Industry
The Office of the Superintendent of Financial Institutions (OSFI) has ruled that a bank’s Web site is not a branch, and it can therefore promote and sell insurance products or services on its Web site. The Insurance Brokers Association of Canada had asked OSFI to clarify the issue of whether or not a bank that […]
By Canadian Underwriter | June 30, 2009
2 min read
Ninety per cent of auto insurance shoppers are retained by their current provider, according to J.D. Power and Associates’ 2009 Insurance Shopping Study.The survey examined the purchase behaviours and overall satisfaction of U.S. buyers shopping for a new auto insurance provider. The survey is based on responses from more than 13,500 consumers who requested an […]
By Canadian Underwriter | June 29, 2009
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has just released a discussion paper on developing a new capital-testing framework. The paper, Key Principles for the Future Direction of the Canadian Regulatory Capital Framework for Property & Casualty Insurance, outlines 14 key principles that should be incorporated into any new capital […]
The Royal Canadian Mint intends to file a claim under its all risks insurance policy to offset approximately Cdn$15.3 million worth of unreconciled gold. The Mint commissioned Deloitte and Touche to conduct an audit to determine if the unreconciled difference in gold was the result of an accounting or transaction recording error. The report concluded: […]
1 min read
Towers Perrin, Forster & Crosby Inc. and Watson Wyatt Worldwide Inc. have merged to form a new publicly-listed company, Towers Watson & Co. The implied equity value of the transaction is approximately US$3.5 billion, according to a release. The CEO of the new company is John Haley, CEO of Watson Wyatt, and the new president […]
Canadian Underwriter has launched instouch, an online network for insurance industry professionals. instouch (www.instouch.com) is a way for professionals to connect with industry contacts, groups and associations. “Membership at instouch is open to individuals working within all segments of the insurance market,” said Steve Wilson, senior publisher of Canadian Underwriter’s Insurance Media Group. Members at […]
By Canadian Underwriter | June 26, 2009
The U.S. Securities and Exchange Commission (SEC) does not intend to take any enforcement action after investigating Fairfax Financial Holdings Limited (TSX and NYSE: FFH) in connection with finite reinsurance contracts. Fairfax and its chairman and CEO, Prem Watsa, received subpoenas from the SEC in March 2006. The subpoenas were in connection with a Feb. […]
The Hartford Financial Services Group Inc. (NYSE: HIG) is receiving US$3.4 billion from the United States Department of Treasury’s Capital Purchase Program (CPP), which is investing in perpetual preferred stock of the company.”This investment further enhances our financial flexibility and our capacity to weather significant deterioration in the equity and debt markets, as well as […]
Despite the fast-approaching Jan. 1, 2011 deadline for the implementation of international financial reporting standards (IFRS), more than 12% of public companies and 20% of the private companies surveyed by PricewaterhouseCoopers have not yet taken the first step in the conversion process.PwC surveyed 256 companies — 147 of which were public, 51 were private and […]
Claims
Hurricane Katrina was the big poster storm for the global warming debate, but the link between the hurricane and global warming may be weaker than commonly thought, said Peter Bowyer, program manager at the Canadian Hurricane Centre. There is no connection between this one event and global warming, he told delegates at the Institute for […]
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