Industry
Trillium Management Services Inc. has completed the acquisition of Geneva Insurance Company Inc. Geneva is based in Indianapolis, and was formed in 1999 by its sole shareholder Ronald J. Glanzman. Geneva provides personal auto insurance with a concentration on non-standard auto insurance. Its products provide insurance coverage for liability to others for bodily injury and […]
By Canadian Underwriter | January 5, 2010
1 min read
Insurer and reinsurer capital increased dramatically from the lows experienced in March 2009, according to Aon Benfield’s annual Reinsurance Market Outlook report. The Jan. 1, 2010 catastrophe reinsurance renewals were focused on rate decreases in the market’s peak zones of U.S. hurricane and U.S. earthquake, says the report, Remarkable Recovery. “Capacity for the global catastrophe […]
2 min read
Ontario Teachers’ Pension Plan is leading a private investor group that has agreed to acquire American International Group Inc. (AIG)’s Canadian mortgage insurance business, AIG United Guaranty Mortgage Insurance Company Canada. Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and regulatory approval.United Guaranty Canada, headquartered in Toronto, is […]
Forensic Investigations Canada (FIC), a division of SCM Insurance Services, has acquired the Winnipeg-based Oliver, Yaskiw & Associates Inc. (OYA).OYA specializes in investigation and security consulting and services in Manitoba, Saskatchewan and Northwest Ontario. It was also the first firm in Canada to use video surveillance, an FIC release says.The acquisition adds to FIC’s existing […]
By Canadian Underwriter | January 4, 2010
$3.4 billion of risk capital was issued through 18 cat bonds in 2009, marking a 25% increase in risk capital over 2008, and making 2009 the busiest year for new cat bonds since 2007.It also made 2009 the third-largest ever in terms of total capital issued, reported BestWeek.Total cat bond risk principal outstanding grew to […]
Reinsurance rates across most lines of property catastrophe business declined at the Jan. 1, 2010 renewal, according to a briefing released by Guy Carpenter & Company LLC.“A combination of factors — including the rally in global financial markets, relatively low catastrophe losses in 2009 and lingering recessionary effects on demand — has resulted in an […]
Claims
Manitoba Public Insurance (MPI)’s special investigations unit (SIU) has recovered nearly $30 million over the last three years in undeserved benefits and denied fraudulent claims. Roughly 3,000 suspicious claims were reviewed in 2009. Five of those made MPI’s 2009 list of Top 5 frauds. The Number 1 spot goes to “Mr. Bad Timing,” who claimed […]
Lawmakers should be encouraged to give insurers legislative tools to tackle insurance fraud.
By David Gambrill, Editor | December 31, 2009
3 min read
SUPREME COURT THROWS OUT CAP CHALLENGE The Supreme Court of Canada will not hear a challenge to Alberta’s $4,000 cap on minor auto injuries, meaning a central piece of the province’s 2004 auto reform will be allowed to stand. “We are pleased the Supreme Court of Canada has decided not to hear this case, therefore […]
December 31, 2009
PROVINCIAL REGULATORS ASK FOREIGN INSURERS TO SIGN VOLUNTARY UNDERTAKING RELATED TO PART XIII Canada’s provincial insurance regulators are asking foreign insurers to sign a common undertaking outlining how the signatories are expected to conduct their business following the Office of the Superintendent of Financial Institution (OSFI)’s Part XIII amendments. The insurers’ decision to sign the […]
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