Industry
Canada’s property and casualty industry may want its own form of Basel 2 capital framework, but it is seriously underestimating the time and effort involved to achieve compliance with its capital standards, according to Canada’s Superintendent of Financial Institutions Julie Dickson. Dickson spoke to property and casualty insurers attending KPMG’s 16th annual insurance issues conference, […]
November 30, 2007
1 min read
In a move to support the independent broker distribution channel, York Fire & Casualty Insurance removed its rates from Belair Direct Insurance’s online quoting engine, according to a release from the Insurance Brokers Association of Ontario (IBAO). The IBAO notes that it has received many complaints recently regarding the online comparative quote being provided to […]
By Canadian Underwriter | November 30, 2007
If evidence continues to mount in the next six months that North American commercial insurers will not be able to avoid another price war, Standard & Poor’s (S&P’s) may revise the sector outlook to negative.Barring a major negative “surprise” in December, 2007 earnings for commercial lines companies will approach the record level achieved in 2006, […]
Claims
Lloyd’s has dedicated Cdn$100,000 a year, for the next ten years to help sponsor the Institute for Catastrophic Loss Reduction (ICLR)’s latest endeavour hosting and managing an international Integrated Research on Disaster Risk program. The announcement was made at a Toronto event celebrating the 75th anniversary of Lloyd’s conducting business in Canada. Paul Kovacs, ICLR’s […]
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CARSTAR Automotive Canada has opened two new locations, one in London, Ont. and one in Richmond Hill, Ont. The two new franchises are part of a network of more than 115 CARSTAR locations across the country, dedicated to providing the highest quality service and customer care in the collision repair industry, a CARSTAR release notes. […]
2 min read
A flock of runners and walkers stretched and breathed in the ocean air before charging through Point Pleasant Park in support of the McGannon Foundation’s 4th Annual Fun Run/Walk, sponsored by FM Global, with participants’ gift bags donated by CIAA, and held at “Halifax Beacons 2007.” Thirty-six runners and walkers laced up their shoes. Those […]
Cunningham Lindsey Group has signed a definitive agreement regarding substantial investment from Stone Point Capital, a private equity firm, and the buy-out of Cunningham Lindsey Group’s minority shareholders. Under the agreement, Stone Point will acquire a 51 per cent interest in the operating companies of Cunningham Lindsey in return for an investment of approximately US$80 […]
The Insurance Corporation of British Columbia (ICBC) has reported strong financial results for the first nine months of 2007, but remains cautious of increasing claims costs. Net income for the first nine months of 2007 was $526 million, an increase of $142 million compared to last year, with $133 contributed by the sale of the […]
Stewart Ponton, chair of McLarens Canada, has been elected president of the International Institute of Loss Adjusters (IILA). “As former national president of the Canadian Independent Adjusters’ Association, and with McLarens, Stewart has certainly proven his leadership and commitment to the independent adjusting profession in this country over the years,” Fred Plant, CIAA president and […]
Robert Seal, president and CEO, Cunningham Lindsey Canada, has announced the appointment of Albert Poon to vice president, strategic business development. In this new position, Poon will lead the marketing and sales team and provide strategic direction for the promotion of claims solutions within the Canadian insurance and risk management industries. Poon will assume these […]
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