Industry
CORRECTION: The following story clarifies and corrects an item posted on May 27, 2011. Canadian Underwriter apologizes for any confusion its initial report may have caused. Two planned changes to the 2012 MCT/BAAT proposed by the Office of the Superintendent of Financial Institutions (OSFI) could have severe negative fallout for industry, according to Doug Hogan, […]
By Canadian Underwriter | June 6, 2011
2 min read
The reinsurance industry entered hurricane season on June 1 with approximately $10 billion in excess capital, half of the excess capacity that was available on Jan. 1, 2011 renewals, reported Guy Carpenter. Large loss activity coupled with the revision of two major catastrophe models has produced volatile pricing trends at June 1, 2011 renewals, Guy […]
Manitoba Public Insurance (MPI) is requesting to pay an additional rebate of $16 million to consumers.The Public Utilities Board (PUB) ordered MPI in April 2011 to distribute a 45% ($320- million) rebate of vehicle premiums paid in the 2009-10 insurance year.In response to consumer concerns, the insurer is requesting permission to issue an additional rebate […]
1 min read
Disaster Kleenup Canada has made new appointments to its vice president of sales and marketing, marketing and communications director and regional and national sales director positions.The appointments include:•Tony Passarelli, vice president of sales and marketing. Most recently he served as executive vice president of operations.•Justyna McCaig, marketing and communications director. She comes to the role […]
PartnerRe Ltd. (NYSE, Euronext: PRE) says it expects losses of approximately $50 million to $70 million related to the tornado outbreak that affected large areas of the United States during the last week of April 2011. Loss estimates are pre-tax, net of retrocession and reinstatement premiums, and relate to all reinsurance contracts and insurance-linked securities […]
Insurance Data Processing Inc. (IDP), a property and casualty management system company in the United States, has released two technology services – a Web site service and a new agent portal – tailored to help small and mid-sized insurance companies compete against their larger competitors.The InsuraSphere Web site is to be introduced in the United […]
Given the increasing cost of credit in today’s market, the cost of letters of credit (LOCs) has become prohibitive for captives relying on them for collateral, said Robert Quinn, a vice president at Wells Fargo.Quinn, who sells capital trusts, spoke at the 7th Annual Captives & Corporate Insurance Strategies Summit in Toronto on June 2. […]
By Canadian Underwriter | June 3, 2011
The use of credit scores in underwriting home or personal property insurance is officially banned in the province of Newfoundland and Labrador.The prohibition for personal property insurance came into effect on May 13, 2011. The prohibition on using credit scores for private automobile insurance comes into effect on June 1, 2011. The Insurance Brokers Association […]
ICBC has launched an app for Apple’s mobile devices that lets new drivers practice the driving knowledge test before taking the real test. The ICBC licensing mobile practice knowledge test app is designed to work with the iPhone, iPod Touch and iPad. It also includes the complete Learn to Drive Smart guide, all driver licencing […]
Western Financial Group has acquired three independent brokerages based in Western Canada – Keenleyside Insurance Services in Terrace, B.C., Berwyn Insurance in Berwyn, Alberta and Bell & Cross Insurance Agency Ltd. in Winnipeg, Manitoba.The Winnipeg and Terrace agencies will be operated as Western Financial offices in these communities. The Berwyn business was transferred to Western’s […]
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