Risk
Aviva Canada Inc. is partnering with Policy Works Inc. to exchange commercial-lines data, developing an efficient broker systems integration solution. The integration will provide Aviva brokers with the ability to upload commercial lines risk and rating detail directly from the Policy Works Commercial Management System into Fastrax, Avivas Web-based application that enables brokers to quote […]
By Canadian Underwriter | October 16, 2007
1 min read
Auto
Frontal crash protection has improved for the six mid-sized SUVs tested by the Insurance Institute for Highway Safety (IIHS), but the tests reveal significant differences in how well SUVs protect people in serious side crashes.Performance varied considerably in the side test that replicates a 50-km-hr crash in which the striking vehicle is another SUV or […]
By Canadian Underwriter | October 15, 2007
Industry
A passenger who got out of a taxicab and fell on her way into a hotel was not injured as a result of an accident as defined in subsection 2(1) of the Statutory Accident Benefits Schedule (SABS), the Financial Services Commission of Ontario (FSCO) has found on appeal of Webb v. Lombard General Insurance Company […]
2 min read
Claims
AIR Worldwide Corporation (AIR) has a new service available to assess insurance-to-value (ITV) of U.S. residential property portfolios for reinsurance contract renewals.The challenges insurers face in maintaining up-to-date replacement values are well known in the industry, said Chris Harris, the chief underwriting officer at Montpelier Re. In the past, we have compensated for this bias […]
EGI Financial Holdings Inc. announced it has taken a US$20-million [approximately Cdn$19.54-million], non-revolving term loan with the Bank of Nova Scotia.The loan will help EGI Financial reinsure niche and specialty line insurers underwriting business in the United States through its subsidiary CIM Reinsurance. We anticipate this facility will provide us with the flexibility needed to […]
Specialty program markets appear to be actively seeking profitable new business, both from new program administrators and existing partners, by building product and volume, according to a recent survey by Guy Carpenter & Company LLC.The survey canvassed an undisclosed number of domestic insurance companies that write specialty program business through program administrators.Issuing carriers were asked […]
By Canadian Underwriter | October 12, 2007
Insurers are right to deny coverage and are relieved of the duty to defend the owner and driver of a vehicle involved in a collision in cases in which the driver does not have a valid license, the Ontario Superior Court of Justice ruled in Miller (Litigation Guardian of) v. Carluccio. MacKenzie Miller, the plaintiff, […]
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The Intergovernmental Panel on Climate Change (IPCC) was awarded the Nobel Peace Price on Oct. 12. IPCC panel members include Institute for Catastrophic Loss Reduction (ICLR) executive director Paul Kovacs and ICLR policy director Dr. Gordon McBean. The IPCC will share the prize in two equal parts with Al Gore for their efforts to build […]
A change in intra-quarterly results does not necessarily signal a material change that requires public disclosure, the Supreme Court of Canada has ruled in Kerr v. Danier Leather Inc.The courts decision in the securities case related to financial disclosure might have some bearing on directors and officers insurance in the future. In Kerr, the Supreme […]
Despite a slight reduction in frequency of class actions against boardroom executives in the United States, its too early to say weve entered a Brave New World of good corporate behaviour because of the Sarbanes-Oxley Act [SOX], a reinsurer told delegates of a PLUS Canada seminar in Toronto.The U.S. government in 2002 passed SOX, which […]
By Canadian Underwriter | October 11, 2007
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