Industry
Kingsway Financial Services Inc. (TSX: KFS) has announced a number of initiatives in an effort to reduce costs by approximately $20 million.The actions include reducing staff, freezing salaries, eliminating bonuses (except for exceptional performance) and reducing corporate overhead, according to a Kingsway statement.The company is merging the operations of four of its U.S. subsidiaries. These […]
By Canadian Underwriter | December 17, 2008
1 min read
The Saskatchewan Financial Services Commission (SFSC) has issued a cease-and-desist order to an unlicensed automobile warranty service that was telemarketing consumers in Saskatchewan.The SFSC’s allegations have not been proven in court.According to the SFSC, World Wide Warranty, Inc., also known as Canadian Auto Warranty Services, was allegedly calling consumers at home to sell them extended […]
By Canadian Underwriter | December 16, 2008
The airline insurance market is showing sure signs of hardening, with premiums increasing 16% through the month of November, despite the fact that the line has not experienced any significant recent losses, reports Willis Group Holdings.In its report, Airline Insurance Insight, Willis notes insurers are seeking and achieving rate increases in an environment of relatively […]
Norm Angrove has been appointed senior manager of value-added programs with PPG Automotive Refinish. Angrove will be responsible for marketing the CertifiedFirst and MVP programs in North America effective Jan. 1, 2009.He will lead the strategic direction of CertifiedFirst in North America, the Platinum jobber program and marketing communications in Canada. Angrove joined PPG Canada […]
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has issued a much-anticipated consultation paper on reinsurance that features discussion of a broad range of hot-button issues affecting the reinsurance sector.The 21-page document gives a broad synopsis of issues the regulator is currently considering. OSFI does not take a position on any […]
By Canadian Underwriter | December 15, 2008
2 min read
Nearly 70% of member companies in a U.K.-based business association have reported increases or dramatic increases in deliberate high-tech crime, according to a membership survey by The Corporate IT Forum.The U.K. business association has a membership of more than 150 large, blue-chip companies. Companies participating in the survey also reported spending more on fighting digital […]
Cunningham Lindsey Canada has opened a new Toronto North location in Richmond Hill, Ontario. Dave Lyon will manage the office, which will be staffed also by Rick Bahen, Ross Arthur, Nick Tucci, Fop Riethoff, Dale Reid and senior adjusters Pamela Allen and Fred Scott. Gino Fiorucci is now the new CEO of ISB Canada. “2009 […]
Enterprise risk management (ERM) will be increasingly critical to assessing the credit quality of North American insurance companies looking forward into 2009, according to a Standard & Poor’s report.”The insurers that can best identify, aggregate and control their liquidity, credit and market risks during this economic downturn will be the most able to manage their […]
A modification to a court’s rules of civil procedure, which previously prohibited the collection of evidence for a case prior to commencement of a proceeding, now allows the preservation of evidence of a potential witness in advance of a trial.The Ontario Court of Appeal ruled in TD Insurance Home and Auto v. Sivakumar that the […]
By Canadian Underwriter | December 12, 2008
The U.S. Securities and Exchange Commission (SEC) has settled civil securities fraud charges against Zurich Financial Services and Converium Holding AG, now known as SCOR Holding (Switzerland) AG, relating to finite reinsurance transactions.Without admitting or denying the SEC’s findings, Zurich and Converium agreed to settle the SEC’s charges. Zurich will pay a US$25-million penalty.The SEC’s […]
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