Industry
In a commercial D&O policy, exclusions for “pollution-related losses” are not the same thing as exclusions for “pollution-related claims,” the Ontario Court of Appeal has ruled.In Boliden Ltd. v. Liberty Mutual Insurance Company, Liberty issued a directors’ and officers’ liability policy to Boliden, a mining company. In April 1998, a dam at a tailings pond […]
By Canadian Underwriter | April 18, 2008
2 min read
The Co-operators Group Ltd. announced a net income of Cdn$154.8 million in 2007, up from Cdn$133.4 million the previous year. “The strong financial performance allowed the organization to make an unprecedented contribution of more than [Cdn]$1 million to The Co-operators Foundation, through which it reinvests in Canadian communities,” the company announced in a press release.”This […]
By Canadian Underwriter | April 17, 2008
1 min read
Claims
Last year proved to be a buyer’s market for the insurance industry; barring any catastrophes in 2008, the price of premiums will likely continue to trend downwards, according to the Risk and Insurance Management Society (RIMS) 2008 Benchmark Survey.The survey noted another year relatively free of major natural catastrophes, combined with abundant insurance market capacity, […]
Canadian Underwriter has received seven nominations in the 2008 Canadian Business Press (CBP) ‘Kenneth R. Wilson Editorial Excellence Awards.’The nominations are in different award categories. These include: best editorial, best professional article, best merchandising/marketing article, best feature article, best news coverage, best Web site and best cover.The awards recognize excellence in journalism and design in […]
John McGlynn, president and CEO of Kingsway General Insurance Company, accepted Toronto Insurance Women’s Association (TIWA)’s Patron of the Year Award.Kingsway was recognized for encouraging the personal and professional growth of its employees and supporting the common good of society through TIWA. Munich Re lost 166 million (Cdn$266.9 million) through write-downs and losses on disposal […]
Net income for the U.S. property and casualty industry fell to US$66.5 billion in 2007 from US$71.3 billion in 2006, according to an A.M. Best special report. The industry also saw its underwriting profits wilt, shrinking to US$22.1 billion in 2007, compared to the US$32 billion it posted in 2006. “Driven by across-the-board softening in […]
It’s common for the management of an insurer facing insolvency to engage in aggressive marketing practices, according to a 2007 study conducted by the Property and Casualty Insurance Compensation Corporation (PACICC).The study, ‘Why Insurers Fail,’ was presented at PACICC’s annual general meeting in Toronto. The 23-page report outlines lessons learned as a result of the […]
By Canadian Underwriter | April 16, 2008
Traditional property catastrophe reinsurance program pricing is anticipated to continue softening during mid-year renewals, according to Aon Re Global analysis. Price reductions will be a higher priority for cedents, while terms and conditions are expected to improve, Aon Corporation notes in a release. But the underlying fundamentals that drove the softening of price and terms […]
IntegResource Canada, a restoration company, has announced that Genesis Restorations is now a partner contractor. “Genesis is a valued addition to our national network, and will provide exceptional restoration service in the Vancouver, Fraser Valley and Okanagan regions,” IntegResource Canada notes in a release. Genesis is the first partner company to IntegResource Canada in British […]
The Ontario Court of Appeal has dismissed an insurer’s appeal, ruling that a trial judge did not overstep the SABS when granting declaratory benefits.In Monks v. ING Insurance Company of Canada, Suzanne Monks was rendered an incomplete quadriplegic following three separate auto accidents. ING Insurance Company of Canada was her auto insurer when the third […]
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