Industry
PartnerRe has changed its organizational structure following its acquisition of Paris Re, with PartnerRe U.S. expanding to include Canadian business, thereby becoming PartnerRe North America.”PartnerRe’s Canada operations, formerly part of the Global P&C business unit, will combine with the Paris Re Canada operations, and will become one business unit,” PartnerRe announced in a press release. […]
By Canadian Underwriter | February 11, 2010
1 min read
Partner Re has reported a net income of $1.5 billion in 2009, marking a significant increase from the $46.6 million profit it reported in 2008. Net income for 2009 Q4 was $354.4 million, an increase from the $95.3 million reported in 2008 Q4. The company reported net premiums written of $904.4 million and $3.9 billion […]
2 min read
The Canadian Council of Insurance Regulators (CCIR) is currently gathering background information on insurers’ use of credit-scoring in various jurisdictions, and has described the IBC’s voluntary Code of Conduct for Insurers’ Use of Credit Information as “a good place to start a conversation.”Jim Hall is chairing a CCIR sub-committee on insurers’ use of credit-scoring. He […]
By Canadian Underwriter | February 10, 2010
An Insurance Bureau of Canada (IBC) steering committee is recommending full adoption by all auto insurers of the Health Claims for Auto Insurance (HCAI) electronic system for processing auto insurance health claims by Mar. 31, 2010. A number of stakeholder groups, including the Financial Services Commission of Ontario (FSCO), are currently reviewing the steering committee’s […]
The Insurance Brokers Association of Ontario (IBAO) says the Insurance Bureau of Canada (IBC)’s voluntary Code of Conduct for Insurers’ Use of Credit Information, posted online in late January 2010, “will do little but create a false sense of security to the regulator and the consumers.”IBAO president Bryan Yetman said the IBC’s document, which contains […]
Crawford Cares has donated more than $80,000 to Women in Insurance Cancer Crusade (WICC). Crawford & Company (Canada) CEO John Sharoun presented a cheque for $80,661.95 during a luncheon hosted in honour of WICC on Feb. 9. In years past, Crawford employees have raised between $50,000 and $55,000 annually. This year, the donations increased exponentially […]
The Insurance Bureau of Canada (IBC) has released a voluntary Code of Conduct related to insurers’ use of credit-based insurance scores.The code applies to personal insurance only, including auto, homeowner, motorcycle, mobile homes and non-commercial dwelling fire insurance policies. The code does not apply to commercial insurance.The new code contains 10 general guidelines governing insurers’ […]
By Canadian Underwriter | February 9, 2010
A.M. Best Co. has affirmed Echelon General Insurance Company’s financial strength rating of B++ (good) and issuer credit rating (ICR) of ‘bbb+.’EGI Financial Holdings (EFH), Echelon’s publicly traded parent, also had its ICR of ‘bb+’ affirmed.The outlook for all ratings is stable.“The ratings for Echelon General are reflective of its strong risk-adjusted capitalization, historical profitability, […]
At $24 billion, insured losses in 2009 were the lowest they have been since 2006, in part due to relatively low losses for weather events and a quiet hurricane season, according to Guy Carpenter.This is a large drop from $52.5 billion in 2008, the company reported in Catastrophe Update on GCCapitalIdeas.com.”2009 has seen an impressive […]
The Halifax Regional Municipality (HRM) supports the province’s existing $2,500 cap on pain and suffering awards for minor auto injuries.The HRM self-insures about 95% of its 1,400 vehicles, including 294 buses, police cars, fire trucks and snow and ice control equipment. About 70,000 passengers use HRM transit daily, with more than 17 million passenger trips […]
By Canadian Underwriter | February 8, 2010
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