Industry
A market research study just released by the Insurance Bureau of Canada (IBC) of the Atlantic provinces suggests that the majority of personal auto insurance buyers believe that the provincial governments have a responsibility to deal with premium rate hikes. Public sentiment also favors a need for change to the auto insurance framework within the […]
By Canadian Underwriter | July 26, 2002
1 min read
Rating agency Standard & Poor’s has reduced the financial rating of the St. Paul Cos. Group from "A-minus" to "B-plus", primarily due to a large settlement cost recently reported for asbestosis and environmental-related claims. The group was placed on "credit watch" by the rating agency on May 16 of this year. "The outlook on all […]
By Canadian Underwriter | July 25, 2002
Pool Reinsurance Co. Ltd., the United Kingdom’s government-backed insurance facility for terrorism-related risks, will in future offer a much broader range of cover on an "all risks" basis, reports the Association of British Insurers (ABI). The change in scope of cover will be effective almost immediately. The ABI says this latest development follows extensive discussions […]
The Ontario Superior Court of Justice today issued a wind up order for Markham General Insurance Co. This move follows application earlier this week by the Financial Services Commission of Ontario (FSCO) to seize the assets of the insurer.The court has appointed Deloitte and Touche Inc. as the provisional liquidator. Markham General was licensed to […]
By Canadian Underwriter | July 24, 2002
The Financial Services Commission of Ontario (FSCO) has issued notice that the regulator will take possession of the assets of troubled insurer, Markham General Insurance Co. The insurer recently cancelled active policies and ceased writing new business.FSCO says its action against Markham had followed close monitoring of the company’s financial affairs, and after having been […]
By Canadian Underwriter | July 22, 2002
Following several years of disappointing underwriting experience, Lloyd’s of London today unveiled a restructuring plan which it hopes will "modernize" the market and create a more comparable financial performance environment.Lloyd intends for the market to be operated as a "franchise of businesses" under the directorship of a "franchise board". The Lloyd’s market consists of syndicates […]
By Canadian Underwriter | July 19, 2002
Canada’s public companies and their auditors will be under increased scrutiny with the creation of the Canadian Public Accountability Board (CPAB), announced by the Canadian Securities Administrators (CSA), the Office of the Superintendent of Financial Institutions (OSFI) and the Canadian Association of Chartered Accountants (CACA).The new system will oversee public company auditors and enforce new […]
By Canadian Underwriter | July 17, 2002
2 min read
Bryan Davies has been named the new superintendent and CEO of the Financial Services Commission of Ontario (FSCO). He replaces Philip Howell, acting superintendent since the retirement of Dina Palozzi last year.Davies was most recently senior vice president of regulatory affairs for the Royal Bank of Canada. Prior to that he was senior vice president […]
By Canadian Underwriter | July 16, 2002
As the federal government looks at submissions on the possibility of establishing co-operative banks nationally, at least one credit union is calling for these institutions to be allowed to sell insurance.Banks are banned from selling insurance through their branches through Bill C-8, but credit unions in certain provinces are allowed to do so.The submission, from […]
By Canadian Underwriter | July 15, 2002
Kingsway Financial Services Inc. (TSE: KFS) has gained approval from the Financial Services Commission of Ontario (FSCO) to eliminate certain classes of personal auto business and implement an across-the-board 8.5% increase in rates. The rate adjustments take effect from the beginning of September this year on new business, while renewal business will be subject to […]
By Canadian Underwriter | July 12, 2002
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