Industry
Kingsway Financial Services Inc. says it intends to repay outstanding debts under its US$175-million, three-year revolving facility before the end of July.The company arranged the credit facility with a syndicate of banks in June 2006. As of June 30, 2008 the amount outstanding under this credit agreement was US$89.8 million.Kingsway also announced its intention to […]
By Canadian Underwriter | July 15, 2008
1 min read
Claims
Hurricane Elida is turning its eye towards Mexico’s west coast while Tropical Storm Bertha crawls towards Bermuda, reports the National Hurricane Center (NHC).Bertha was downgraded from hurricane to tropical storm status on July 13, as its winds had diminished to a sustained 100 km-h, reported the NHC. The storm is passing roughly 40 km north-northeast […]
By Canadian Underwriter | July 14, 2008
2 min read
Few U.S. property and casualty insurers excel at managing through market cycles, but mid-sized insurers (surplus between US$10 million and US$100 million) seem to be better at it than their small and larger-sized counterparts, a special report by A.M. Best has found.Also, top performers at managing the cycles tend to focus on underwriting to generate […]
Liberty International Underwriters Canada and ACE INA Insurance have been ordered to share the ongoing defence costs incurred by St. Marys Cement Company Inc. on a 50-50 basis, according to an endorsement by the Ontario Superior Court of Justice. St. Marys sought a declaration that ACE had a legal obligation to contribute to St. Marys’ […]
By Canadian Underwriter | July 11, 2008
B.C.’s Court of Appeal has ruled that ICBC owes a duty of care to advise the legal guardian of a claimant of the claimant’s entitlement to accident benefits and of any limitation on his entitlement.In McIlvenna (litigation guardian of) v. Insurance Corporation of British Columbia, the plaintiff, aged six at the time, was hit by […]
Scientists have measured changes in the speed of seismic waves that preceded two small earthquakes by 10 and two hours, allowing them to further develop a technique to predict future quakes, reports the Carnegie Institution for Science.”Detecting stress changes before an earthquake has been the Holy Grail in earthquake seismology for years and has motivated […]
By Canadian Underwriter | July 10, 2008
RSA is offering a second term of its Making Partner Program in January 2009.The program has been designed in conjunction with the Executive Development Centre at Queen’s School of Business to provide customized senior management leadership and business skills to RSA brokers.Those selected show a high potential for senior management and aspire to “make partner” […]
Insured catastrophe losses in the United States for the first half of 2008 already exceed the total cat losses for 2007, according to a joint Webinar hosted by the Insurance Information Institute (III) and Munich Re Group.At this rate, 2008 catastrophe losses are on track to overtake catastrophe losses in 2006.Insurance Information Institute data indicate […]
By Canadian Underwriter | July 9, 2008
The Financial Services Commission of Ontario (FSCO) has ruled that an insurance company is not responsible for re-training a claimant on the basis that the learning program was more insight-oriented than vocational and rehabilitative. FSCO additionally dismissed claims for income replacement benefits, housekeeping benefits and rehabilitation benefits on the basis that the claimant was experiencing […]
The Court of Appeal in Alberta has denied an application by State Farm Insurance Company for a stay of the judgement that eliminated the Cdn$4,000 cap on non-pecuniary damages for minor injuries caused by a motor vehicle accident. In Morrow v. Insurance Bureau of Canada, State Farm is the insurer of the appellants involved in […]
By Canadian Underwriter | July 8, 2008
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
