Industry
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has issued a much-anticipated consultation paper on reinsurance that features discussion of a broad range of hot-button issues affecting the reinsurance sector.The 21-page document gives a broad synopsis of issues the regulator is currently considering. OSFI does not take a position on any […]
By Canadian Underwriter | December 15, 2008
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Nearly 70% of member companies in a U.K.-based business association have reported increases or dramatic increases in deliberate high-tech crime, according to a membership survey by The Corporate IT Forum.The U.K. business association has a membership of more than 150 large, blue-chip companies. Companies participating in the survey also reported spending more on fighting digital […]
Cunningham Lindsey Canada has opened a new Toronto North location in Richmond Hill, Ontario. Dave Lyon will manage the office, which will be staffed also by Rick Bahen, Ross Arthur, Nick Tucci, Fop Riethoff, Dale Reid and senior adjusters Pamela Allen and Fred Scott. Gino Fiorucci is now the new CEO of ISB Canada. “2009 […]
1 min read
Enterprise risk management (ERM) will be increasingly critical to assessing the credit quality of North American insurance companies looking forward into 2009, according to a Standard & Poor’s report.”The insurers that can best identify, aggregate and control their liquidity, credit and market risks during this economic downturn will be the most able to manage their […]
A modification to a court’s rules of civil procedure, which previously prohibited the collection of evidence for a case prior to commencement of a proceeding, now allows the preservation of evidence of a potential witness in advance of a trial.The Ontario Court of Appeal ruled in TD Insurance Home and Auto v. Sivakumar that the […]
By Canadian Underwriter | December 12, 2008
The U.S. Securities and Exchange Commission (SEC) has settled civil securities fraud charges against Zurich Financial Services and Converium Holding AG, now known as SCOR Holding (Switzerland) AG, relating to finite reinsurance transactions.Without admitting or denying the SEC’s findings, Zurich and Converium agreed to settle the SEC’s charges. Zurich will pay a US$25-million penalty.The SEC’s […]
Claims
The 2009 hurricane season will likely be above average in activity, according to Colorado State University forecasters. It is estimated the season will have roughly seven hurricanes, three of which will be intense (Category 3-5), and 14 named storms. The average season has 5.9 hurricanes and 9.6 named storms, according to Philip Klotzbach and William […]
Independent research released by the Insurance Brokers Association of Ontario (IBAO) shows that independent brokers continue to have strong socio-economic impacts on the communities in which they operate, the association says.The bi-annual study was conducted in the winter of 2008. It was sent to 10,442 licensed brokers employed in 1,252 offices representing 715 brokerage firms.The […]
XL Capital Ltd. (NYSE: XL) has responded to — but did not confirm or deny — rumours that the insurer is exploring the option of putting itself up for sale amid reports of large Q4 investment losses.”The company remains focused on operating its business and meeting the needs of its customers and is committed to […]
By Canadian Underwriter | December 11, 2008
Company chief executives and chief financial executives will not only have to certify their own company’s financial statements as of Dec. 15, 2008, but they will have to vouch for their internal and disclosure controls over reporting as well.New rules on certification of annual and interim filings will come into effect on Dec. 15, an […]
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