Claims
Hurricane Dean, which is the first category five storm since 2005, ripped through Jamaica, Mexico and the Lesser Antilles, causing anywhere from US$0.75 billion to US$3 billion, based on estimates from Risk Management Solutions (RMS) and EQECAT. Dean was expected to track further north hitting Cancun and Cozumel, which, according to RMS, would have tripled […]
By Canadian Underwriter | August 21, 2007
2 min read
Risk
Pending changes to the way the Canadian Office of the Superintendent of Financial Institutions (OSFI) oversees foreign property and casualty (P&C) insurers, OSFI will presume that as of Jan. 1, 2009, unless otherwise established, all risks reported on the books of Canadian branches of foreign insurers will be considered to have been insured in Canada.Changes […]
By Canadian Underwriter | August 20, 2007
Criteria for rating securities collateralized by reinsurance recoverables has been described in a methodology released by A.M. Best Co., Securitization of Reinsurance Recoverables. This methodology outlines A.M. Bests criteria in rating securities that are backed by reinsurance recoverables. A large part outlines the conditions under which insurers or reinsurers will be unable to fulfill their […]
1 min read
EGI Financial Holdings Inc., reported an increase of 15.5% from Cdn$36.6 million in 2006 Q2 to Cdn$42.3 million in 2007 Q2, in direct written and assumed premiums, according to results for 2007 Q2 and six-months ended June 30. The increase is attributed to a growth in motorcycle premiums in Ontario, new reinsurance treaties with AssuranceAmerica […]
By Canadian Underwriter | August 17, 2007
Industry
Audatex Canada ULC, a subsidiary of Solera Holdings, Inc., has extended its relationship with Aviva Canada Inc. for an additional three years, according to a release. Audatex has provided Aviva with core estimating solutions that help standardize the automotive claims process for more than 15 years. Aviva will deploy Audatexs end-to-end claims processing suite, which […]
Consumers have enjoyed nearly Cdn$7 billion of auto insurance premium savings since insurance reforms were implemented in 2003 and 2004 in Ontario, Alberta, and Atlantic Canada, according to the Insurance Bureau of Canada.IBC made its observations in a press release following an analysis of the latest data available from the General Insurance Statistical Agency (GISA), […]
By Canadian Underwriter | August 16, 2007
The Ontario government has expanded its crackdown on street racing by increasing the maximum fine to $10,000 and widening the definition of the crime in an effort to curb dangerous driving.The definition of a stunt will include driving at 50 km-h or more above the posted speed limit, a press release from the Ministry of […]
Western Financial Group (WFG)s Agency Network, the fourth largest property and casualty broker in Canada, has reported a 42.5% increase in profits for the first six months of 2007, overall WFG reported an increase in profits of 88.1% for the same period. Revenue for the first half of 2007 for the Network were approximately Cdn$32.28 […]
By Canadian Underwriter | August 15, 2007
Pembridge Insurance Company is maintaining its investment as a Full Partner of the Broker Identity Program(BIP) for 2007, according to the Insurance Brokers Association of Canada (IBAC). We are pleased to support brokers across Canada in their successful bid to communicate to consumers, legislators and regulators the value they bring, Bob Tisdale, President and Chief […]
Aviva PLC reported a hearty 25% increase in worldwide sales to 19.294 billion [approximately Cdn$41.14 billion] throughout the first six months of 2007.Its North American operations reported profits of 70 million [approximately Cdn$149.28 million], an Aviva statement says.Using 2007 exchange rates, the same period in 2006 profits sat at 78 million [approximately Cdn$166.33 million].The Groups […]
By Canadian Underwriter | August 14, 2007
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
