Industry
Independent research released by the Insurance Brokers Association of Ontario (IBAO) shows that independent brokers continue to have strong socio-economic impacts on the communities in which they operate, the association says.The bi-annual study was conducted in the winter of 2008. It was sent to 10,442 licensed brokers employed in 1,252 offices representing 715 brokerage firms.The […]
By Canadian Underwriter | December 12, 2008
1 min read
XL Capital Ltd. (NYSE: XL) has responded to — but did not confirm or deny — rumours that the insurer is exploring the option of putting itself up for sale amid reports of large Q4 investment losses.”The company remains focused on operating its business and meeting the needs of its customers and is committed to […]
By Canadian Underwriter | December 11, 2008
2 min read
Company chief executives and chief financial executives will not only have to certify their own company’s financial statements as of Dec. 15, 2008, but they will have to vouch for their internal and disclosure controls over reporting as well.New rules on certification of annual and interim filings will come into effect on Dec. 15, an […]
AIG may have to delay selling off some of its assets due to the tough markets, AIG chairman and CEO Edward Liddy suggested on Dec. 11 in a speech to The American Chamber of Commerce & Hong Kong General Chamber of Commerce. “These are challenging times to undertake divestitures and it’s quite possible that the […]
Approximately two-thirds of manufacturers and retailers have no crisis or recall strategy in place, according to a survey conducted at a Marsh product risk seminar.Most of the other one-third had not tested or reviewed their procedures in more than six months, the survey of manufacturers and retailers found. More than half of the respondents had […]
The Supreme Court of Canada’s 2007 decision in Lumbermens Mutual Casualty v. Herbison isn’t among the authorities cited in the Dec. 3, 2008 Ontario Superior Court of Justice case Lafond v. Roksa, but its influence was certainly manifest.Lafond once again considered the issue of injuries arising “directly or indirectly from the use or operation of […]
By Canadian Underwriter | December 10, 2008
The Office of the Superintendent of Financial Institutions Canada (OSFI) is requesting comment from industry stakeholders on its draft revision of Guideline B-10, Outsourcing of Business Functions.On April 20, 2007, as a result of Bill C-37 coming into force, the need for a federally regulated entity (FRE) to obtain OSFI’s approval to maintain and process […]
The William H. McGannon Foundation has awarded Jean-Francois Haeck with the John Faulds Memorial Award. The John Faulds Memorial Award includes a Cdn$5,000 scholarship. It is not given on an annual basis, but only to worthy students studying risk management at the post-graduate level. Haeck is currently pursuing a Masters of Science in Management and […]
Underwriting deterioration lies ahead for the directors and officers (D&O) liability insurance market, beginning with the 2008 year-end results, A.M. Best predicts in a special report.”A.M. Best believes calendar-year combined ratios in the 125[%] to 200[%] range were the norm for most D&O insurers in 2002 and 2003, and that current adverse fundamentals in the […]
By Canadian Underwriter | December 9, 2008
In a case involving a contractor’s attempt to move a mobile home onto a foundation, thus damaging both, Saskatchewan’s Court of Queen’s Bench found an insurer’s policy exclusion applied to damage to the home, but the insurer had a duty to defend the insured for claims arising from damage to the foundation.Robert and Kristen Fitzsimonds […]
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