Industry
The Shumka Group has unveiled new corporate identities for itself and its three operating companies, SCM Adjusters Canada Ltd., Forensic Investigations Canada (FIC) and Risk Management Services (RMS).The parent company, previously known as The Shumka Group, will now be known as SCM Insurance Services (SCM). The operating company, SCM Adjusters Canada Ltd., will become ClaimsPro […]
By Canadian Underwriter | September 26, 2008
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Eleven vehicles have won the Top Safety Pick Award from the Insurance Institute for Highway Safety (IIHS), with four of them in the small vehicle class.Winners are selected based on their superior overall crash protection among the vehicles in their classes, an IIHS release says. To qualify, a vehicle must earn the highest rating of […]
In light of recent developments in the financial markets, the Canadian Securities Administrators (CSA) says it is continuing to monitor closely events both domestically and internationally to determine whether additional regulatory responses are necessary. Members of the CSA have taken, or are taking, the following actions: Temporarily prohibited short selling of the common shares of […]
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Gore Mutual and Keal Technology have launched a joint beta program designed to allow brokers direct access to instant quote, bind and issue capabilities. The program allows for upload integration between Gore Mutual’s GoBroker technology with Keal’s commercial management system comXP. Steve Starna has been appointed branch manager at the Montreal office of Environmental Solutions […]
Lloyd’s has reported a pre-tax profit of US$1.889 billion for the first half of 2008, a sharp decrease from the pre-tax profit of US$3.32 billion reported in the same period of 2007.The specialist insurance market reported a combined ratio of 89% for the first six months of 2008, representing a decline over the 82.9% it […]
By Canadian Underwriter | September 25, 2008
The U.S. property and casualty industry’s net income after taxes fell more than 50% to US$15.9 billion in the first half of 2008, reports A.M. Best Company, Inc.In a special report, the rating agency cites a combination of deteriorating underwriting results and declining investment returns for the plummet in profits.The industry’s underwriting performance weakened in […]
The Canadian Insurance Claims Managers Association (CICMA) established its executive at its annual general meeting Sept 12-15 in St. John’s, Nfld.The newly inaugurated executive for 2008-2009 is: Past President: Ron Bouwmeister, AVIVA Canada, Toronto, Ont.President: Ralph Best, Munn Insurance, St. John’s, Nfld.Vice President: Linda Brunette, Allstate Insurance, Montreal, PQTreasurer: Lyndon Frieson, Red River Valley Mutual […]
A boom in the extractive industries including the mining and oil and gas sectors has created new challenges for the insurance industry, including asset evaluations and determining true business interruption (BI) numbers.”Reinstatement costs [are] often underestimated, leading to insufficient premium pool,” Swiss Re observes in notes to a presentation to the 33rd Annual Risk and […]
By Canadian Underwriter | September 24, 2008
The Ontario Securities Commission (OSC) has issued an amended order under Section 144 of the Securities Act that temporarily prohibits short selling of certain financial sector issuers. This follows an order prohibiting short selling of securities of certain financial sector issuers listed on the Toronto Stock Exchange (TSX) and inter-listed in the United States (with […]
Cunningham Lindsey Canada Claims Services Ltd. has opened an office in Kelowna, B.C., and has appointed Scott Jordan as district manager.Jordan has spent 10 years with the Insurance Corporation of British Columbia as a special investigations unit officer and special constable for the province, a Cunningham Lindsey release says. He has worked for two large […]
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