Industry
Gore Mutual was the only insurer in the standard market to consistently be ranked above average in an annual survey initiated by the Insurance Brokers Association of Ontario (IBAO).The 2008 Rate Your Company Survey included 1,150 responses from brokerages, 48% of which represented broker management and 52% of which represented brokers in customer service, administrative […]
By Canadian Underwriter | January 13, 2009
1 min read
BMO Financial Group (BMO) has agreed to purchase American International Group Inc. (AIG)’s Canadian life insurance subsidiary.Under the terms of the transaction, BMO will acquire AIG Life of Canada for approximately Cdn$375 million in cash, subject to any change in net worth between Sept. 30, 2008 and closing (expected to be June 1, 2009), says […]
An online study designed to spot and highlight the pricing trends of car insurance in Ontario identified a 2% decrease in the average lowest rates quoted for auto insurance in Q4 2008 compared to Q4 2007.The somewhat counterintuitive results were released by Kanetix, an online marketplace for insurance quotes and mortgage rates. The survey comes […]
Claims
Despite ongoing uncertainty related to the credit and equity markets, the long-term fundamental strength of the U.S. personal lines property/casualty sector remains intact, a Standard & Poor’s article says. “A continued focus on disciplined underwriting and improved risk management should allow personal lines insurers to produce sustainable long-term operating results,” Standard & Poor’s says in […]
By Canadian Underwriter | January 12, 2009
2 min read
The ratings outlook for general global reinsurers is stable for 2009, a Guy Carpenter bulletin says. Rating activity was remarkably low in 2008, with outlook changes outnumbering actual rating changes, despite the loss of several billion dollars of capital from the global reinsurance industry, Guy Carpenter says. The lack of downgrades may seem counterintuitive, but […]
“How did the last 20 years of progress in risk management fail so many institutions so spectacularly given the current financial turmoil?” Marsh & McLennan Companies asks in its latest issue of Viewpoints.“While the industry at large was undoubtedly overconfident in its ability to quantify risk, the bigger problem lies in the way risks were […]
A.M. Best Co. has revised the outlook of Peace Hills General Insurance Company to negative from stable and affirmed its financial strength rating of B+ (Good) and issuer credit rating of “bbb-.””The negative outlook is a result of Peace Hills’ weakening capitalization due primarily to its declining asset values and diminishing earnings,” A.M. Best said […]
Preliminary assessments place the claims costs of insurable losses related to the recent winter storms in British Columbia at Cdn$39 million. Thus far, 4,300 claims have been received, according to the Insurance Bureau of Canada. As a result of this series of storms, insurance companies received an unusually high number of claims within a short […]
By Canadian Underwriter | January 9, 2009
Joe Restoule was inaugurated as the president of the Risk and Insurance Management Society (RIMS) on Jan. 8 at a reception at the Harvard Club in New York City.Restoule discarded his hidden, prepared notes and gave a heartfelt thanks to fellow RIMS board members, especially immediate past-president Janice Ochenkowski.“She has been a mentor, a coach […]
The Financial Services Authority (FSA) has fined Aon Limited £5.25 million (Cdn$9.47 million) for “failing to take reasonable care to establish and maintain effective systems and controls to counter the risks of bribery and corruption associated with making payments to overseas firms and individuals.” “This is the largest financial crime related fine imposed by the […]
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