp. of St. George’s in Newfoundland has filed a notice of intent to file a bankruptcy proposal. The filing would stay proceedings in civil actions against the diocese, including those filed since 1991 on behalf of 36 victims of sexual abuse by St. George’s former priest, Kevin Bennett. The diocese says […]
By Canadian Underwriter | March 8, 2005
2 min read
An Ontario Superior Court judge has turned down a move by several tobacco companies to recover legal costs from recent failed class action lawsuits filed by smokers in the province. The companies – Imperial Tobacco Ltd., Rothmans Benson & Hedges Inc. and JTI-Macdonald Corp. – had requested reimbursement of more than $1.2 million in costs […]
Famous for its criticism of private insurers, the Consumers’ Association of Canada (CAC) is this time aiming its disapproval at B.C.’s public insurer.The CAC, which has stated on numerous occasions its preference for publicly-run auto insurance systems, says the Insurance Corp. of B.C. (ICBC) should reduce its rate to offset record profits announced late last […]
By Canadian Underwriter | March 7, 2005
The Saskatchewan Wheat Pool is announcing a new insurance program for fiscal 2006 to cover grain volumes.The coverage, developed with reinsurance broker Aon Re Canada Inc., is intended to help earnings and cash flow stability in years of poor grain volumes, with grain handling being the pool’s core business. The program provides maximum payment of […]
By Canadian Underwriter | March 6, 2005
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