Industry
Kingsway Financial Services Inc. has announced the appointments of Serge Lavoie to president and chief executive officer of Jevco Insurance Company and Colin Simpson to the position of president and chief executive officer of York Fire & Casualty Insurance Company.I am pleased to announce the appointments of Serge and Colin to their new positions within […]
By Canadian Underwriter | August 28, 2007
1 min read
Desjardins Financial Security reported an income of Cdn$1.386 billion for the first half of 2007.Gross insurance premiums accounted for $1.178 billion, marking an increase of 12%, or $126.2 million, a Desjardins statement says.The company recorded growth of 7.2% in Quebec and 25.1% in the other provinces, with new insurance sales figures reaching $210 million, an […]
By Canadian Underwriter | August 27, 2007
Claims
Fred Plant assumed the role of president of the Canadian Independent Adjusters Association during the Presidents Dinner at the associations annual general meeting and conference in Winnipeg. Miles Barber, immediate past-president, passed the presidential hat, noting Plant would bring insight and a fresh perspective to the job. Trust Fred, he said.Plant spoke of his enthusiasm […]
Risk
Business continuity risks are heightened as global manufacturers cut costs by narrowing the supply chain, making it crucial that risk managers understand the function of each link on the supply chain, warns Lloyds. Traditionally firms cant insure against business interruption losses such as flooding to infrastructure they dont control, Dan Trueman, a Lloyds underwriter at […]
By Canadian Underwriter | August 24, 2007
The Autorit des march financiers (AMF) is seeking comment on a proposed framework for the regulation of the derivatives market in Quebec. The proposal contains suggested legislation and regulation as well as policy statements, an AMF release says.A derivative is essentially a financial instrument traded on or off an exchange and used to hedge risk […]
Canadas property and casualty insurers led an overall decline in operating profit in the countrys financial services sector during 2007 Q2, according to a recent report by Statistics Canada.Operating profits in the financial sector fell 1.4% to [Cdn]$17.3 billion in the second quarter, the Statistics Canada report, Quarterly Financial Statistics for Enterprises, reads. Property and […]
By Canadian Underwriter | August 23, 2007
2 min read
Insurance companies may be exposed to greater directors and officers liability (D&O) and errors and omissions (E&O) liability claims in the wake of the current subprime mortgage crisis, warns Marsh.Higher interest rates and falling property prices have contributed to rising mortgage delinquencies among high-risk or subprime borrowers, a Marsh statement says.This, coupled with increased relaxation […]
PartnerRe Ltd. (NYSE: PRE) has announced that Partner Reinsurance Europe Limited, a wholly-owned subsidiary of PartnerRe Ltd., based in Dublin, Ireland, will, from Jan.1, 2008, be the principal reinsurance carrier for PartnerRe’s business underwritten in France, Ireland, Switzerland and Canada.Under the new European Union Reinsurance Directive, Partner Reinsurance Europe will be able to operate in […]
By Canadian Underwriter | August 22, 2007
Auto
Body shops need to put more emphasis on training and development, according to David Lingham, who works in the collision repair industry in UK and Europe. Lingham told delegates at the 10th annual CARSTAR conference held in Niagara Falls, Ont., that repairers in the UK do not fully understand the difference in technology and structure […]
New developments in extra-territorial jurisdiction, stock options backdating and claims against European companies are becoming major areas of concern for company directors, according to a recent publication of Willis Group Holdings. The Willis Boardroom Guide 2007 is published by the directors and officers (D&O) team of Willis financial executive and professional risks (FINEX) division, in […]
By Canadian Underwriter | August 21, 2007
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