Industry
Manitoba Public Insurance reported a net income of $17.3 million for 2009 Q1, marking a $10.2-million increase over the same period of 2008.MPI attributes the increase in net income to stable claims costs — assisted in part by a 21.9% drop in auto theft — and an increase in the number of insured vehicles.Claims costs […]
By Canadian Underwriter | July 13, 2009
1 min read
The Supreme Court of Canada has denied leave to appeal, with costs, a Saskatchewan Court of Appeal decision that struck down a class action certification against the Saskatchewan Crop Insurance Corporation.In Saskatchewan Crop Insurance v. Hicks, Saskatchewan Crop Insurance Corporation Inc. (SCIC) refused a claim by Tru Elements Ltd. under SCIC’s Weather Based Insurance Program […]
By Canadian Underwriter | July 10, 2009
2 min read
The Supreme Court of Canada has effectively ended a B.C. case in which a plaintiff claimed negligence and bad faith against an insurer, based on the insurer’s request for a legal opinion and for the plaintiff to provide a recorded statement. The Supreme Court of Canada denied leave to appeal in Pearlman v. American Commerce […]
3 min read
The U.S. property and casualty’s net income plunged approximately 87% to US$1.2 billion in 2009 Q1, reflecting challenging investment and underwriting markets, A.M. Best says in a special report to be released July 13.The industry’s net premiums written decreased 3.8% (or US$4.2 billion) to US$107.6 billion in 2009 Q1 from US$111.8 billion during the same […]
By Canadian Underwriter | July 9, 2009
Crawford & Company (Canada) Inc. has made a number of organizational changes, including the promotion of Bill Johnstone from his current role as vice president of Greater Toronto Area and Global Technical Services to the position of senior vice president of Global Technical Services (GTS) for the Americas. Johnstone will continue to be the GTS […]
By Canadian Underwriter | July 8, 2009
The Traffic Injury Research Foundation has identified a growing number of cases in which people are charged with criminal drinking and driving offences, plead not guilty and then take their chances at trial. More than 40% of Canadian drunk driving cases are going to trial, the TIRF reports.“This finding is likely a result of two […]
Manulife Financial has announced that Manulife Financial Capital Trust II will be issuing $1 billion of its Series 1 notes.Manulife Financial Capital Trust II is a trust wholly owned by The Manufacturers Life Insurance Company, a release says.The transaction is expected to close on July 10, 2009. The net proceeds will be used by Manulife […]
By Canadian Underwriter | July 7, 2009
As the recession entrenches, job loss insurance protection programs are flourishing, providing protection to people who may wish to buy a car but are spooked by the prospect of losing their jobs during the lease.Most recently, the job loss protection program Walkaway — the author of Hyundai’s Assurance program, among others — has announced the […]
PartnerRe Ltd. has inked a US$2-billion,‘multi-step transaction’ that will see it acquire Paris Re Holdings Limited.In the first step of the transaction, expected to close in 2009 Q4, PartnerRe will acquire the shares held by several significant shareholders — including Stone Point Capital and Caisse Depot et Placement du Quebec — representing approximately 57% of […]
By Canadian Underwriter | July 6, 2009
MySpace Inc. is immune from strict product liability if an adult sexually assaults a minor in a meeting arranged through the Internet social networking site, a California appellate court has ruled.The court ruled Section 230 of the U.S. Communications Decency Act (CDA) protects MySpace from product liability claims after female minors met with adult males […]
By Canadian Underwriter | July 3, 2009
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