Industry
Shelly Gobin, senior vice president and CFO at Kingsway Financial Services, has left the organization. Daniel Brazier will assume the responsibilities on an interim basis. Brazier was previously CFO of the wholesale banking division at Standard Chartered Bank. He has been heavily involved in strategy development, business transformation and finance re-engineering during his career, according […]
By Canadian Underwriter | May 19, 2009
1 min read
Insurance companies and other financial institutions should think carefully about adding directors with insurance, banking and/or risk management expertise as a way to deepen board discussions during times of financial risk, Canada’s solvency supervisor says.Julie Dickson, superintendent of the Office of the Superintendent of Financial Institutions (OSFI), made her remarks in a speech to the […]
2 min read
Non-proportional (re)insurers can improve capital assessment by using a partial internal calculation formula under Solvency II, Swiss Re said.Under Solvency II, in order for insurers to calculate how much capital they need to support the business they write, assets and liabilities have to be valued using a market consistent view, Swiss Re said.Based on its […]
Insurance Bureau of Canada has called a public campaign petitioning the potential reduction of the limit on basic accident benefits an “offensive and inaccurate swipe” at the insurance industry.The Alliance of Community Medical & Rehabilitation Providers is a coalition of 43 organizations in Ontario that provide clinical services to motor vehicle accident victims. On May […]
By Canadian Underwriter | May 15, 2009
Export Development Canada (EDC) will provide reinsurance for domestic receivables to Canada’s private credit insurers, allowing them to access up to Cdn$1 billion in capacity.AIG Commercial Insurance Canada, Atradius, Coface, Euler Hermes Canada, Executive Risk Insurance Services and The Guarantee Company of North America are the companies that will access the new capacity, an EDC […]
An insurer is not liable to pay for accident benefits when the accident victim has failed to attend insurer examinations without a reasonable explanation, a Financial Services Commission of Ontario (FSCO) arbitrator has decided.Illiia Troubitsine alleges he was on a TTC bus on Nov. 10, 2006 when he claims that the bus stopped suddenly and […]
ING Canada has officially become Intact Financial Corporation, after shareholders approved the name change. The name change reflects the acquisition on February 19 by institutional and retail investors of all the shares held by ING Groep in the company, Intact Financial Corporation said in a release.As a result of these transactions, ING Canada became an […]
The Supreme Court of Canada has declined to hear the appeal of Optimum Insurance Company in a duty-to-defend case involving the accidental shooting death of a friend at a house party in New Brunswick.The Supreme Court’s decision represents the end of the line for Optimum, which argued that it did not have a duty to […]
By Canadian Underwriter | May 14, 2009
A new form of “process management technology” — a sophisticated application for e-mail and document tracking — is being focus-tested in Canada and may have some application to claims processing, underwriting, audit and/or the project management sides of the property and casualty business.The technology is called ‘ActionBase’ and OARBIC Inc., which represents ActionBase in Canada, […]
Celent estimates that 90% of personal auto insurance purchases in the United States will be researched online by 2011.Nicolas Michellod, a Celent analyst, delivered a Webinar entitled ‘Online Insurance Sales and Marketing: What’s Happening and What’s Next?’Michellod pointed to Celent research that found approximately 80% of 2008 auto insurance purchases were at least Web-researched, more […]
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