Industry
Back-up energy supplies mark a key difference between Canadian nuclear power reactors and the reactors at the Fukushima Daiichi plant that were damaged in the March 2011 Honshu earthquake, said John Honey, a specialist engineering consultant with the Nuclear Insurance Association of Canada.Honey spoke as a panel member at the Property Casualty Underwriters Club (PCUC) […]
By Canadian Underwriter | June 22, 2011
2 min read
Canada’s Privacy Commissioner has called on Staples Business Depot to review and improve compliance with its own privacy policies and procedures after an audit found the company had re-sold computers, hard drives and electronic memory devices without first wiping personal information from them.In an audit report released on June 21, the privacy commissioner noted its […]
Three of Northbridge Financial Corporation’s subsidiaries – Lombard Insurance, Commonwealth Insurance and Markel Insurance – will operate under one brand, Northbridge Insurance, effective Jan. 1, 2012. In a FAQ posted on its Web site, Northbridge said it is an operational integration and not a corporate merger. The goal is to pool resources to allow the […]
By Canadian Underwriter | June 21, 2011
1 min read
Chesterfield Canada Inc. has extended its sabotage and terrorism coverages to include coverage damage resulting from strikes, riots, civil commotion and malicious damage. The extra coverage can be purchased as an add-on or as standalone coverage. There is no need for Chesterfield to have the fire policy on the property or business. The extra coverage […]
A.M. Best has upgraded the issuer credit rating (ICR) to “aa” from “aa-” and affirmed the financial strength rating (FSR) of A+ (Superior) of ACE INA Insurance (Canada). ACE INA Holdings Inc. and ACE Limited also received an upgraded ICR to “a” from “a-” an AM Best release says.”The upgrade of the ICR for ACE […]
Global insurance capital standards would prevent the possibility of companies taking advantage of differences between capital charges across regulatory jurisdictions, according to Canada’s solvency regulator.Julie Dickson, superintendent of the Office of the Superintendent of Financial Institutions (OSFI), made the observation in a speech to the International Insurance Society 47th Annual Seminar in Toronto on June […]
Capital markets could be undervaluing the insurance sector, according to a poll taken at the International Insurance Society (IIS) Seminar held in Toronto on June 21. The poll was taken at a panel discussion moderated by Frank Ellenbuerger, global head of insurance for KPMG. The event included more than 300 global insurance executives.”There is a […]
Karen Gavan has been appointed as the new president and CEO of The Economical Insurance Group (TEIG).She succeeds Katherine Mabe, who is leaving the company for personal reasons.Gavan has been a director at the Economical Mutual Insurance Company since 2008. She has served as chair of the special committee with responsibility for the company’s demutualization […]
Organizations are not viewing their total cost of risk (TCOR) as a dynamic number and consequently they are not capturing the cost of capital associated with volatility, Ben Fidlow said during a Marsh Webinar.The Webinar, Strategic Risk Management: Expectations and Opportunities, explored the findings of the joint Marsh and Risk and Insurance Management Society (RIMS) […]
By Canadian Underwriter | June 20, 2011
CNA Financial Corporation has completed its acquisition of CNA Surety. CNA Surety is now a wholly owned indirect subsidiary of CNA Financial. CNA Financial and CNA Surety announced a merger agreement on Apr. 21, 2011. Under the terms of the merger, CNA Financial would purchase the shares of CNA Surety not already owned by CNA […]
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