Industry
The Insurance Brokers Association of Ontario (IBAO) says the Insurance Bureau of Canada (IBC)’s voluntary Code of Conduct for Insurers’ Use of Credit Information, posted online in late January 2010, “will do little but create a false sense of security to the regulator and the consumers.”IBAO president Bryan Yetman said the IBC’s document, which contains […]
By Canadian Underwriter | February 10, 2010
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Crawford Cares has donated more than $80,000 to Women in Insurance Cancer Crusade (WICC). Crawford & Company (Canada) CEO John Sharoun presented a cheque for $80,661.95 during a luncheon hosted in honour of WICC on Feb. 9. In years past, Crawford employees have raised between $50,000 and $55,000 annually. This year, the donations increased exponentially […]
1 min read
Claims
The Joint Liquidators (JLs) of Dyoll Insurance Company Limited have commenced proceedings in the Supreme Court of Jamaica against Aon Benfield Canada ULC (formerly known as Aon Re Canada Inc.), seeking damages amounting to roughly US$19.9 million.In a Jan. 27, 2010 notice to creditors (posted on Dyoll’s Web site), the JLs accuse Aon Benfield Canada […]
By Canadian Underwriter | February 9, 2010
The Insurance Bureau of Canada (IBC) has released a voluntary Code of Conduct related to insurers’ use of credit-based insurance scores.The code applies to personal insurance only, including auto, homeowner, motorcycle, mobile homes and non-commercial dwelling fire insurance policies. The code does not apply to commercial insurance.The new code contains 10 general guidelines governing insurers’ […]
A.M. Best Co. has affirmed Echelon General Insurance Company’s financial strength rating of B++ (good) and issuer credit rating (ICR) of ‘bbb+.’EGI Financial Holdings (EFH), Echelon’s publicly traded parent, also had its ICR of ‘bb+’ affirmed.The outlook for all ratings is stable.“The ratings for Echelon General are reflective of its strong risk-adjusted capitalization, historical profitability, […]
At $24 billion, insured losses in 2009 were the lowest they have been since 2006, in part due to relatively low losses for weather events and a quiet hurricane season, according to Guy Carpenter.This is a large drop from $52.5 billion in 2008, the company reported in Catastrophe Update on GCCapitalIdeas.com.”2009 has seen an impressive […]
The Halifax Regional Municipality (HRM) supports the province’s existing $2,500 cap on pain and suffering awards for minor auto injuries.The HRM self-insures about 95% of its 1,400 vehicles, including 294 buses, police cars, fire trucks and snow and ice control equipment. About 70,000 passengers use HRM transit daily, with more than 17 million passenger trips […]
By Canadian Underwriter | February 8, 2010
The financial results of the U.S. property and casualty industry in 2009 represent a radical departure from the anemic results in 2008, according to a recent report by A.M. Best.”The U.S. property/casualty industry’s operating results recovered in 2009 from a catastrophe-riddled 2008, driven by improved underwriting results and the continued recovery in the financial markets,” […]
Aon Corporation (NYSE: AON) reported a net income of $747 million in 2009, marking a 49% decrease from 2008’s profit of $1.5 billion.2008 included a $935-million, after-tax gain on the sales of Combined Insurance Companies of America and Sterling Life Insurance, an Aon release says.The company’s 2009 Q4 net income was $198 million, marking an […]
Recent changes to The Rules of Civil Procedure will be front-and-centre in a seminar hosted by the Canadian Independent Adjusters’ Association. The session is to be held on May 7, 2010, from 9 a.m. to 12:30 p.m., at the Albany Club in Toronto. Todd McCarthy of Flaherty Dow Elliott & McCarthy will speak about ‘The […]
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