Industry
As companies in the financial sector opt for excess D&O coverage, this could lead to increased wrangling between insurers as to who will have to indemnify in the event of a claim, reports Standard & Poor’s. At its conference ‘Navigating the Turbulence’ on June 1 in Brooklyn, New York, S&P’s held a panel discussion on […]
By Canadian Underwriter | June 9, 2009
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***CORRECTION*** This item has been amended to reflect the fact that IBAO’s efforts were undertaken in conjunction with similar lobby efforts by the Insurance Brokers Association of Canada (IBAC). IBAC raised the Web issue with OSFI and not the IBAO, as initially reported. Insurance brokers in Ontario along with their colleagues from across the country, […]
By Canadian Underwriter | June 8, 2009
Ontario’s auto insurance product needs to be fixed sequentially, not in one big swoop of a reform, said Jean Francois Blais, president and CEO of AXA Canada.Blais spoke to delegates of Ontario’s Young Broker Council’s conference in Niagara Falls on June 4, 2009.He said currently Ontario’s auto insurance system is too complex and not functioning […]
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American International Group (AIG) Inc. is selling a total of 29.9 million shares of its common stock of Transatlantic Holdings Inc. (NYSE: TRH), including a secondary offering of 3.9 million shares, the company announced on June 8.AIG and its subsidiaries currently own approximately 39.1 million shares of TRH common stock, or approximately 59% of the […]
The financial crisis and the resultant economic recession will have a strong — perhaps major — impact on customers’ buying behaviour, according to 45% of the insurance and reinsurance CEOs surveyed by the Geneva Association.The annual survey of 40 industry leaders was conducted during the 26th General Assembly of The Geneva Association in Kyoto at […]
Uncertainty in the auto insurance business does not mean insurers should take a “wait and see” attitude when it comes to increasing rates to offset increased claims costs, the Office of the Superintendent of Financial Institutions (OSFI) has cautioned.”Don’t wager your business on a bet that regulations will change,” OSFI superintendent Julie Dickson said in […]
By Canadian Underwriter | June 5, 2009
The insurance industry is finding non-traditional means of building capital despite the current economic situation, according to a Swiss Re and Insurance Information Institute (III) Webinar.The financial crisis is the second largest capital event for the insurance industry, behind Hurricane Katrina, having swallowed 12.9% of capital as measured by insured loss to surplus, according to […]
Kingsway Financial Services has withdrawn its Standard and Poors and DBRS Ratings.Kingsway announced on June 4 that its board unanimously authorized management to withdraw ratings provided by Standard and Poors and by DBRS in connection with its outstanding debt and securities — including its outstanding debt and units of the Kingsway Limited Return of Capital […]
All employers and recruiters in Canada’s insurance industry are now being offered free online job postings at i-hire.ca.Employers and recruiters can post as many positions as required on the site, which is owned and operated by Canadian Underwriter. Posting durations are either four or eight weeks in length. Any job posted on i-hire.ca will appear […]
By Canadian Underwriter | June 4, 2009
Ontario’s personal injury lawyers appear to have the Ontario Finance Minister’s ear when it comes to increasing access to tort for auto insurance injury claimants, the Insurance Bureau of Canada (IBC) has cautioned the insurance industry.Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), recommended in April that the province lower deductibles applied to […]
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