Risk
Benfield Corporate Risk has acquired the businesses of Beaufort International Insurance Inc. (BIII) and Beaufort Insurance Services Inc. (BISI), from Beaufort Group in Canada. The terms of the acquisition were not disclosed.Based in Calgary, Alberta, BIII and BISI provide specialist insurance broking services to companies operating in the oil and gas exploration and oil sands […]
By Canadian Underwriter | November 13, 2007
2 min read
Industry
The Canadian independent broker channel might be swallowed up quickly if hungry European insurers turn their eyes toward the Canadian insurance market, Colin Simpson, president and CEO of York Fire and Casualty Insurance, warned delegates at the York Fire Third Annual Executive Forum.The Canadian distribution channel is already getting blurred because of market players such […]
By Canadian Underwriter | November 12, 2007
1 min read
Spot checks by the Registered Insurance Brokers Association (RIBO) regarding the degree to which Ontario brokers are in compliance with insurance regulators new marketplace principles have resulted in a Good Housekeeping seal of approval.The Canadian Council of Insurance Regulators (CCIR) and the Canadian Council of Insurance Services Regulatory Organizations (CISRO) developed three new marketplace conduct […]
Pharmaceutical insurers underwriting huge liabilities and risks in the United States are migrating to a much-friendlier climate in Canada, according to a report by A.M. Best. Canadas feature attraction is that its legal environment is much more predictable than that of the United States when it comes to assessing medical liability risk, A.M. Best says. […]
Kingsway Financial Services Inc. has issued a statement clarifying and correcting certain remarks made in the course of a conference call regarding the companys 2007 Q3 statements held on Nov. 8, 2007. During the conference call, statements were made which could imply that the estimated adverse reserve development at Lincoln General has been primarily driven […]
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 Cdn$526 million, an increase of Cdn$142 million compared to last year, with Cdn$133 contributed by the sale of the Central […]
By Canadian Underwriter | November 9, 2007
South Barrie Collision Centre in Barrie, Ont. has gone green and is now using environmentally compliant waterborne paint. The state-of-the-art 40,000 sq. ft. collision centre, which is co-owned by six local auto dealers, is part of the national CertifiedFirst Network. It is using PPG Automotive Refinish waterborne paint products as part of a move to […]
A Financial Services Commission of Ontario (FSCO) decision came down on the side of an insurer appealing an arbitrators order that it produce all its current and any future surveillance information, supporting correspondence and reports regarding any surveillance of a policyholder. In the case Security National Insurance Co. v. Noel Morgan, Noel Morgan claims statutory […]
By Canadian Underwriter | November 8, 2007
Goldman Sachs, a full-service global investment banking and securities firm, is entering into the global property and casualty insurance business.Arrow Syndicate 1910 is to enter the Lloyds insurance market in January 2008, according to its managing agency Whittington Group. Arrow Syndicate, which is a Goldman Sachs business, has obtained approval in principle from the Lloyds […]
Munich Re Group has posted profit exceeding 3.3 billion (roughly Cdn$4.5 billion) in the first nine months of 2007. In the third quarter, we again posted excellent results, and are now harvesting the fruits of our strict profit orientation, John Schneider, CFO of Munich Re, said in a release. In 2007 Q3, the company posted […]
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