Industry
Marine insurance is no longer an exempted class of insurance as a result of changes to Part XIII of the Insurance Companies Act, effective Jan. 1, 2010.In a communiqué, the Office of the Superintendent of Insurance (OSFI) says amendments to the act “will remove the exemption that allowed foreign insurers to insure in Canada marine […]
By Canadian Underwriter | July 27, 2009
1 min read
The much-anticipated hard market in commercial lines is taking its time to develop, as rates for U.S. commercial property/casualty premiums idled during the second quarter of the year, according to The Council of Insurance Agents & Brokers’ (CIAB) quarterly Commercial P/C Market Index Survey. “We saw no significant change in pricing trends from the first […]
By Canadian Underwriter | July 24, 2009
The Chubb Corporation [NYSE: CB] saw its 2009 Q2 profits increase to US$551 million, compared to US$469 million in 2008 Q2, even though it wrote less premium than it did during the same period last year.Total net written premiums for 2009 Q2 accounted for US$2.8 billion, a decline of 7% from premiums of US$3 billion […]
The use of credit derivatives as a proportion of total derivatives was very limited in the 2009 Q1 filings of 100 companies, and its use was seemingly concentrated more among banks than insurance companies, according to a review of the filings by Fitch Ratings. Improvements to derivatives disclosure became mandatory for all U.S. companies in […]
By Canadian Underwriter | July 23, 2009
Vancity, Canada’s largest credit union, has agreed to sell Vancity Insurance Services Limited (VISL) — its subsidiary for home, auto, travel and business insurance — to The Co-operators.The price tag of the deal, which is subject to regulatory approvals, was undisclosed.VISL is a wholly owned subsidiary of Vancity that provides insurance through 17 retail branches […]
By Canadian Underwriter | July 21, 2009
Three fires are currently raging through the Kelowna area of B.C., forcing more than 11,000 residents to evacuate their homes. There are three separate fires in the Kelowna area. One is in the Glenrosa area and is estimated to be roughly 400 hectares in size, according to fire updates from the Vancouver Sun. It is […]
Aon Reed Stenhouse Inc. has acquired IAO Actuarial Consulting Services. The terms of the deal were not announced.IAO’s capabilities will be integrated into Aon’s Global Risk Consulting business, which provides a range of services from risk identification and control to assessment and risk financing, the company notes in a release. The acquisition of IAO will […]
By Canadian Underwriter | July 20, 2009
A.M. Best has revised how it plans to apply its Natural Catastrophe Stress Test (NCST), potentially giving insurance companies leeway in meeting risk-adjusted capital requirements in the aftermath of a reasonably severe catastrophe.The stress test considers a company’s balance sheet risks and the increased reinsurance recoverables and reserves associated with a natural catastrophe. The test […]
2 min read
South Barrie Collision Centre raised $6,000 for the City of Barrie’s Royal Victoria Hospital through its charity car wash event.On July 11, members of South Barrie Collision Centre washed more than 80 cars to raise the funds. The money was donated to the RVH Hospital Expansion project and the Simcoe-Muskoka Regional Cancer Centre.“We wanted to […]
By Canadian Underwriter | July 17, 2009
Compared to other regions, fatal collisions involving heavy trucks in British Columbia were more likely to involve truck drivers who are 41 and older or truck drivers who are speeding, according to a report by the Traffic Injury Research Foundation. The report, Best Practices for Truck Safety, identified the principal causes of casualty collisions involving […]
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