Industry
Facility Association is changing its rules for transferring claims to the risk-sharing pools (RSP) as of July 1, 2011, effectively reducing reporting time, but also giving insurers a little bit more time to investigate a loss to see if it is really a loss.The new rule states that for a policy already transferred to the […]
By Canadian Underwriter | November 9, 2010
2 min read
American International Group, Inc. (AIG) has announced Sid Sankaran will join AIG as senior vice president and chief risk officer. Sankaran will succeed Robert Lewis, who last month announced he would retire from AIG following a smooth transition period. Sankaran’s direct reports will include the chief risk officers of all AIG business units and the […]
By Canadian Underwriter | November 8, 2010
1 min read
SCM Risk Management Services (RMS) in partnership with the Insurance Brokers Association of British Columbia (IBABC) launched the pilot of iClarify services in B.C.More than 50 brokerages across the province have been selected to take part in the test phase, which is expected to continue throughout the remainder of 2010, with province-wide release targeted for […]
CFC, a specialist lines underwriting agent, has launched an insurance policy designed to provide comprehensive protection for social media companies. Esurance 2.0 includes:• comprehensive media liability, including cover for user-generated content;• defamation including libel and slander;• cyber-liability, privacy liability and privacy breach notification costs;• intellectual property rights infringement;• employers’ and public liability; and• property and […]
The financial services sector is likely to see the greatest increase in outsourcing over the next 12 months, driven primarily by cost-cutting efforts, according to a Kilpatrick Stockton LLP study.The study, Outsourcing Insight, was a joint initiative with mergermarket, and was based on a series of interviews with corporate executives around the world. It found […]
Canada’s solvency regulator acknowledges its Guideline B-3-Sound Reinsurance Practices and Procedures has “created a lot of stir” within Canada’s reinsurance community because of its insistence that federally regulated insurers perform a sufficient level of due diligence on reinsurance counterparties.But the Office of the Superintendent of Financial Institutions (OSFI) insists its “due diligence” guidelines are not […]
By Canadian Underwriter | November 5, 2010
Data protection is increasingly seen as a strategic issue, but most companies do not have an effective incident response plan, Adam Kardash, partner at Heenan Blaikie LLP’s Toronto office, told delegates at the Insurance Bureau of Canada (IBC)’s 10th Annual Regulatory Affairs Symposium in Toronto on Nov. 4. Kardash is co-head of Heenan Blaikie’s national […]
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a drop in net income, from $562.4 million in 2009 Q3 to $219 million in 2010 Q3.The company attributes the year-over-year decrease to lower net investment gains, reporting $68.1 million in 2010 Q3 and $797.8 million in 2009 Q3.The consolidated combined ratio of the company’s insurance […]
Marshall & Swift/Boeckh (MSB) has been sold to global investment firm TPG Capital. MacDonald Dettwiler and Associates signed a definitive agreement to sell MSB to TPG Capital for an undisclosed amount. TPG has $47 billion in assets under management and “strong” experience supporting companies in the insurance and financial services marketplace, an MSB release says.”MSB […]
Ontario’s insurance regulator has laid out some clear timelines to complete studies and consultation related to a new catastrophic impairment definition and a new minor injury treatment protocol – two key features of the province’s auto insurance reforms.Philip Howell, CEO and superintendent of financial services at the Financial Services Commission of Ontario (FSCO), outlined timelines […]
By Canadian Underwriter | November 4, 2010
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