Industry
The U.S. property and casualty’s net income plunged approximately 87% to US$1.2 billion in 2009 Q1, reflecting challenging investment and underwriting markets, A.M. Best says in a special report to be released July 13.The industry’s net premiums written decreased 3.8% (or US$4.2 billion) to US$107.6 billion in 2009 Q1 from US$111.8 billion during the same […]
By Canadian Underwriter | July 9, 2009
1 min read
Crawford & Company (Canada) Inc. has made a number of organizational changes, including the promotion of Bill Johnstone from his current role as vice president of Greater Toronto Area and Global Technical Services to the position of senior vice president of Global Technical Services (GTS) for the Americas. Johnstone will continue to be the GTS […]
By Canadian Underwriter | July 8, 2009
2 min read
The Traffic Injury Research Foundation has identified a growing number of cases in which people are charged with criminal drinking and driving offences, plead not guilty and then take their chances at trial. More than 40% of Canadian drunk driving cases are going to trial, the TIRF reports.“This finding is likely a result of two […]
Manulife Financial has announced that Manulife Financial Capital Trust II will be issuing $1 billion of its Series 1 notes.Manulife Financial Capital Trust II is a trust wholly owned by The Manufacturers Life Insurance Company, a release says.The transaction is expected to close on July 10, 2009. The net proceeds will be used by Manulife […]
By Canadian Underwriter | July 7, 2009
As the recession entrenches, job loss insurance protection programs are flourishing, providing protection to people who may wish to buy a car but are spooked by the prospect of losing their jobs during the lease.Most recently, the job loss protection program Walkaway — the author of Hyundai’s Assurance program, among others — has announced the […]
PartnerRe Ltd. has inked a US$2-billion,‘multi-step transaction’ that will see it acquire Paris Re Holdings Limited.In the first step of the transaction, expected to close in 2009 Q4, PartnerRe will acquire the shares held by several significant shareholders — including Stone Point Capital and Caisse Depot et Placement du Quebec — representing approximately 57% of […]
By Canadian Underwriter | July 6, 2009
MySpace Inc. is immune from strict product liability if an adult sexually assaults a minor in a meeting arranged through the Internet social networking site, a California appellate court has ruled.The court ruled Section 230 of the U.S. Communications Decency Act (CDA) protects MySpace from product liability claims after female minors met with adult males […]
By Canadian Underwriter | July 3, 2009
Andrew Cartmell has been appointed president and CEO of Saskatchewan Government Insurance (SGI). “We are extremely pleased Mr. Cartmell accepted Saskatchewan’s offer to lead SGI’s 1,800 staff forward in the years ahead,” June Draude, SGI minister, said in a release. “Mr. Cartmell has over 25 years’ experience in the insurance industry, working his way up […]
Dealing with the potential fallout arising out of Ontario’s contracting economy has found its way into the provincial regulator’s planning and priorities for the upcoming year. In its June 2009 Statement of Priorities, the Financial Services Commission of Ontario (FSCO) said it has stepped up its monitoring of companies’ solvency and market conduct, based on […]
By Canadian Underwriter | July 2, 2009
The July 1, 2009 reinsurance renewals saw sufficient capacity in all areas, according to several broker overviews. This was despite predictions of dramatic rate increases to offset reinsurer losses over the preceding 12 months, according to Willis Re. Consistent with the general trend seen in the United States from January to June, and in line […]
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