Industry
Insurance companies must recognize ‘red flags’ indicating the presence of organized crime and better co-ordinate communications between them when such signs arise, according to IBC investigator Kathy Metzger.Insurers must be vigilant in preventing organized crime, Metzger told delegates attending the National Association of Subrogation Professionals’ Canadian Chapter’s training and education seminar. The seminar was held […]
By Canadian Underwriter | November 12, 2009
2 min read
British Columbia off-road vehicle (ORV) riders will be required to wear a helmet, register their ORVs and display license plates when operating their vehicles on Crown land.The proposed new regulations would define ORVs as including dirt bikes, all-terrain vehicles and snowmobiles and will not apply to private land.Under the new framework, which has a two-year […]
By Canadian Underwriter | November 11, 2009
1 min read
Critical risk management failures played a major part in a 2007 landing accident in Fox Harbour, Nova Scotia, where a Jetport private jet skidded off the runway and stopped close to neighbouring homes, injuring 10 passengers (two seriously), the Transportation Safety Board of Canada (TSB) has found. In a report on the incident, TSB faulted […]
Thanks in part to an unusual number of summer storms, Intact Financial Corporation (TSX: IFC) reported a net loss of Cdn$8 million in 2009 Q3, compared to a profit of Cdn$57.3 million in the same period last year.“While the pace of growth of our direct written premiums has been most encouraging, the high costs of […]
After weather kept them onshore for a few weeks, Somali pirates have resumed their attacks on vessels in the Gulf of Aden. Global piracy statistics reveal that in the first nine months of 2009, 114 vessels were boarded, 34 vessels hijacked and 88 vessels fired upon, according to Lloyd’s of London. A total of 661 […]
By Canadian Underwriter | November 10, 2009
Crawford & Company (NYSE: CRDA and CRDB) reported a net loss of US$39.5 million in 2009 Q3, compared to a net income of US$6.9 million in 2008 Q3.The net loss includes a non-cash impairment charge of US$46.9 million, primarily related to goodwill in the company’s Broadspire segment.This impairment charge does not affect the company’s liquidity […]
The 2010 Subaru Legacy is the first car tested by the Insurance Institute for Highway Safety to earn damage estimates under US$1,000 for all four of the institute’s bumper tests.“Bumpers that don’t bump,” resulting in costly damage in what should be minor crashes, are the norm for cars evaluated in IIHS’s low-speed tests, the institute […]
Hub International Limited has acquired Mones & Associates Insurance Brokers Inc. from Aviva Canada Inc. Mones also operates under the name of Arctic Insurance Brokers Ltd. in select markets. It has approximately $10 million in annual revenue in personal and commercial lines and operates in Western and Northern Canada.As a result of the acquisition, Hub […]
By Canadian Underwriter | November 9, 2009
Insurance Bureau of Canada (IBC) has hired Ralph Palumbo as vice president for Ontario.Also, Jim Rivait, vice president for Alberta and the North, has left IBC to pursue other opportunities. The bureau has created a new senior vice president policy and research position.Palumbo is a former government relations consultant, government relations director and adjudicator and […]
SCOR recorded a net income of EUR 278 million (Cdn$440.3 million) in the first nine months of 2009, stable from EUR 280 million (Cdn$443.6 million) in last year’s published figures for the first nine months.The reinsurer’s profit remained stable “despite a significant drop (27%) in investment income driven mainly by a cautious asset management strategy,” […]
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