Industry
The KRG Children’s Charitable Foundation donated Cdn$2 million to Canadian charities in 2008.The donation includes a Cdn$1.3-million contribution to the Hospital for Sick Children.“KRG is in the insurance business and The Hospital for Sick Children represents a giant insurance policy for children and their families,” said Steven Wise, chairman and CEO of the KRG Insurance […]
By Canadian Underwriter | January 22, 2009
2 min read
**CORRECTION** The following item is an amended version of a prevous item in which Sally Turney was incorrectly quoted as saying the partnership no longer met the companies’ financial needs. In fact, the partnership no longer meets the companies’ strategic needs. Canadian Underwriter is responsible for the misquote and apologizes for the error. Aviva […]
The Ontario courts have no jurisdiction to split a trial in which a jury notice is already filed and one of the parties to the action objects, the Ontario Superior Court of Justice has found.The case arose out of a motor vehicle collision in October 1999, in which a woman was backing out of a […]
By Canadian Underwriter | January 21, 2009
The downward economic turn has resulted in a “late” renewal season as of Jan. 1, 2009, with cedants waiting until the last minute to nab the best deal in a hardening market, A.M. Best has noted in an online video.The full video clip can be seen at: http://www3.ambest.com/ambv/media/video.aspx?rc=152121″If I could choose a single word that […]
Crawford & Company (Canada) Inc. has made organizational changes within its senior management that are intended to enhance the company’s strategic growth initiative and customer focus. Pat Van Bakel has been promoted to senior vice president of claims operations. He will focus on uniting all of Crawford’s National Claims Services’ branches under one umbrella. In […]
The current global economic turmoil and credit crisis does not signify enterprise risk management (ERM)’s failure, but rather an over-reliance on financial models, said participants in the Ontario Risk and Insurance Management Society (ORIMS)’s ‘Lunch and Learn’ session.Held in Toronto on Jan. 21, the seminar served as a round-table discussion for approximately 35 members of […]
Lang Michener author Frank Palmay has praised Alberta for being the first provincial jurisdiction in Canada to extend privilege to cover an insurer’s self-assessment documents.”Alberta’s approach is a reasonable balance of the equities and it is hoped that its lead will be followed by other jurisdictions,” Palmay wrote in a newsletter article published by the […]
By Canadian Underwriter | January 20, 2009
Looking ahead into 2009, the profitability of the North American insurance broker industry is expected to be flat or modestly lower, Fitch Ratings says in a recent report, Review and Outlook 2008-2009.In making its assessment, Fitch noted the “economic recession and competitive insurance rate environment will continue to challenge brokers to grow organically or improve […]
1 min read
Given the unprecedented volatility in the financial markets, insurers’ loss reserve adequacy, which had been a matter of secondary consideration in the past few years, may once again drive ratings, Standard & Poor’s said in a recent report.The article, Insurers’ Reserve Adequacy will Come Under Pressure as Operating Profitability Worsens, states that the U.S. property […]
By Canadian Underwriter | January 19, 2009
Jean Chretien, former Prime Minister of Canada, will be the keynote luncheon speaker at the 2009 National Insurance Conference of Canada (NICC).The conference will be held from Wednesday, Sept. 30 until Friday, Oct. 2 at the Ottawa Westin. Registration for the event will likely open in March.A draft line-up of speakers and sessions includes ‘Market […]
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