Industry
Insurance Bureau of Canada (IBC) is warning that the Canadian insurance industry may be the target of a national telephone fraud scam.The caller claims to be from the policyholder’s insurance company and demands the immediate payment, by credit card, of an outstanding amount on the client’s premium, an IBC release says. The caller then threatens […]
By Canadian Underwriter | November 13, 2008
1 min read
After buying up shares in Kingsway Financial Services, a New York-based money management firm, The Stilwell Group, has served a requisition for a special shareholders meeting to replace two of Kingsway’s current board of directors, president and CEO Shaun W. Jackson and F. Michael Walsh, with two of its own chosen board members.As of press […]
2 min read
A.M. Best has affirmed the financial strength ratings of ‘A’ for the Canadian property and casualty subsidiaries of American International Group, although the ratings have still been assigned a negative outlook.This concludes a review with negative implications. “A.M. Best’s removal of the ratings from under review reflects the protracted time frame necessary for an orderly […]
ING Canada Inc. appears ready to play ‘Let’s Make a Deal,’ telling Reuters’ news service that it is in a good financial position to expand its business through an acquisition.”From an operating point of view and an ability to integrate, we could acquire pretty much any company in the Canadian property and casualty insurance marketplace,” […]
By Canadian Underwriter | November 12, 2008
The insurance industry and regulators should use the current global financial crisis to drive a constructive evolution of regulatory guidance, according to Ernst & Young’s Global Insurance Center. Although the insurance industry faces fewer urgent liquidity challenges than banks do, their valuation of assets has been affected; many insurance companies have witnessed the depletion of […]
Claims
The Chubb Corporation [NYSE: CB] has reported a 2008 Q3 profit of US$264 million, down from its 2007 Q3 net income of US$738 million.The third-quarter drop in net income reflects net realized investment losses, including impairments, of US$113 million before tax, the company noted in a press release. By way of comparison, the company’s 2007 […]
ING Canada Inc. (TSX: IIC) has reported a quarterly net income of Cdn$57.3 million, marking a 37.7% decrease from 2007 Q3’s profit of Cdn$92.0 million.The insurer’s combined ratio for the quarter was 94.0%, a decrease from 2007 Q3’s combined ratio of 97.1%.ING Canada cites investment losses as a primary driver in the decrease of profits. […]
Canada’s federal solvency regulator is requiring federally-regulated insurance companies to anticipate in their annual actuarial reports exactly how nation-wide court challenges to auto injury caps will affect their bottom lines.In a Nov. 3 memorandum to the nation’s insurers, the Office of the Superintendent of Financial Institutions (OSFI) noted the successful Charter challenge against Alberta’s Cdn$4,000 […]
By Canadian Underwriter | November 11, 2008
Insurance companies are taking an ill-advised risk by tying their fates to maintaining specific credit rating levels, Standard & Poor’s says in a recent report, ‘Evaluating Liquidity Triggers in Insurance Enterprises.'”When an insurer agrees to pay a higher rate of interest on certain debt issues if its rating goes down, it would in most cases […]
Compu-quote has teamed-up with E2Value to release a new insurance-to-value (ITV) tool, ezITV.Compu-Quote previously worked with MSB to provide brokers with the insurance-to-value (ITV) tool RCT EvaluRater. But recently MSB announced that, as of Dec. 31, 2008, it would discontinue supplying its engine component to Compu-Quote.Since 2002, the Insurance Brokers Association of Ontario (IBAO) has […]
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