Industry
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has amended its guidelines for financial disclosures, taking into account recent changes made to the Canadian Accounting Standards, CICA Handbook.”The new Canadian Accounting Standards, CICA Handbook section 3862, Financial Instruments — Disclosures introduces new and expanded accounting standards for financial instruments, including derivatives,” […]
By Canadian Underwriter | February 20, 2009
1 min read
A title insurer agreeing to “indemnify and save harmless” an insured against a negligence suit has a duty to defend, even if the allegations against the insured ultimately prove to be false or do not fall under the policy coverage.The Ontario Superior Court came to this conclusion on Jan. 27, 2009 in Stewart Title Guarantee […]
By Canadian Underwriter | February 19, 2009
2 min read
The shareholders of Northbridge Financial Corporation (TSX: NB) have approved by a special resolution the anticipated amalgamation of Northbridge with Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH).The amalgamation will be effective on or around Feb. 20, 2009.Northbridge will effectively become a private company, becoming a wholly-owned subsidiary of Fairfax. All holders of Northbridge common shares, […]
Fitch Ratings is focussing more on liquidity in its insurance industry ratings criteria in light of the global recession and capital market crisis. Although Fitch has not changed its core ratings criteria, it has adjusted the focus and weighting of its analysis in several ways, it noted. Liquidity will be used as a primary factor […]
Upgrades of U.S. property and casualty insurers by A.M. Best Co. barely outpaced downgrades in 2008, following two years in which the numbers tilted heavily in a positive direction.In its special report, Ratings Actions Slow Down as Turmoil Grips P&C Industry, A.M. Best notes that downgrades of property and casualty insurers totalled 57 in 2008 […]
Alan L. Austin has joined the Vancouver branch of Kernaghan Adjusters. Austin’s expertise includes large transportation claims in both Canada and the United States. He has also adjusted large complex property losses, professional liability matters (including broker E&O) and larger jeweler block claims. Collision Solutions Network (CSN) has appointed Jay Hayward to manager of operations […]
By Canadian Underwriter | February 18, 2009
Paris Re saw its Jan.1 renewal premium drop by about 13% to US$583 million of premium written (based on constant exchange rates). “The 2009 renewals brought about a turn in the market’s direction, with Paris Re continuing to focus on underwriting profitability,” the company notes. “With its positive balance sheet, its global access to markets, […]
An insurance company seeking to challenge the authority of Canada’s privacy legislation and the privacy commissioner in an auto injury case will have to go to the Federal Court to make its case, the New Brunswick Court of Appeal has ruled.In State Farm Mutual Automobile Insurance Company v. Privacy Commissioner of Canada and Attorney General […]
The Insurance Corporation of British Columbia’s (ICBC) Special Investigations Unit investigated 2,800 cases of fraud and obtained 54 convictions in 2008. “We estimate fraud and exaggeration costs each of our 3.1 million customers in the range of $100 to $150 per year,” said Steven Tripp, manager of ICBC’s special investigations unit. “That amounts to theft […]
By Canadian Underwriter | February 17, 2009
If Alberta’s Court of Appeal reinstates the province’s cap on minor injuries, the total amount recoverable will be adjusted by 3.8% to Cdn$4,504 as of Jan.1, 2009. When Alberta Court of Queen’s Bench Justice Neil Wittmann struck down the minor injury cap on Feb. 8, 2008, the cap amount stood at Cdn$4,339.The new amount relates […]
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