Industry
Jean Marc Laurin has been appointed senior vice president of operations at Cunningham Lindsey Canada Claims Services Ltd.Based in Montreal, Laurin will assist with Quebec operations, in addition to special projects elsewhere throughout the Canadian operation. “Jean Marc has a wealth of operational knowledge and experience that will enrich our company in Quebec and across […]
By Canadian Underwriter | October 15, 2008
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W. R. Berkley Corporation (NYSE: WRB) has formed Berkley Underwriting Managers Canada, Ltd., which will offer a wide range of specialty casualty commercial insurance products. Products include general liability, products liability and other commercial lines on behalf of the Canadian branch of Berkley Insurance Company. The company will be based in Toronto. Michael McLachlan, who […]
U.S. bank holding companies increased their total insurance revenue in the first half of this year to US$23.7 billion, up from US$21.7 billion during the same period a year ago, A.M. Best reports.”Overall, insurance brokering activity is hardly mentioned among banks’ primary sources of profitability, but in the currently distressed banking environment, it has gained […]
Ontario in 2008 Q3 saw a minimal increase in the average of the lowest premium quoted of 0.8% year-over-year.”While the increase was less than 1% when compared to the same period last year, this is the fifth consecutive quarter that rates were found to be higher, suggesting that consumers could see their insurance costs rising,” […]
**CLARIFICATION**: The following news brief, originally posted on Oct. 14, contains information about the company’s operating income and investment loss that was omitted from the previous publication. ACE Limited estimates its 2008 Q3 net investment loss will be approximately US$1.5 billion.In addition, it sees its operating income for the third quarter ended Sept. 30, 2008 […]
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American International Group (AIG) will not be the only major, multi-line insurance group to experience trouble as a result of market dislocation, A.M. Best survey respondents predict. A.M. Best surveyed more than 550 insurance industry professionals via email. Seventy-two per cent of survey respondents believe other major multi-line insurance groups could be brought to the […]
By Canadian Underwriter | October 14, 2008
Organizations can release working capital by reducing insurance and risk costs, while managing changing risk factors, a Marsh briefing suggests.These changing risk factors may include supplier liquidity, customer default and increasing production and transportation overheads.In ‘Improving Working Capital and Business Resilience,’ Marsh recommends that risk managers explore a number of options to help deal with […]
As a result of the current financial crisis, Celent is predicting insurers’ IT budgets will be flat in 2009 (compared to 2008), despite downward pressure for the next 12 to 24 months, at least.In its latest report, ‘Bad News on the Street: Insurance IT Strategy and the Financial Crisis,’ Celent suggests insurers would do well […]
By Canadian Underwriter | October 10, 2008
The Quebec Court of Appeal has found that the “Extra Care Protection” contract of a vehicle manufacturer is a warranty, not an insurance contract, thus reversing a lower court decision that found the opposite.In making its decision in the Automobile Protection Association [APA] v. Toyota Canada Inc., Quebec’s Court of Appeal defined the difference between […]
Michael Donoghue, president and CEO of Allstate Canada, has announced his retirement. Chris Kiah, assistant field vice president in the southeast region for Allstate Corporation, will take over the role. Donoghue and Kiah will work together through the transition until Donoghue’s departure. Having served at the helm of Allstate Canada for the last seven years, […]
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