Industry
Harry Belmont, a former Carstar Automotive Canada franchise owner who sparked the company’s Cystic Fibrosis fundraising efforts, has passed away. Belmont was a former Carstar franchise owner who opened a Carstar location in Mississauga in 1995 and ran a successful business until he sold it in 2004. When his granddaughter was diagnosed with Cystic Fibrosis […]
By Canadian Underwriter | January 14, 2009
1 min read
Sylvie Tremblay, Silvana Facciolo, Steven DelGreco and Anthony Tuson have joined Crawford & Company (Canada) Inc. Tremblay has been named director of operations. She has more than 30 years of experience in the insurance industry and will be concentrating primarily on several special projects with Crawford’s regional claims centres in Mississauga and Montreal. Facciolo, who […]
A.M. Best is asking members of the industry to comment on a draft paper outlining how the ratings agency proposes to rate members of insurance groups — including its treatment of local branch operations, which are prevalent in Canada.In its paper, ‘DRAFT: Rating Members of Insurance Groups,’ A.M. Best says one of the main themes […]
2 min read
A person can be both a director of a federally regulated insurer and a Crown corporation, as long as that person is not considered Crown agent, the Office of the Superintendent of Financial Institutions (OSFI) has ruled.OSFI was asked to rule on a situation in which a director of a federal insurance company was approached […]
In Hartling v. Nova Scotia, the Supreme Court of Nova Scotia has thrown out a Charter challenge to the province’s Cdn$2,500 cap for minor auto injuries, saying the cap does not discriminate on the basis of either sex or disability.In his 104-page decision, Supreme Court of Nova Scotia Justice Walter Goodfellow said the evidence in […]
By Canadian Underwriter | January 13, 2009
Gore Mutual was the only insurer in the standard market to consistently be ranked above average in an annual survey initiated by the Insurance Brokers Association of Ontario (IBAO).The 2008 Rate Your Company Survey included 1,150 responses from brokerages, 48% of which represented broker management and 52% of which represented brokers in customer service, administrative […]
BMO Financial Group (BMO) has agreed to purchase American International Group Inc. (AIG)’s Canadian life insurance subsidiary.Under the terms of the transaction, BMO will acquire AIG Life of Canada for approximately Cdn$375 million in cash, subject to any change in net worth between Sept. 30, 2008 and closing (expected to be June 1, 2009), says […]
An online study designed to spot and highlight the pricing trends of car insurance in Ontario identified a 2% decrease in the average lowest rates quoted for auto insurance in Q4 2008 compared to Q4 2007.The somewhat counterintuitive results were released by Kanetix, an online marketplace for insurance quotes and mortgage rates. The survey comes […]
The ratings outlook for general global reinsurers is stable for 2009, a Guy Carpenter bulletin says. Rating activity was remarkably low in 2008, with outlook changes outnumbering actual rating changes, despite the loss of several billion dollars of capital from the global reinsurance industry, Guy Carpenter says. The lack of downgrades may seem counterintuitive, but […]
By Canadian Underwriter | January 12, 2009
“How did the last 20 years of progress in risk management fail so many institutions so spectacularly given the current financial turmoil?” Marsh & McLennan Companies asks in its latest issue of Viewpoints.“While the industry at large was undoubtedly overconfident in its ability to quantify risk, the bigger problem lies in the way risks were […]
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