Industry
A.M. Best Co. has removed the issuer credit rating (ICR) of “a+” from under review with negative implications and affirmed the ICR and the financial strength rating of ‘A’ (Excellent) of GCAN Insurance Company (GCAN). The outlook for both ratings is stable.The rating actions follow the recent acquisition of GCAN by Roins Financial Services Limited […]
By Canadian Underwriter | February 8, 2011
1 min read
State Farm has donated $6,000 towards the efforts of the Canadian Red Cross in assisting New Brunswick residents affected by torrential rain and severe flooding in December 2010.Over the course of two days in mid-December, some regions of New Brunswick – including St. Stephen, Grand Manan, Fredericton and Gagetown – each received between 100 and […]
Insurance companies have become more modest in their goals to replace their legacy systems over the past two years, according to a survey by Celent, a Boston-based research and consulting firm.A 2010 survey asked 115 property and casualty insurers from North America (66% of respondents), Europe (23%) and Asia (12%) to characterize their goals for […]
By Canadian Underwriter | February 7, 2011
Crawford & Company has reported a net income of $14.8 million for 2010 Q4, an increase of 67% over 2009 Q4. “Overall, the strength of our results for the quarter and year reflect strong performance in our legal settlement administration and international operations segments,” according to Jeffrey T. Bowman, CEO of Crawford & Company. Revenues […]
Organized insurance crime costs insurers and policyholders more than $540 million a year in Canada, according to a Lloyds report. “Insurance companies around the world are reporting a higher number of bogus claims from cash-strapped motorists, homeowners and other con artists,” the report reads.In the United Kingdom, the insurance industry uncovers an average of 335 […]
The Automotive Industries Association of Canada (AIA Canada) has signed on to the Canadian Automotive Service Information Standard (CASIS), which provides the automotive aftermarket with access to emission and non-emission related service information from all vehicle manufacturers in Canada.The agreement emerged as a result of what’s known as the “right to repair” issue. Prior to […]
The Alberta Automobile Association (AAA) is encouraging consumers to check their insurance policies for roof damage coverage, now that warmer temperatures in the province are melting snow on roofs, creating issues with ice damming.”Ensure ice buildup is removed from the lower edge of your roof and your eavestroughs to reduce the risk of ice damming,” […]
By Canadian Underwriter | February 4, 2011
If there is one sign of a softening commercial insurance market in Canada, it might be that Canadian businesses across the country don’t seem to be as concerned about insurance costs as they were in mid-2010.The Canadian Federation of Independent Business released on Feb. 4 the results of its Business Barometer Index, which measures business […]
Political unrest in Cairo and other cities across Egypt highlights the complex risks companies investing, manufacturing and trading in emerging markets must be prepared to manage, Marsh said.Companies with operations in countries affected by political unrest face losses from risks such as business interruption, theft of and damage to property, threats to contract for both […]
Markel Corporation reported a net income of $267 million in 2010, marking an increase from 2009’s net income of $202 million.The insurer cites an increase in net realized investment gains – $36.4 million in 2010, compared to a net realized investment loss of $96.1 million in 2009 – as a primary factor in its increased […]
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