Industry
Risk management has yet to be fully integrated into the decision-making process at board level among top European businesses, according to a survey conducted by Marsh U.K.The survey was conducted among risk managers attending the recent annual conference of the Association of Insurance and Risk Managers (AIRMIC) in Edinburgh. The number of delegates surveyed was […]
By Canadian Underwriter | June 23, 2008
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First Reserve Corporation has provided US$720 million to launch a new energy sector specialty insurer, Torus Insurance Holdings Limited.Senior management of Torus has also invested personally in the new venture, a First Reserve release says.”Torus will focus on large commercial and specialty businesses in all major markets, starting with onshore and offshore energy and other […]
Registered Insurance Brokers of Ontario (RIBO), the province’s broker regulator, has issued a statement about how brokers might properly arrange premium financing for clients.RIBO cautions that if brokerages opt to finance premiums themselves, the funds they place in trust for insurers must not come from any other of the brokerages’ trust accounts.”Brokerages financing the premiums […]
By Canadian Underwriter | June 20, 2008
Women in Insurance Cancer Crusade (WICC Ontario and WICC Quebec) will be the official charity of the National Insurance Conference of Canada (NICC). As part of this partnership: WICC will hold a fundraising silent auction at the NICC. NICC will make a donation to WICC for every speaker and moderator at the conference. WICC’s honorary […]
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Property and casualty insurers in 2007 wrote a total of Cdn$7.3 billion in premium in Quebec, marking a 3.6% increase from 2006’s Cdn$7.1 billion, reports the Autorit des march financiers (AMF).Automobile and property insurance premiums increased 3%, up nearly CDn$172 million from 2006, an AMF release says. Total premiums in these classes respectively stood at […]
A.M. Best Co. has upgraded the financial strength rating (FSR) of seven Canadian property and casualty insurers, downgraded five, assigned ratings to four and affirmed the FSR of 37 insurers.The following companies have received FSR upgrades: CUMIS General Insurance, B+ (Good);Grain Insurance and Guaranty Company, A- (Excellent);Pembridge Insurance Company, A- (Excellent);RBC Insurance Company of Canada, […]
Insurers globally are preparing for business interruption claims related to the recent salmonella outbreak that has affected at least 228 people in the United States.As a result of a warning issued by the U.S. Food and Drug Administration (FDA), a number of fast food chains including McDonald’s, Burger King and Taco Bell have stopped serving […]
By Canadian Underwriter | June 19, 2008
Liquidation World Inc. has imported and sold children’s restraint systems and booster seats from the United States that did not comply with the applicable Canada Motor Vehicle Safety Standards, a Transport Canada (TC) bulleting warns.Approximately 145 of the units were imported and distributed to stores in Alberta, British Columbia, New Brunswick and Ontario, a TC […]
SCOR has established a “hub” structure for the Americas in New York, encompassing SCOR Canada, SCOR US, and SCOR Global Life Re US.Henry Klecan Jr. is the managing director of the hub. He will remain CEO of SCOR Canada and SCOR Re and will be SCOR’s representative in the Americas for all corporate matters relating […]
Nova Scotia automobile insurance companies would have to apply to the Nova Scotia Insurance Review Board (NSIRB) for rate approvals and risk classifications at regular intervals, and not just if there is a proposed change to the rates, according to a new regulation intended to be introduced later this year. “Auto insurance rates should be […]
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