Industry
Winifred “Wendy” Baker, who in 1990 became the first woman to lead a reinsurance company, will step down after nine years as president of Lloyd’s America Inc. at the end of December 2007, A.M. Best has reported.Baker managed Lloyd’s offices in Montreal, New York, Chicago, Los Angeles, Kentucky and the Virgin Islands. Baker, who reportedly […]
By Canadian Underwriter | December 20, 2007
1 min read
Giffin Koerth has added two new engineers to the roster James Wheeler and Val Chlistovsky. “Both gentlemen bring our property division strong expertise and continue to fulfill Giffin Koerth’s desire to always improve our level of service to the insurance, construction, and legal industry,” the company notes. Wheeler brings with him 22 years of experience […]
Kingsway Financial Services Inc. [KFSI] has reported a reserve increase at its Lincoln General subsidiary in 2007 Q4.”Following further review of trends in claims development at its Lincoln subsidiary, including the updated indications provided by the company’s external appointed actuary, the company expects to increase its claims incurred by between US$95 million and US$125 million […]
By Canadian Underwriter | December 19, 2007
2 min read
The 2008 edition of the Ontario General Insurance Hockey Tournament will run Apr. 18-20, 2008 in Fort Erie/Welland, with proceeds going towards Big Brothers and Big Sisters.Big Brothers and Big Sisters [B.B.B.S] operate Camp McGovern, a camp established in 1971 for youth involved in B.B.B.S. programs across Ontario. In 2007, the hockey tournament raised Cdn$30,000.00 […]
The Insurance Bureau of Canada (IBC) says its investigations over the past few years illustrate an alarming trend in Canada of organized auto theft rings targeting high-end or desirable vehicles with the intention of exporting them overseas or chopping them for parts. It made it observation as it as it released its list of the […]
Claims
Phishing attacks in the United States soared in 2007, as US$3.2 billion was lost to these attacks, according to a survey by Gartner, Inc.Phishing is essentially the practice of luring Internet users to a fake Web site through the use of authentic-looking emails with a real organization’s logo in an attempt to steal passwords, financial […]
The National Insurance Conference of Canada (NICC) has re-launched its Web site, containing new videos and photographs from the 2007 conference. The 2008 annual NICC will be held at the Hilton Lac-Leamy in Gatineau-Ottawa on Oct. 1-3, 2008. The 2008 NICC Advisory Committee is currently working to finalize arrangements for the October conference. An initial […]
By Canadian Underwriter | December 18, 2007
Focussing more exclusively on the risk brokerage and consulting side of its business, Aon Corporation has signed a definitive agreement to sell 100% of the outstanding stock of Combined Insurance Company of America and certain of its subsidiaries to ACE Limited for US$2.4 billion in cash. Combined Insurance Company of America, founded in 1919 and […]
Natural and man-made catastrophes led to overall financial losses of US$61 billion across the globe, with property insurers contending with losses totalling US$25 billion, according to preliminary estimates by Swiss Re.Although the insured losses, at US$25 billion, were US$9 billion higher than in the previous year, 2007 is below the long-term trend, a Swiss Re […]
A British Columbia resident was ordered by a B.C. Supreme Court judge to pay the Insurance Corporation of British Columbia (ICBC) Cdn$87,337 in damages to recover the costs paid out for stolen vehicle claims. The ruling concludes a civil action filed by ICBC against Cole Owens in November 2006. The litigation related to four stolen […]
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