Industry
Canadian and U.S. property and casualty reserves were modest at year-end 2007, but Fitch Ratings predicts that reserve redundancy will begin to decline moving forward amid eroding market conditions and increasing accident-year loss ratios.In its report, Fitch Ratings examines the industry’s reserves at year-end 2007, focusing on core reserves from the most recent 10 accident […]
By Canadian Underwriter | August 19, 2008
2 min read
Claims
Carstar Automotive Canada has created two new regional director positions aimed to help the company develop three distinct regions of operation within Canada. Bob Gagnon will assume the role of regional director eastern Canada (Quebec and the Maritimes), bringing to the role 25 years in senior automotive franchise system management positions. Lloyd Wheeler will take […]
1 min read
Tropical Storm Fay is expected to cross the Florida Keys on Monday night arriving on the west coast on Tuesday afternoon, possibly at hurricane strength. The National Hurricane Center (NHC) has given a near 40% probability to Fay’s achieving hurricane status by landfall, and a 7% probability that it will arrive as a Category 2 […]
By Canadian Underwriter | August 18, 2008
The rate of development of privacy and data security insurance products had been hampered by the fact that buyers were frustrated by the patchwork of non-standardized coverages and comparatively low limits available in the market, Advisen reports.”An inadequate understanding of exposures and relevant insurance products by many agents and brokers also may have impeded growth,” […]
Neil Morrison has been appointed as CEO of Hub Ontario in addition to his current role as CEO of HKMB Hub International Limited. The promotion is effective Oct. 1. Dennis Pauls, who is currently the CEO of Hub Ontario, will become CEO of Hub Midwest West (Chicago) also effective Oct. 1. Hub Ontario and HKMB […]
By Canadian Underwriter | August 15, 2008
The Financial Services Commission of Ontario (FSCO) has denied housekeeping, caregiving and medical benefits to a truck driver who was able to continue his job after a motor vehicle accident without any apparent difficulty, but who nevertheless claimed to be too injured to attend to his home duties and look after his children.”It is important […]
National oil companies (NOCs) are failing to manage the risks of limited oil and gas resources, the recruitment and retention of a qualified workforce and energy price volatility, according to a Marsh study.In the Marsh Oil and Gas Risk Report: 2008, more than 400 NOCs were surveyed and asked to rate the relevance of risks […]
By Canadian Underwriter | August 14, 2008
Risk Management Solutions (RMS) has launched winter and severe convective storm models for Canada and the U.S. The winter storm models explicitly assess losses from snow, ice, freezing temperatures, and extra-tropical winds. “Winter storms are complex weather systems that can produce various types and combinations of damage from different perils, making them extremely challenging to […]
Crawford & Company reported a net income of US$7.9 million for 2008 Q2, up US$1.8 million from the same quarter in 2007. Consolidated revenues totalled US$263.3 million in 2008 Q2, up from US$240.5 million in 2007 Q2, the company reported. Revenues for the international operations segment grew 27.9%, from US$88.7 million in 2007 Q2 to […]
By Canadian Underwriter | August 13, 2008
ING Canada Inc. (TSX: IIC) reported its profits declined to Cdn$112 million in 2008 Q2, down from the Cdn$194.3-million net income it reported last year.The company said the decline was due in part to severe winter weather storms, as well as weakness in the equity markets, resulting in a reduction in investment gains.The company’s return […]
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