Industry
The Hartford Financial Services Group Inc. (NYSE: HIG) is receiving US$3.4 billion from the United States Department of Treasury’s Capital Purchase Program (CPP), which is investing in perpetual preferred stock of the company.”This investment further enhances our financial flexibility and our capacity to weather significant deterioration in the equity and debt markets, as well as […]
By Canadian Underwriter | June 26, 2009
1 min read
Despite the fast-approaching Jan. 1, 2011 deadline for the implementation of international financial reporting standards (IFRS), more than 12% of public companies and 20% of the private companies surveyed by PricewaterhouseCoopers have not yet taken the first step in the conversion process.PwC surveyed 256 companies — 147 of which were public, 51 were private and […]
Aviva Canada Inc. has formed a partnership to distribute Hagerty Insurance, a specialist in the collector car market, across Canada.Under the partnership, Aviva Canada will underwrite Hagerty Insurance in Canada and assist in distribution through its broker network, with Hagerty providing service, call centre operations and marketing support, a joint release says.Hagerty Insurance will enter […]
By Canadian Underwriter | June 25, 2009
Ontario’s broker regulator, the Registered Insurance Brokers of Ontario (RIBO), is cautioning brokers about a practice commonly referred to as “market blocking.””In short, this involves the practice where a broker, in advance of an upcoming commercial renewal, sends out a request for quotation to a number of markets to lock the account,” RIBO says in […]
The global insurance-linked securities (ILS) market has taken a hit because of the recent market disruptions, but it is beginning to re-emerge and adapt, according to a report by Standard & Poor’s Ratings Services.Insurance-linked securities are instruments used to transfer insurance risk to the capital markets. Some of the more common forms of ILS are […]
2 min read
“Almost all” insurers in Ontario have indicated to the province’s insurance regulator, the Financial Services Commission of Ontario (FSCO), that they understand FSCO’s concerns about credit scoring, expressed in a February 2009 bulletin, and that if they don’t already conform to the practices outlined in the bulletin, they plan to do so in the near […]
By Canadian Underwriter | June 24, 2009
James Giffen has been promoted to director of the Global Technical Services (GTS) division with Crawford & Company (Canada) Inc. Giffen has nearly 25 years of experience and currently manages Crawford’s Toronto GTS branch. He is an executive general adjuster and has multi-line claims expertise with specialization in major commercial/ industrial property, fidelity, false pretense […]
Insurers are increasingly seeing offshore wind as an attractive investment area with considerable growth potential, Willis Group Holdings (NYSE:WSH) says.“Offshore wind is a significant opportunity for the insurance industry, with the market expected to grow nearly 30-fold between now and 2020,” said Michael Buckle, executive director of the Willis Renewables team, part of Willis Global […]
The average total cost of commercial risk (TCOR) per US$1,000 dropped 9.4% in 2008, according to the 2009 RIMS Benchmark Survey.Advisen Ltd. compiled and analyzed data on more than 1,300 companies in the United States and Canada. Data was collected in 2008 and covers 14 high-level industry groups (including energy, telecommunications, professional services, banks, consumer […]
Health Claims for Auto Insurance (HCAI), an electronic system for processing auto insurance claims, is once again entering a pilot phase, starting on Sept.1, 2009.HCAI was shut down in April 2008 at the request of the Insurance Bureau of Canada (IBC). At the time, insurers said they were experiencing serious disruptions in their claims adjustment […]
By Canadian Underwriter | June 23, 2009
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