Industry
Kingsway Financial Services Inc. reported a 2010 Q2 loss of $18.5 million, and a $5.6-million profit in the first half of 2010.These figures represent an improvement over this same point last year, when Kingsway reported a $38.4-million loss in 2009 Q2 and a first-half 2009 loss of $96.6 million.As a result of the disposal of […]
By Canadian Underwriter | August 13, 2010
1 min read
The Office of the Superintendent of Financial Institutions (OSFI) is preparing to design a replacement for its 12-year-old Tri-Agency Database (TDS) system.Launched in 1998, the TDS collects, validates, manages and maintains financial information filed by federally regulated deposit-taking institutions such as property and casualty insurers.The TDS is hosted at the Bank of Canada and is […]
By Canadian Underwriter | August 12, 2010
The New Brunswick Progressive Conservatives say they will increase the cap on soft tissue injuries if elected this fall.By how much remains to be seen, according to Times & Transcript.“The specific amount of how much will be based on a three-month review upon taking office,” Jody Carr, MLA for Oromocto is quoted as saying in […]
Despite finding that an insurer did not act maliciously, an Ontario arbitrator nevertheless ordered a special award against the insurer for unreasonably withholding benefits and failing to consider the consequences of discontinuing benefits to a “vulnerable” low-income immigrant.In making the special award, Financial Services Commission of Ontario (FSCO) arbitrator John Wilson found the insurer’s process […]
2 min read
Pembrooke Syndicate 4000, a subsidiary of Ironshore Inc., has introduced a professional indemnity product intended to provide comprehensive coverage for the oil and gas industry. The coverage will be offered worldwide. It will be underwritten through Ironshore’s International platform for global risks, in addition to US-domiciled entities. The professional indemnity specialty insurance product is intended […]
A citizen’s group is calling on the New Brunswick government to review its $2,500 cap on insurance payments for minor injuries in auto collisions, Canadian Press reports.The news agency cites Frances McConnachie of Consumers for Insurance Fairness saying the cap has been unfairly applied to people who have been in a coma, had broken bones […]
By Canadian Underwriter | August 11, 2010
Claims
The B.C. Supreme Court has awarded almost $6 million to a woman who suffered a mild brain injury during a fall on the dance floor of a nightclub.Michelle Danicek is a lawyer who was involved in two separate incidents – a fall in a nightclub in April 2001 and a subsequent motor vehicle accident in […]
ACE Canada has appointed Bruce Walker as its Chief Financial Officer. Reporting to CEO David Brosnan, Walker will have overall responsibility for ACE Canada’s finance and information technology groups. He is expected to provide leadership in budget management, financial reporting, internal controls, audit and the strategic direction of its information technology division. Walker’s insurance career […]
Alberta’s July 12 hailstorm caused a record-setting $400 million in insured damages, the Insurance Bureau of Canada reports, citing data from PCS-Canada. The amount establishes a new record for insured hailstorm damage in Canada.The previous record was set in Calgary in 1991, when a 30-minute storm generated roughly 62,000 claims and $342 million in home […]
The Insurance Council of B.C. has published its intention to fine Family Insurance Solutions Inc. $20,000 and its marketing manager, Graham Nelson Doerr, $10,000 for improperly obtaining vehicle rating information from the province’s public insurer, the Insurance Corporation of B.C. (ICBC)The order took effect on July 20, 2010.The agency and Doerr had the right to […]
By Canadian Underwriter | August 10, 2010
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