Industry
Fifty-six percent of Canadian companies surveyed report being victims of economic crime with the last year, according to a PricewaterhouseCoopers (PwC) survey.This is an increase of 10% over the 2003 survey results. Several economic crimes have come to light in the midst of the past year’s global economic downturn, including large-scale Ponzi schemes in Quebec, […]
By Canadian Underwriter | November 20, 2009
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For the first time, good performance in a roof strength test was required to win a Top Safety Pick designation from the Insurance Institute for Highway Safety (IIHS).The addition of the roof strength criterion recognizes manufacturers with vehicles that provide good protection in rollovers, which kill more than 9,000 people in passenger vehicles each year.“With […]
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) intends to voluntarily delist its subordinate voting shares from the New York Stock Exchange.After delisting from the NYSE, Fairfax’s subordinate voting shares will continue to be listed on the TSX, where they will be traded in both Canadian and U.S. dollars under the trading symbols FFH and […]
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Saskatchewan’s Superintendent of Insurance has warned insurers marketing insurance and administering insurance contracts in the province with the assistance of unlicensed third-party entities that it intends to “follow-up” with them.In a letter, the regulator requests that non-compliant insurers remedy this situation as soon as possible.“We also understand that some insurers may be taking the position […]
By Canadian Underwriter | November 19, 2009
Ontario’s auto reforms probably won’t make their mark until the third quarter of 2010, insurance company executives said at a luncheon sponsored by the Conestoga Chapter of the Insurance Institute of Ontario.Due to the delay, the industry must now be prepared to endure “sustained negative press” for the better part of 2010, one observed. Maurice […]
Insurers need to fundamentally re-think business models rather than simply change technologies to expedite service the way it has always been done, insurance company executives told people attending a luncheon sponsored by the Conestoga chapter of the Insurance Institute of Ontario.“Companies are spending hundreds of millions of dollars to replace their legacy systems,” Gore Mutual […]
Intact Financial Corporation (TSX: IFC) intends to issue Cdn$150 million principal amount of unsecured notes pursuant to its medium term note program. Net proceeds will be used by Intact for general corporate and investment purposes.The notes, to be offered on a best efforts basis through an agency syndicate led by CIBC World Markets Inc. and […]
Trillium Management Services Inc., founded by former Kingsway Financial Services Inc. president Bill Star, has reached a definitive agreement to acquire Geneva Insurance Company Inc. of Indianapolis, Indiana. Geneva provides personal automobile insurance with a concentration on non-standard auto insurance in Indiana. Its products provide insurance coverage for liability to others for bodily injury and […]
By Canadian Underwriter | November 18, 2009
Lloyd’s Canada’s reinsurance market is compliant with the amendments to Part XIII of the Insurance Companies Act of Canada, including the business that it has written over the past 10 years.Deborah Moor, president of Lloyd’s Canada served as the keynote speaker at the Insurance Institute of Ontario’s ‘At the Forefront’ breakfast seminar in Toronto on […]
Residents in Queen Charlotte/ Haidi Gwaii and the North Coast of British Columbia awoke to a 6.5 magnitude earthquake on Nov. 17, 2009 morning. As of press time there were no reports of major damage. The quake occurred near the southern tip of the Queen Charlotte Islands region, 162 km south of Queen Charlotte City, […]
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