Industry
Kingsway Financial Services Inc. (TSX:KFS) has announced that its founder, William G. [Bill] Star, is retiring from his position as Kingsway’s president and CEO, effective Dec. 31, 2007. Shaun Jackson, currently executive vice president and chief financial officer, has been selected as Star’s successor. Star will remain as chair of the board.”It is, of course, […]
By Canadian Underwriter | December 17, 2007
1 min read
The Risk and Insurance Management Society (RIMS) has donated US$300,000 to the Spencer Educational Foundation. The foundation provides scholarships and grants for promising graduate and doctoral risk management students. The donation represents one of the largest contributions made to the foundation since its 1979 inception, a RIMS release says.The money will go towards expanding some […]
In an insurer’s investigation of an accident benefit claim, the non-cooperation of an insured accident victim doesn’t necessarily determine whether or not an insurer had sufficient time to serve notice on other insurers to dispute benefit payment obligations.The Ontario Superior Court issued the ruling recently in Liberty Mutual Insurance Company v. Zurich Insurance Company.In Liberty, […]
2 min read
Ontario’s Ministry of Revenue has informed the Insurance Brokers Association of Ontario (IBAO) that all-terrain (ATV) owners might be eligible for a tax refund based on the classification under which they may have insured their vehicles. Prompted by an IBAO request, the ministry’s recent ruling resolves an issue about the amount of taxes ATV owners […]
Claims
Agriculture Financial Services Corp. an Alberta crown corporation (with a private-sector board of directors) that provides farmers and agribusinesses with crop insurance and farm income disaster assistance paid out a record of more than 7,200 hail-related claims this year.The Edmonton Journal has reported that a record 89 hailstorms flattened farmers’ fields in the summer, resulting […]
By Canadian Underwriter | December 14, 2007
Underwriters need to beware of seemingly “harmless” business interruption (BI) coverages such as for interdependent and contingent losses, power outages and the financial consequences of prevented access that could accumulate into a big payout should a claim occur, Swiss Re warns.In its report, The Vitzliputzlis of Business Interruption Insurance, Swiss Re says a Vitzliputzlis is […]
Temple Insurance Company has affirmed the company’s financial strength rating of A. The outlook for the company’s financial strength rating has been revised to positive. According to A.M. Best Co. the ratings and outlook reflect its “view that Temple maintains excellent capitalization, has delivered a consistently favorable operating performance and benefits from its strategic affiliation […]
Two men struggling for control of a rented vehicle made it difficult to assess vicarious liability in a case involving the interpretation of an Insurance Act exclusion, and a motions judge erred in deciding the factual issues by means of a summary judgment, the Ontario Court of Appeal has ruled.In Henwood v. Coburn, George Fitzgerald […]
Facultative reinsurers are exploring capital markets techniques that could boost their competitive position in hard markets, while at the same time allowing underwriters to reduce excess capital in soft markets, Benfield has written in the 08 edition of The Fac Report.”Structured as financial options, such market-based products in effect enable reinsurers to put down an […]
By Canadian Underwriter | December 13, 2007
The Loyalist Insurance Group Limited has sold its retail insurance brokerage asset to Brownstone Holdings Inc.The estimated proceeds to Loyalist will be approximately Cdn$5 million in cash, according to a Loyalist release. This transaction is expected to close in January 2008 and is subject to final regulatory and shareholder approval. The proceeds will be used […]
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