Industry
PartnerRe Ltd. has formed Lorenz Re Ltd., a special purpose insurer domiciled in Bermuda, to provide the global reinsurer additional capacity on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period. Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares, PartnerRe notes in a statement this […]
By Canadian Underwriter | March 28, 2013
1 min read
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on guidelines related to the preparation for Solvency II that proposes an application date, but also seeks to inject some flexibility into the process. The guidelines apply from Jan. 1, 2014, although they allow for some flexibility through provisions for “phasing in” […]
2 min read
British Columbia has extended its point-of-sale incentive program for potential buyers of clean energy vehicles (CEVs), provincial environment minister Terry Lake announced this week. The Clean Energy Vehicles for British Columbia program was scheduled to wrap up Mar. 31, but Lake announced Tuesday it has been extended through the 2013-14 fiscal year. In order to […]
Lloyd’s released its financial results for 2012, reporting a profit of 2.77 billion British pounds despite billions in claims from damage resulting from Hurricane Sandy. Lloyd’s, which lost 516 million pounds in 2011, said Wednesday that its gross written premium income in 2012 was 25.5 billion pounds, while total net incurred claims were 10.1 billion […]
By Canadian Underwriter | March 27, 2013
Plant Hope Adjusters has announced the opening of its ninth office in Atlantic Canada. The flagship Nova Scotia office is located at Bedford within the Halifax Regional Municipality, which the company says allows for efficient access to all points within the province. Senior adjuster Mike Connolly will be the principle adjuster in the Bedford office. Plant […]
Ontario Premier Kathleen Wynne said Wednesday that the Liberal government would back the New Democratic Party’s motion to reduce auto insurance rates in the province by 15%, but reiterated her party’s focus on anti-fraud reforms. Jagmeet Singh, the NDP’s consumer affairs critic, put forward a motion Wednesday calling upon the government to “to direct FSCO […]
3 min read
A new slate of maximum fees and disbursements payable for services, activities or functions under Nova Scotia’s Automobile Insurance Diagnostic and Treatment Protocols Regulations will take effect on April 1. A bulletin issued last week by the Nova Scotia’s Finance Department details the service and fee schedule: The revised diagnostic and treatment protocols for minor […]
Independent adjusting firm ClaimsPro Inc. has added niche adjusting firm Ashcroft Insurance Adjusters (Ashcroft) to its business, the company announced Tuesday, expanding its presence in British Columbia. Based out of Nelson, B.C., Ashcroft will help ClaimsPro expand its business in Western Canada, especially in the remote locations within the Kootenays, including Creston, Kaslo, Argenta, Revelstoke, […]
By Canadian Underwriter | March 26, 2013
Toronto, Montreal and Vancouver are among the top 10 lowest risk cities in the world for recruiting, employing and relocating employees, according to rankings from Aon Hewitt, the global human resources business of Aon plc. The company’s 2013 People Risk Index measures the risks that organizations face with recruitment, employment and relocation in 138 cities […]
H. Ross Totten, longtime president and CEO of Totten Insurance Group, most recently the company’s chairman and chief sales officer, will be retiring June 30, after 43 years as an insurance intermediary. “It is time for me to move on to the next stage of my life, after having had the privilege of helping to […]
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