Industry
Canada will not be adopting the Solvency II European capital test, Bernard Dupont, the managing director of the Office of the Superintendent of Financial Institutions (OSFI)’s capital division, told the 2010 IBC Financial Affairs Symposium in Toronto.Dupont said OSFI would be willing to examine any valuable aspects of the Solvency II European capital model, but […]
By Canadian Underwriter | April 22, 2010
1 min read
The Office of the Superintendent of Financial Institutions (OSFI) has rejected the notion of mutual recognition of international regimes for the purpose of regulating the use of unlicensed reinsurance.Instead, look for OSFI to maintain its collateral regime for unregistered reinsurance. “It would be premature to consider a full ‘mutual recognition’ framework,” OSFI assistant superintendent Mark […]
2 min read
AXIS Reinsurance Company has announced two appointments to its Canadian branch.Rohit Trivedi will be establishing AXIS Reinsurance’s insurance claims operation in Canada. He joins AXIS from Munich Re Group where he established and led the claims department for Munich Re’s primary arm, Temple Insurance.Vangie Artes accepted the role of assistant vice president of AXIS property. […]
Slightly more than 11% of the $38.4 billion of the insurance industry’s 2008 revenues went towards regulatory and tax costs, according to a PricewaterhouseCooper’s (PwC) report.Insurance Bureau of Canada commissioned PwC to study, for the first time, both the tax burden and the regulatory costs borne by the insurance industry. Total taxes borne by the […]
By Canadian Underwriter | April 21, 2010
Underwriting losses in 2010 in the U.S. property and casualty industry will likely spur rate firming in 2011, according to Conning Research & Consulting.Conning’s Property-Casualty Industry Forecast is based on Conning’s proprietary industry model and analysis of industry drivers, as well as statutory data filings, public insurer results and 2010 catastrophe loss estimates. “Our expectation […]
It is unlikely that business interruption insurance policies will respond to the disruption to airspace as a result of the volcanic ash, according to Aon Global Risk Consulting. Flight bans were put in place in Europe on April 14 when an Icelandic volcano erupted, creating large clouds of volcanic ash that drifted across Europe. It […]
FM Global is offering its clients a “membership credit” worth a collective $420 million when they renew their policies between June 30, 2010 and June 29, 2011.The credit each client receives will be based on client tenure, with longer-term clients benefiting the most.Clients who have been with FM Global for 35 years or more will […]
By Canadian Underwriter | April 20, 2010
McLarens Canada, has announced two new appointments to the claims management and the sales and marketing departments. Laurie Walker joins McClarens as director of Ontario auto accident benefits. She has more than 23 years of insurance adjusting experience, with extensive experience in Ontario accident benefits catastrophic claims, mediation, litigation and auditing. Dave Bernardi joins the […]
Private equity firms Stone Point Capital LLC and Hellman & Friedman LLC have acquired Sedgwick Claims Management Services Inc. for approximately $1.1 billion.“We are excited to be partnering with Stone Point and Hellman & Friedman for the next stage of Sedgwick CMS’s growth,” Sedgwick CMS president and CEO David A. North said in a press […]
Vehicle owners who are unable to drive due to medical reasons should apply for a non-driver medical discount, SGI urges. The corporation provides a 20% discount to those who are of driving age and own vehicles, but do not meet the Canadian Medical Association’s guidelines for driving. SGI’s Safe Driver Recognition program offers discounts to […]
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