Industry
The Ontario Court of Appeal has upheld that Ontarios no-fault auto insurance regime prohibits all tort actions for recovery of property damage against a negligent party including subrogated claims brought by insurers.In Clarendon National Insurance v. Candow, Signothahack Bounthai, a Brampton, Ontario resident, is the owner-operator for an American trucking company located in Texas. His […]
By Canadian Underwriter | October 5, 2007
2 min read
Eleven insurance companies headquartered in the Chaudiere-Appalaches region of Quebec are creating the Centre de developpement en assurances et services financiers (Insurance and Financial Services Develop Centre) as a way to ensure continued growth. The board of directors for the new non-profit centre is comprised of the presidents of the 11 companies involved in the […]
1 min read
Claims
Ground shaking caused by the next predicted Cascadia earthquake off the western coast of British Columbia is expected to result in losses of between US$40 and US$60 billion and damage losses resulting from the accompanying tsunami waves could be even larger than that, according to the Hazard & Risk Science Review 2007.The review, a joint […]
i-flex solutions, an global IT solutions provider, has acquired the remaining shares of Toronto-based Castek Software Inc., which provides core insurance business processing systems for large- and mid-sized property and casualty insurers.The transaction is expected to close by March 2008. iflex became Casteks largest shareholder in August 2005, when it entered into an equity financing […]
Commercial
The Ontario Superior Court has ordered two Kitchener, Ontario brokers and brokerage Stevenson & Hunt Insurance Brokers to pay Cdn$1.9 million in a case related to client-poaching.Tim Allan and Jeff Kienapple were commercial insurance producers with H. L. Staebler Company Ltd. as of Oct. 15, 2003, when they submitted their immediate resignations from their employment […]
By Canadian Underwriter | October 4, 2007
Risk
Jeffrey T. Bowman has been named president and CEO of Crawford & Company, effective Jan. 1, 2008. The current president and CEO, Thomas W. Crawford, will serve as chairman of the board, while current chair, Jesse Crawford, will step down and remain chairman of the executive committee, according to a Crawford release. Bowman joined the […]
The Ontario Court of Appeal has ordered Royal & SunAlliance Insurance Company of Canada to pay Cdn$1 million under the Family Protection Coverage Endorsement (FPC Endorsement) in a motor vehicle accident involving an uninsured driver.Royal & SunAlliance said their net potential liability was Cdn$0, based on a deduction of the insured’s Cdn$1 million liability limit […]
Manitoba Public Insurance (MPI) credits a Cdn$80.3 million profit for the first half of 2007 to increases in investment and premium revenue, despite enduring the worst summer for weather-related claims in a decade.The figure includes a net income of Cdn$56.9 million from the basic Autopac line of business, and marks a Cdn$14.6 million increase over […]
La Capitale General Insurance and Michelin have joined forces to promote safer winter driving in Quebec. As an insurer, La Capitale General Insurance feels a sense of responsibility towards the safety of Quebecers and wishes to take part in any effort aimed at reducing the number of automobile accidents, which in turn protects the life […]
By Canadian Underwriter | October 3, 2007
Allstate Insurance Company of Canada has launched a new product, Your Choice Home, which allows consumers to personalize their home insurance. Customers will be able to select a home insurance policy that suits their needs and will now be able to add on specialty coverages which are reflective of a customers lifestyle, according to a […]
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