Industry
A minority shareholder of Kingsway Financial Services Inc. has requisitioned a special election to remove two more ‘legacy’ board members and put an end to “certain payments to board members.”The Stilwell Group, a New York City-based money management firm, holds 9% of Kingsway’s outstanding shares of common stock. It is also pushing for the sale […]
By Canadian Underwriter | February 3, 2009
2 min read
PartnerRe Ltd. (NYSE: PRE) reported a net income of US$95.3 million for 2008 Q4, compared to US$180.6 million for the same period of 2007.Non-life combined ratio for 2008 Q4 was 102.2%, marking a dramatic increase from 2007 Q4’s 79.0%.Net premiums earned quarter-over-quarter decreased slightly to US$984.3 million in 2008 Q4 from US$989.8 million in 2007 […]
1 min read
Despite the financial crisis, there is no indication of dramatic reductions in IT spending, changes in priorities, disruptions of project pipelines or dramatic shifts in platforms, a 2009 Celent survey of U.S. chief information officers has found.The survey canvassed executives in 33 of the U.S.’s property/casualty and life insurers during 2008 Q4 just as the […]
By Canadian Underwriter | February 2, 2009
A key lesson learned from the current financial crisis is that risk management must integrate risk and actuarial functions, Swiss Re Canada’s Online newsletter said.Traditionally the focus of risk management has been on identifying and reporting risks, but the crisis shows companies need to pay more attention to managing risks in a pre-emptive way, said […]
Manitoba Public Insurance (MPI) is proposing that no one pay increased premium during the first year of its new merit/demerit system, called the Driver Safety Rating (DSR), and that the maximum vehicle insurance discount remain at 25%.MPI filed rates for the new program with the Public Utility Board on Jan. 30, 2009. The Driver Safety […]
The phrase “companies under management control” is too vague to determine whether an unnamed insured — a roofing company hired by Atomic Energy Canada Ltd. (AECL) — is entitled to the AECL’s property policy coverage without the need for a trial first, an Ontario Court has determined.AECL hired Ron Robinson Roofing Inc. to do roofing […]
GLOBAL REINSURANCE PRICING STARTS TO FIRM UP Global reinsurance prices firmed up for Jan. 1, 2009 renewals and are expected to remain that way for April and July 2009 renewals, according to the January 2009 Reinsurance Market Outlook issued by Aon Benfield. Aon Benfield expects the reinsurance renewal market in April and July 2009 will […]
January 31, 2009
ONTARIO AUTO RATES ON THE INCREASE The Financial Services Commission of Ontario (FSCO) approved automobile rate increases averaging 2.57% in 2008 Q4, based on the entire market. For the 69.37% of the market that had rate changes approved in 2008 Q4, the average rate change was 3.71% when weighted by market share. The rate changes […]
NOVA SCOTIA AUTO CAP UPHELD The Supreme Court of Nova Scotia in January upheld the province’s cap on insurance payments for minor auto injuries. But the ink had barely dried on the decision before it was subject to an appeal. In Hartling v. Nova Scotia, the Supreme Court of Nova Scotia dismissed a Charter challenge […]
Geoffrey Machum, a partner at Stewart McKelvey in Halifax, was a key figure in a big win for the insurance industry on the issue of auto insurance caps for minor injuries.
By Vanessa Mariga, Associate Editor | January 31, 2009
5 min read
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