Industry
Canadian-based insurance companies (excluding branches) are likely to withstand the 23% drop in TSX share prices that occurred during 2008 Q4 without showing signs of a capital meltdown, according to MSA Research.In the recent Q3-2008 edition of the MSA/Baron Outlook Report, MSA Research applied a capital stress test on P&C-1 (Canadian) insurance companies and published […]
By Canadian Underwriter | January 30, 2009
2 min read
HKMB HUB International Insurance Brokers is hosting the 4th annual Hockey Challenge for Charity On March 11. The event will be held at the Air Canada Centre from 3-6pm. The annual Claims vs. Underwriting game, will feature players from sponsoring firms. The winning team will be awarded the Challenge Cup. All are welcome with proceeds […]
By Canadian Underwriter | January 29, 2009
1 min read
The Allstate Corporation (NYSE: ALL) reported a US$1.129 billion loss for 2008 Q4, marking a drastic drop from 2007 Q4’s profit of US$760 million.For 2008, Allstate reported a 136% drop in profits over 2007, from US$4.636 billion to a loss of US$1.679 billion.The company’s return on equity for 2008 was negative 9.7%, marking a decrease […]
The impact of the political consequences of the global credit crunch will be seen in 2009, according to the 16th annual Political Risk Map, launched by Aon Risk Services. Miles Johnstone, director of Aon’s Political Risk team, explained: “This year’s map reflects how the impact of the credit crunch is shifting from being an economic […]
The federal budget, handed down on Jan. 27, 2009, showed signs of promise for B.C.’s major industries, and in turn the province’s insurance industry, said the Insurance Brokers Association of B.C. (IBABC).“From an insurance broker’s perspective, the increased small business tax limit amount from $400,000 to $500,000 is helpful,” Fraser Lyle, president of IBABC commented […]
By Canadian Underwriter | January 28, 2009
The transition provisions in the Limitations Act do not apply to a proposed counterclaim for contribution and indemnity, ruled the Ontario Court of Appeal.In Placzek v Green, Edward and Carmen Placzek allege that Carmen was injured in March 2003 when the vehicle they were travelling in was rear-ended by a pick-up truck driven by Albert […]
The Huntington Society of Canada is hosting Casino Royale 2009 to raise money for research, a cure for Huntington’s disease and family services. The fundraiser will be held Feb.21 at 7 p.m. at the Liberty Grand: 25 British Columbia Road in Toronto. Tickets are $125, which includes food, two free drinks, play money for casino […]
The Ontario Court of Appeal has confirmed that if an insured fails to disclose a material change in a risk to a commercial insurance policy, the insurance company may reject the claim without being obligated to void or cancel the policy instead.In Patriquin v. Great Lakes Forest Products, the Great Lakes Forest Products company had […]
A.M. Best Co. has upgraded the financial strength rating of Coachman Insurance Company (Coachman) from B to B++. The outlook has been revised to stable from positive. A.M. Best has also affirmed the financial strength rating of A- of SGI Canada (SGI). Additionally, A.M. Best has affirmed the financial strength rating of B++ of SGI […]
By Canadian Underwriter | January 27, 2009
The term “Metropolitan City of Vancouver” is ambiguous in a restrictive covenant, according to the Supreme Court of Canada. In Shafron v. KRG Insurance Brokers (Western), Morley Shafron sold his insurance company to KRG in 1987. The company was renamed KRG Western; in 1991, it was sold to another party. KRG Western employed Shafron from […]
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