Industry
The Chubb Corporation [NYSE: CB] reported its net income dropped from US$664 million in 2008 Q1 to US$341 million in 2009 Q1.Net written premiums for 2009 Q1 decreased 7% to US$2.7 billion.”Excluding the effect of currency fluctuation, premiums were down 2%,” the company said in a press release. “Premiums declined 5% in the U.S. and […]
By Canadian Underwriter | April 24, 2009
1 min read
Kingsway Financial Services Inc. (TSX:KFS, NYSE:KFS) has appointed Colin Simpson as president and CEO, effective immediately.Simpson was previously the chief operating officer and executive in charge of the company’s transformation program. At its annual general meeting of shareholders, Kingsway elected the following people as directors: Bill Andrus, Robert Cassels, Peter Copestake, Walter E. Farnam, Terry […]
2 min read
Independent adjusters attending a claims scene should be writing up two reports instead of one larger report, thus increasing the chances of covering the report under litigation privilege, according to Richard Lindsay, partner with Lindsay Kenney LLP. The “dominant purpose” test is used to determine whether a documentation falls under litigation privilege, Lindsay told delegates […]
The economic slowdown is the Number 1 most pressing risk facing business leaders, according to Aon’s 2009 Global Risk Management Survey. “The 2009 Aon survey indicates that virtually no company, industry or country is immune to today’s unprecedented period of economic unrest,” the survey says. “While reputation risk has fallen from its top position in […]
Ontario’s harmonization of the provincial sales tax with the GST will definitely drive up claims costs for property and casualty insurers, an audience attending the 2009 IBC Financial Affairs Symposium in Toronto heard.”There is going to be a definite impact on costs [to property and casualty insurers] both on an operating level and, on a […]
By Canadian Underwriter | April 23, 2009
The financial woes of Canada’s private auto insurance system are squarely on the radar of Canada’s federal solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI).”On the auto side, many of you know that Ontario auto has been on our radar for awhile,” said OSFI managing director Penny Lee, a speaker at the […]
American International Group, Inc. (AIG) is accelerating steps to position AIU Holdings as an independent entity in preparation for the sale of a minority stake in the business.Under the plan announced on Mar. 2, AIU Holdings — a holding company for AIG’s commercial insurance, foreign general insurance (including Canadian operations) and private client group units […]
Ontario drivers will be prohibited from using hand-held cell phones and other hand-held electronic entertainment and communications devices while driving.The Countering Distracted Driving and Promoting Green Transportation Act, 2009 prohibits the use of hand-held devices to talk, text or email while driving. It received third reading in the legislature, Ontario’s Ministry of Transportation says.Once supporting […]
The Court of Appeal for Ontario has upheld a jury award in an automobile brain injury case of roughly Cdn$17 million — including a record Cdn$13.9 million for future cost of care.In Marcoccia v. Ford Credit Canada Ltd., Ford Credit appealed a number of aspects of the jury award, describing the future care costs portion […]
By Canadian Underwriter | April 22, 2009
Don Forgeron is taking over the helm as IBC’s new president and CEO. The announcement comes at the conclusion of a seven-month search. “I speak for the entire board of directors when I say I am delighted with today’s announcement,” IBC board chairman Rowan Saunders, who is also president and CEO of RSA. “We conducted an […]
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