Industry
French insurer April Group has announced its new presence in Canada with the acquisition of two Quebec brokerages, Escapade Assurances Voyages, and Dave Rochon Assurances.Escapade, situated in Sainte Croix, was created in 2003 and specializes in travel insurance for short and long voyages and for specific destinations. It is distributed essentially by telephone and through […]
By Canadian Underwriter | June 19, 2007
1 min read
Western Financial Group Inc. announced it has retained a syndicate of agents co-led by CIBC World Markets Inc., Desjardins Securities Inc. and Jennings Capital Inc., and including Acumen Capital Finance Partners Limited, to offer on a best-efforts, private-placement basis between $15-25 million of cumulative perpetual convertible preferred shares at a price of $100 per preferred […]
Claims
The Canadian property and casualty industry posted excellent results in 2006, sporting a 91.7% combined ratio and a 17% return on equity (ROE), but it should be mindful of the lessons learned from soft markets in the past as 2007-08 results are expected to deteriorate, A.M. Best warned in a recent report.The A.M. Best report, […]
2 min read
Risk
The Risk and Insurance Management Society (RIMS) has sponsored publication of a new handbook to help people make sense out of that nebulous area known as Enterprise Risk Management (ERM). The title of the book which would be familiar to anyone who sees the ubiquitous presence of its yellow-and-black design in bookstores through the country […]
By Canadian Underwriter | June 18, 2007
Gestion MRCI Inc., known under the company name of AssurExperts Gingras Jacques Lajoie et Associs lte, of Chicoutimi, has been found guilty of tax evasion by the Court of Quebec.In a press release, the Canada Revenue Agency (CRA) notes the corporation was fined Cdn$210,453, which, the CRA notes, represents 100% of the federal tax it […]
Aon Reed Stenhouse Inc. has announced the appointment of Christine Lithgow as executive vice president, national client service, market relations for Aon Reed Stenhouse and as a member of the national executive committee. Lithgow began her career at Reed Stenhouse in the United Kingdom as an account executive trainee, when in 1981 she moved to […]
PPG Canada has announced three new appointments within its Automotive Refinish group, including Denis Cloutier, insurance services manager, Eastern Canada, Jennifer Rosiak-Wong, Canadian advertising manager, and Bruce Young, district manager, collision programs.Cloutier will work with the Canadian insurance industry to communicate the value added services that CertifiedFirst Network can provide to insurers, as well as […]
Climactic conditions are ripe for an active storm season and obviously an active storm season increases the likelihood that the insurance industry will incur losses, according to a June 2007 report by Fitch Ratings, entitled Hurricane Season 2007: A Desk Reference for Insurance Investors. As a general rule, Fitch believes primary insurers will disproportionately incur […]
By Canadian Underwriter | June 15, 2007
The catastrophe models in 2007 have updated their demand surge assumptions and industry exposure levels, resulting in an increase in estimated average annual losses, according to Fitch Ratings Hurricane Season 2007: A Desk Reference for Insurance Investors.Because catastrophe losses fell dramatically in 2006 from the previous two record-setting years, changes to the major hurricane models […]
Vito Pisano, an agent with Allstate Insurance Company of Canada, spoke recently at Alexander MacKenzie High School as part of MADD Canadas Mind Controla multimedia show for the Youth Assembly Program being presented at high schools across the country.The program is intended to show students the effects of impaired driving. Allstate Insurance Company of Canada […]
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