Industry
Industrial Alliance Insurance and Financial Services Inc. announced the closing of its previously announced offering of 4 million shares, representing aggregate gross proceeds of Cdn$100 million.The shares yield 6% per annum, payable quarterly when declared by the board of directors. The net proceeds of the offering will be used for general corporate purposes, Industrial Alliance […]
By Canadian Underwriter | October 15, 2009
1 min read
The Risk and Insurance Management Society (RIMS) is calling for complete transparency and full disclosure of all revenue streams associated with the placement of insurance products. A new RIMS report, A Practical Guide to Insurance Broker Compensation and Potential Conflicts of Interest for the Risk Manager, is intended to serve as a guide to assist […]
By Canadian Underwriter | October 14, 2009
2 min read
Arthur J. Gallagher International has opened a new office in Calgary, trading under the name Gallagher Energy Risk Services. Former Aon energy leader Scott Heighington will head the new office. He will be joined by David Braid and Robert Redden.John Hastings-Bass, chairman of Gallagher Global Energy, commented: “Calgary is an essential hub in the global […]
David Price will be joining Executive Risk Insurance Services on Oct. 12 as senior vice president of financial lines and chief underwriting officer. In addition to his above duties, he will work with the corporate development group on the identification and development of new corporate and product opportunities. Price previously led the specialty lines practice […]
Results of an RBC Insurance/Ipsos Reid survey suggest that, although there is strong public support for Ontario’s forthcoming ban on the use of hand-held devices while driving, a majority of Ontario drivers believe the ban does not go far enough.Ontario’s Bill 118, The Countering Distracted Driving and Promoting Green Transportation Act, 2009 is due to […]
By Canadian Underwriter | October 13, 2009
There was a 2.8% decrease in the average of the lowest rates quoted for online auto insurance in 2009 Q3, compared to 2008 Q3, according to a Kanetix study. The decrease appears to be the result of changes in consumer behaviour and demographics, not cheaper car insurance rates, according to the online marketplace’s Ontario quarterly […]
AIG must repay the government US$83.6 billion, the company reported, “in response to continuing confusion regarding the amount of assistance AIG has received from the government and the amount it must repay.” The company received a total of US$182.3 billion in authorized assistance and has a total outstanding assistance of US$120.7 billion. AIG says it […]
By Canadian Underwriter | October 9, 2009
Describing themselves as “shocked” by the Canadian government’s plan to introduce legislation that would prohibit banks from selling insurance on their Web sites, Canadian banks say they will continue to sell insurance from their Web sites in the meantime, “in compliance with current law.”Currently, the Bank Act prohibits a bank from selling or promoting insurance […]
The current economic slowdown, damage to reputation and disruption or supply chain failure are the Top Three risks identified by the retail industry, an Aon Analytics report found.The report is based on data from Aon’s 2009 ‘Global Risk Management Survey,’ ‘Aon Global Risk Insight Platform’ and other proprietary databases.The Top Three risks identified by the […]
Manitoba Public Insurance (MPI) has reported a net income of Cdn$25.5 million for the first half of fiscal 2009, marking a decrease from the Cdn$40.3 million earned during the same period in 2008.Claims costs for the six-month period ended Aug. 31, 2009 were fairly stable, increasing by Cdn$22.6 million or 5.9% compared with the first […]
By Canadian Underwriter | October 8, 2009
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