Industry
Ontario’s prosecutors are unhappy with news of a provincial plan to shift resources away from fighting property crime in an attempt to focus on gun and gang-related crime.The Ontario Crown Attorneys’ Association (OCAA) was responding to an interview on TVO in which Attorney General Michael Bryant spoke of the government’s proposal. “If the Liberal government […]
By Canadian Underwriter | April 11, 2004
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The Canadian Council of Insurance Regulators (CCIR), coming off their spring meetings, has released feedback on the January discussion paper on referral agreements. Among the respondents is the Registered Insurance Brokers of Ontario (RIBO), which outlined its policy on referral agreements and some of the instances in which that policy has been used to deal […]
By Canadian Underwriter | April 8, 2004
In a discussion paper, the Financial Services Commission of Ontario (FSCO) is looking at loosening the “sole occupation” restriction on general and life agents.The restrictions mean that agents in bigger communities must be full-time agents and not hold other jobs. Originally this was intended to reduce conflicts of interest or possible coercion, and to ensure […]
By Canadian Underwriter | April 7, 2004
While much of the guidance for insurers under new international accounting standards was to have been applied under phase two, set for 2008, the International Accounting Standards Board (IASB) has released interim standards for insurance contracts.The International Financial Reporting Standard (IFRS) for insurance contracts is intended to be a stop-gap as the longer process of […]
By Canadian Underwriter | April 6, 2004
Net income for brokerage and bank Western Financial Group (TSX: WES) was up 37% in 2003, to $2.1 million from $1.6 million in 2002, being its own projections. This translates to earnings per share of $0.11 last year, versus $0.08 the year prior.The company increased revenue by 17% year-on-year, to $32.7 million from $28.0 million. […]
With the announcement of the retirement of AXA Canada’s Jean-Denis Talon from the position of CEO, the company says the top spot will be assumed by Jean-Francois Blais.Talon, who recently won the “Canada-France personality of the year” from the French Chamber of Commerce, will continue as chairman of the company he has been with for […]
After reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last September.For 2003, SCOR’s loss was EUR 314 million (Cdn$495 million), down from EUR 455 million […]
By Canadian Underwriter | April 5, 2004
Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) says it has accepted a private placement of $1.25 million debenture.The 10.5% senior secured subordinated convertible debenture is due five years from date of closing (slated for April 23), and is convertible to five million common shares at $0.25 per.”The proceeds will be used to provide additional […]
While Munich Reinsurance Co. of Canada has seen its “A+” (superior) rating affirmed by A.M. Best, its primary insurance affiliate, Temple Insurance Co. has been downgraded to “A” (excellent) from “A+”. Both ratings carry stable outlooks.While Temple enjoys strong capitalization and good operating performance, its rating is one level lower than the group due to […]
By Canadian Underwriter | April 4, 2004
Royal & SunAlliance Insurance Pool of Canada has seen its “A-” (excellent) rating affirmed by A.M. Best, with the outlook negative.The rating reflects improvement in underwriting results in 2003, as well as the strong capitalization and market position the pool enjoys as a result of its core position with parent company Royal & SunAlliance Insurance […]
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