Industry
A.M. Best Co. is maintaining its stable outlook for the U.S. commercial market, despite soft market conditions, the anticipation of less favourable loss reserve releases and a contracting economy.Commercial lines rates will likely flatten in the latter part of 2010, an A.M. Best release says. The flattening will be prompted by intensified margin compression and […]
By Canadian Underwriter | February 23, 2010
2 min read
CEP Forensic Engineering Inc. an engineering company based in Quebec, has expanded into the Toronto market. The new Toronto office will be headed up by Michael Fulcher, an electrical engineer with 30 years of experience in power equipment maintenance and operations at both Hydro One and Ontario Power Generation (OPG). Fulcher has experience in the […]
By Canadian Underwriter | February 22, 2010
1 min read
Standard models used by insurers to compute their solvency capital required (SCR) have the potential to produce excessive or inadequate capital requirements, said Standard & Poor’s.In its report, Standard & Poor’s Highlights Differences in Capital Adequacy Between its Methodology and Europe’s Solvency II Framework, the ratings agency says standard models face a particular challenge because […]
St. Baldrick’s day, which raises money for Canadian cancer research, is being held March. 10 at PJ O’Brien’s in Toronto. In solidarity with children fighting cancer, volunteers will shave their heads and raise money through donations. Jonathan Stephenson, managing director at Guy Carpenter & Company Ltd., will be shaving his head for the occasion (a video […]
EGI Financial Holdings Inc. is reporting a 2009 net income of $4.5 million, down 24.5% from its 2008 profit of $6 million.”We are pleased to report a profitable 2009, despite facing some of the most challenging economic and industry conditions in recent memory,” said EGI Financial CEO Douglas McIntyre. “Our industry has faced a protracted […]
A person injured in a motor vehicle accident requires only one marked (i.e. Class 4) impairment to be considered catastrophically impaired, a Financial Services Commission of Ontario (FSCO) arbitrator has ruled.“[FSCO] Arbitrator [Elizabeth] Nastasi in Pastore and Aviva Canada Inc…notes that the Superintendent’s Guidelines for undertaking catastrophic impairment assessments state that two marked impairments are […]
By Canadian Underwriter | February 19, 2010
Nova Scotia’s $2,500 cap on minor auto injuries has led to an average auto insurance premium reduction of 23% between the time the cap was implemented in 2003 and August 2009, the Insurance Bureau of Canada (IBC) says in a submission to the government.The IBC’s submission is part of the Province of Nova Scotia’s review […]
British Columbia’s Financial Institutions Commission (FICOM) has made legislative changes in the wake of recent amendments to Part XIII of the Insurance Companies Act, saying it believes the Part XIII amendments place the public at risk.The B.C. regulator contends the changes made by the Office of the Superintendent of Financial Institutions to Part XIII “could […]
Swiss Re reports its capital position is now fully restored, announcing a 2009 net income of CHF 506 million (Cdn$489 million).That represents a far cry compared to Swiss Re’s loss of CHF 864 million (Cdn$835 million) in 2008.“Today, I am proud to say we have come a long way,” Swiss Re CEO Stefan Lippe said […]
By Canadian Underwriter | February 18, 2010
Tracey Drew has been appointed director of sales for Cunningham Lindsey, where she will be expanding the firm’s customer base across the country and increasing awareness of specialized claim solutions. Drew brings with her more than 25 years experience in the insurance industry. She has worked as an adjuster as well as business development representative […]
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