Industry
Co-operators General Insurance Company has entered into an agreement with a syndicate of financial underwriters, in which the syndicate will purchase 4 million Series D Preference shares from Co-operators General and then sell them to the public at $25 per share.The agreement would amount to gross proceeds to the company of Cdn$100 million. The syndicate […]
By Canadian Underwriter | May 22, 2009
1 min read
The Canadian Council of Insurance Regulators (CCIR) is poised to roll out the national expansion of its complaints reporting system, which was first implemented in Ontario and Quebec. “The system work on the expanded [national] system, being led by the L’Autorité des marchés financiers, Québec, is on track for a July 1st, 2009 rollout,” the […]
By Canadian Underwriter | May 21, 2009
2 min read
The current interest rate environment is a key systemic consequence of the credit crunch, the ensuing financial meltdown and the global recession, said Joel Baker, president and CEO of MSA Research Inc.Baker spoke at a Property Casualty Underwriters Club luncheon in Toronto on May 20.A major downside of the current, near-zero percent interest rate is […]
In a recent court case in Victoria, outside defence counsel representing ICBC contacted one of the company’s employees and obtained claims histories of members of the jury, ICBC said in a statement.“The disclosure of this information was a mistake, and a serious one at that,” Jon Schubert, president and CEO of ICBC said in the […]
The “big players” of Canada’s insurance market will likely take the IPO (initial public offering) route to expansion rather than the merger and acquisition route, said Jack Lee, vice president of BFL Canada.Lee was asked by a person attending the Property Casualty Underwriters Club luncheon in Toronto on May 20 if he anticipated a flurry […]
Claims
Global insurance broker and risk advisor Marsh is warning businesses to be prepared for the possible outbreak of a second, more severe mutation of influenza A (H1N1) later this year.Toby L. Merlin, M.D., deputy director of the influenza coordination unit at the Centers for Disease Control, participated in a Marsh Web cast related to the […]
By Canadian Underwriter | May 20, 2009
The Institute for Catastrophic Loss Reduction has been accepted as an advisory institution into the working group of the United Nations Environment Programme Finance Initiative (UNEP FI). UNEP FI is a global partnership between the United Nations Environment Programme (UNEP) and the financial sector. More than 170 institutions, including banks, insurers and fund managers, work […]
Companies using Enterprise Risk Management (ERM) frameworks lost considerable amounts of capital despite the protective measures in which they had invested, according to Nick Frankland, CEO of European operations with Guy Carpenter. In his report, Capital Management Strategies Forced to Mature, Frankland notes that holistic risk and capital management may be the only means to […]
The decisions of Case Management Masters should be treated with the same deference on appeal as the decisions of higher-ranked judges when their decisions are appealed to higher courts, the Ontario Court of Appeal has confirmed in an auto collision case.In Zeitoun v. Economical Insurance Group, Mario Zeitoun was a passenger in a car insured […]
Saskatchewan Financial Services Commission (SFSC) is cautioning against an alleged online lender that requires the remittance of a portion of an insurance policy premium to secure a loan.Bovine Advisors is purporting to offer an online credit application, promising to provide loan proceeds upon the receipt of a signed acknowledgement and the remittance of a portion […]
By Canadian Underwriter | May 19, 2009
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