Industry
The Canadian Securities Administrators (CSA) posted a consultation paper on Oct. 6 that suggests the implementation of a regulatory framework for credit rating agencies, based on the recent controversy surrounding the asset-backed commercial paper (ABCP) market. The proposed regime “would require compliance with the recently amended code of conduct established by the International Organization of […]
By Canadian Underwriter | October 9, 2008
1 min read
Jon Schubert has been appointed president and CEO of the Insurance Corporation of B.C. (ICBC), effective mid-November.He is currently the president and CEO of Saskatchewan Government Insurance (SGI). Schubert worked at SGI for 23 years before venturing forward to run his own consulting firm; he returned to SGI in 2004 as president and CEO. “I […]
American International Group, Inc. (AIG)’s domestic life insurance subsidiaries have borrowed approximately US$37.2 billion from the Federal Reserve Bank of New York. The New York Fed will borrow investment grade fixed income securities from these AIG subsidiaries in exchange for cash collateral, according to an AIG release. Draw downs under the existing, US$85-billion New York […]
In a lawsuit involving “mixed claims,” some of which are insured under a policy and some of which are not, the costs of defending a lawsuit should be apportioned between an insurer and an insured based on the operative language in the insurance policy, the Ontario Court of Appeal has ruled.In deciding Hanis v. Teevan, […]
By Canadian Underwriter | October 8, 2008
2 min read
BFL Canada and Kansas City-based Lockton have formed an alliance to serve clients in North America. BFL Canada is Canada’s largest independent commercial insurance broker and Lockton is the world’s largest privately held insurance broker, according to a news release issued by Lockton. Lockton and BFL Canada executives said the alliance is built on shared […]
The cascading financial services crisis in the United States has risk managers bracing for a hard market, although some suggest the crisis may actually prolong the current soft market, participants of a Risk and Insurance Management Society (RIMS) Webinar heard.Janice Ochenkowski, RIMS president and managing director at Jones Lang LaSalle, was a panelist at the […]
Allianz SE will provide a US$2.5-billion capital investment in The Hartford Financial Services Group, purchasing roughly a quarter of Hartford’s outstanding common shares. In a second-quarter filing to the U.S. Securities Exchange Commission (SEC), The Hartford reported having slightly more than 300 million common shares for the first six months of 2008. Allianz will be […]
The Superintendent of the New York State Insurance Department has called on the United States federal government to regulate the credit default swap (CDS) market, after CDS played a major role in the financial unravelling of the American International Group (AIG).”In an interview with the New York Times, [New York] Governor [David] Paterson called credit […]
By Canadian Underwriter | October 7, 2008
Ontario courts should consider if it would be best for a trial judge to determine whether or not an injury meets Ontario’s threshold test of a “permanent, serious impairment” prior to a jury deliberating on the outcome of the case, an Ontario Superior Court Justice has mused in Guerrero v. Fukuda.Ontario Superior Court Justice T. […]
FM Global has made some changes to its senior management team, effective Jan. 1, 2009. Brian J. Hurley, currently executive vice president of the North and South America operations, will retire. Ruud H. Bosman will assume the role of vice chairman, a newly created position. Jonathan W. Hall will assume the role of an executive […]
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