What’s New: In Brief (October 20, 2009)

Ontario’s provincial NDP party is reportedly calling for a public auto insurance scheme, on the back a series of rate increase approvals announced by the provincial regulator.In 2009 Q3, the Financial Services Commission of Ontario (FSCO) approved auto insurance rate increases of 2.13% for the entire market. The average rate increase over the first three quarters was 6.2%, when weighted by market share.In response to the increases, cbc.ca  reported NDP MPP France Gélinas as saying that a public auto insurance scheme is a potential solution to the increasing rates. “It works in B.C., Saskatchewan, Manitoba and Quebec,” Gélinas told cbc.ca. “Their premiums are way lower than ours, and the benefits to people who are victims of auto accidents are better.”

Fitch Ratings has hired Charles Gamm to head its Canadian office.Gamm, who previously led Moody’s structured finance efforts in Canada, will be based in Toronto.His focus will be working with investors, issuers and arrangers to broaden Fitch’s involvement in rating major corporations and financial institutions, as well as structured finance sectors like asset-backed securities and asset-backed commercial paper, a Fitch release says.“Charles’ addition reflects Canada’s position as an extremely important player in the global capital markets and our commitment to increase Fitch’s presence in this region,” the release said.