Auto
CGI Group Inc. and VIN I.Q. Inc. is giving Canadian Motor Vehicle Departments (CMVD) and law enforcement professionals instant access to a comprehensive, integrated source of information about any vehicle through the use of handheld decoders.The decoders will enable CMVDs and law enforcement to rapidly implement many of the recommendations made in the Canadian Council […]
By Canadian Underwriter | October 30, 2007
1 min read
Industry
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 Groups minority shareholders. Under the agreement, Stone Point will acquire a 51% interest in the operating companies of Cunningham Lindsey in return for an investment of approximately US$80 million.Fairfax Financial […]
Risk
Most Ontario auto insurance companies have sufficient SABS-related governance and internal controls, the provinces financial regulator reported in its Statutory Accident Benefits Schedule (SABS) Risk-Based Market Conduct Assessment Report.The Financial Services Commission of Ontario (FSCO) recently posted the aggregate results of its September 2007 market conduct assessment questionnaire to 175 auto insurers. Overall, it found […]
A proposed move to a single securities commission in Canada one with a principles-based approach to regulation would do little to cut costs for investors and issuers, experts argued in a report released by Quebecs Autorit des marchs financiers (AMF).The main arguments justifying the centralization of Canadas securities commissions do not stand up to analysis, […]
Christopher J. Ridge has been hired as managing director of XN Alternative Risk, a newly formed risk management consulting and reinsurance brokerage operating division of XN Financial. The brokerage will be operating exclusively in the alternative risk transfer (ART) marketplace, according to an XN Financial Services Inc. release. Ridge will provide independent expert advice and […]
By Canadian Underwriter | October 29, 2007
A.M. Best Co. has affirmed the A+ financial strength rating of The Wawanesa Mutual Insurance Company (WMIC) (Winnipeg) and The Wawanesa Mutual Insurance Company (United States Branch).The outlook for the financial strength rating is stable, according to A.M. Best. The ratings of WMIC are based on its superior level of capitalization and strong, liquid balance […]
CNA Financial Corporation announced a 2007 Q3 profit of US$174 million, a decrease from 2006 Q3s US$311 million.The company also reported a combined ratio of 91.6% for property and casualty operations, a statement says. Net written premiums decreased US$165 million over 2006 Q3, the release says.Standard lines retention decreased four points to 76% over last […]
Alberta is planning to scrap its industry-wide adjustment of grid prices in its auto insurance product, according to Dennis Gartner, the assistant deputy minister of pensions, insurance and financial institutions of Alberta.The industry-wide adjustment applies to the provinces grid prices only.In its place, the government is contemplating some kind of file-and-approve system, including some kind […]
By Canadian Underwriter | October 26, 2007
2 min read
Home
Information privacy complaints against insurance companies have dwindled from 50 in 2004 down to seven as of September 2007, according to Elizabeth Denham, the director of the research analysis and stakeholder relations branch of the Office of the Privacy Commissioner of Canada.Overall, the industry has had only 119 privacy complaints made against its members over […]
Dan Lawrie, president of Dan Lawrie Insurance Brokers Ltd., has personally donated Cdn$125,000 to Mohawk Colleges new, Cdn3-million concourse for their insurance and financial services. In recognition of the donation, the Dan Lawrie Insurance Learning Centre will be established. The centre is intended to assist students in making the most of their learning experience. It […]
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