Industry
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) reported a drop in net income, from $562.4 million in 2009 Q3 to $219 million in 2010 Q3.The company attributes the year-over-year decrease to lower net investment gains, reporting $68.1 million in 2010 Q3 and $797.8 million in 2009 Q3.The consolidated combined ratio of the company’s insurance […]
By Canadian Underwriter | November 5, 2010
1 min read
Marshall & Swift/Boeckh (MSB) has been sold to global investment firm TPG Capital. MacDonald Dettwiler and Associates signed a definitive agreement to sell MSB to TPG Capital for an undisclosed amount. TPG has $47 billion in assets under management and “strong” experience supporting companies in the insurance and financial services marketplace, an MSB release says.”MSB […]
Claims
McLarens Canada dispatched its catastrophe adjustment team to St. Lucia to respond to the damage caused by Hurricane Tomas.The Category One hurricane hit the Caribbean Island on the weekend of Oct. 30, killing 14 people and causing widespread destruction that is expected to surpass US$100 million, a McLarens release says. “McLarens Canada’s CAT Team will […]
Ontario’s insurance regulator has laid out some clear timelines to complete studies and consultation related to a new catastrophic impairment definition and a new minor injury treatment protocol – two key features of the province’s auto insurance reforms.Philip Howell, CEO and superintendent of financial services at the Financial Services Commission of Ontario (FSCO), outlined timelines […]
By Canadian Underwriter | November 4, 2010
Insurance Brokers Association of Ontario (IBAO) is applauding a private members bill that calls for an outright ban on the use of credit scoring in personal lines insurance in Ontario. Liberal MPP Mike Colle introduced private member’s Bill 130: The Homeowners Insurance Credit Scoring Ban Act, 2010, and it passed first reading. The bill calls […]
2 min read
The Office of the Superintendent of Financial Institutions (OSFI) is poised to give the reinsurance industry a six-month reprieve in following the federal solvency regulator’s proposed new guidelines on sound reinsurance practices and reinsurance security agreements.”What we have in mind now is July 1 [2011],” OSFI director of legislation and policy initiatives Philipe Sarrazin announced […]
The Registered Insurance Brokers of Ontario (RIBO) issued a set of Best Practices related to the 2010 auto reforms, and these are now included in the self-regulatory body’s spot checks, RIBO president Al Chamney says. Chamney spoke of RIBO’s initiatives during its Annual General Meeting in Toronto on Nov. 4.The goal of RIBO’s spot-check program […]
Host Ontario Safety League and sponsor Insurance Bureau of Canada announced on Nov. 3 the launch of the 2010 Operation Red Nose campaign.The campaign, which is now six years old in Ontario, offers safe rides home to partygoers.The campaign will be offered in 12 Ontario communities between Nov. 25 and Dec. 31, 2010.This year, the […]
By Canadian Underwriter | November 3, 2010
Water damage is the most common type of loss occurring during the course of construction, according to Allianz Global Corporate & Specialty (Americas), which has issued a White Paper on how to manage exposure in this area.The White Paper, Preventing Water Damage: What Risk and Construction Project Managers Need to Know, suggests two complementary risk […]
Intact Financial Corporation reported a dramatic improvement in its 2010 Q3 net income, increasing from a net loss of $8 million in 2009 Q3 to a net income of $82.3 million.The company attributes the gains to improved underwriting results and investment gains. The insurer reported an 8.6% decrease in its combined ratio, from 105.2% in […]
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