Industry
In order to effect change in government policy, members of the insurance industry need to become ‘lobbyists’ at the grassroots level and focus on developing a relationship with their local elected government official.Dennis Prouse, director of federal government relations for the Insurance Bureau of Canada (IBC), offered the seminar entitled Insurance in Politics: Where do […]
By Canadian Underwriter | February 24, 2009
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Steven Stieber will be honoured with the Ontario Bar Association’s 2009 Award for Excellence in Insurance Law on Apr. 28, 2009. Stieber is being recognized for his outstanding achievements in the practice of insurance law and his contributions to the legal profession over many years. He is currently partner in the law firm of Stieber […]
Moody’s Investors Service has downgraded the insurance financial strength (IFSR) and senior debt ratings of Swiss Reinsurance Company (Swiss Re) and associated companies from Aa3 to A1. The ratings have been assigned a negative outlook, according to Moody’s. The downgrade concludes the review for possible downgrade that was initiated on Feb. 6, 2009. Short-term ratings […]
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A mining company in British Columbia that is suing its insurers for coverage in an environmental claim may have its case heard in both the U.S. and Canadian courts, opening up the possibility of conflicting rulings in different jurisdictions.In Teck Cominco Metals Ltd. v. Lloyd’s Underwriters, the Supreme Court of Canada ruled on Feb. 20 […]
By Canadian Underwriter | February 23, 2009
Carstar Automotive Canada is cautioning the public about a fraud scheme in which someone is offering “phony” jobs on behalf of the company. The identity fraud scheme, currently taking place in Ontario, is offering the “phony” jobs on behalf of Carstar through community newspaper advertising as well as Internet job sites, Carstar says. Candidates are […]
ING Insurance Company of Canada has become Intact Insurance Company. Last week, institutional and retail investors acquired ING Groep’s ownership interest in ING Canada in a Cdn$2.2-billion private placement and secondary offering. The deal transformed the subsidiary into an independent, Canadian-listed and widely-held company, according to an ING Canada release. ING Canada Inc., the […]
EGI Financial Holdings Inc. (TSX: EFH) has reported a 2008 net income of Cdn$5.98 million, marking a 60.3% decrease from 2007’s profit of Cdn$15 million.The combined ratio for 2008 was 99.9% compared with 91.4% in the year prior.The loss ratio in the 2008 period was 67.5% and the expense ratio was 32.6%. This compares with […]
Kingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) has reported a 2008 Q4 loss of US$360.4 million and a loss of US$405.9 for the entire year.”The disappointing results in 2008 reflect the impact of legacy operational problems,” said Shaun Jackson, president and CEO. “The main factors contributing to the loss were the protracted problems at […]
By Canadian Underwriter | February 20, 2009
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) reported profits of US$346.8 million in 2008 Q4 and US$1.5 billion for 2008, reflecting record investment gains of US$2.72 billion in 2008.Northbridge Financial Corporation, Fairfax’s Canadian commercial lines subsidiary, reported a profit of Cdn$46.7 million for 2008, marking a drop from a profit of Cdn$295 million in […]
Co-Operators General Insurance Company announced a profit of Cdn$62.1 million for 2008, marking a drop from 2007’s net income of Cdn$148.2 million.The company reported a net loss of Cdn$18.3 million in 2008 Q4, a decrease from 2007 Q4’s profit of Cdn$60.8 million.The insurer’s loss ratio increased year-over-year from 66.5% in 2007 to 73.6% in 2008. […]
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