Risk
The Institute for Catastrophic Loss Reduction (ICLR) has appointed Kathy Bardswick, CEO of The Co-Operators Group, as its new chair, effective immediately. Bardswick will replace David Wilmot, who recently announced his intention to retire from the ICLR and his role as senior vice president and chief agent for Canada of Toa Re. Wilmot has a […]
May 31, 2007
4 min read
Canadian industry representatives at the Risk and Insurance Management Society’s 2007 Conference in New Orleans gathered at the JW Marriott for cocktails and hors d’oeuvres. Sponsored by CGI and RIMS Canada Council , the gathering allowed people to swap stories and compare notes on the week’s events while sampling culinary treats, and maybe even sipping […]
2 min read
Claims
With spring flooding being a high risk in certain areas of B.C., the Insurance Bureau of Canada (IBC) is warning people that damage caused by overland flooding cannot be covered by home insurance.”The purpose of insurance is to spread risk amongst many policyholders,” said Lindsay Olson, IBC vice-president, British Columbia and Yukon. “But overland flooding […]
By Canadian Underwriter | May 31, 2007
Sidecars remain a popular form of raising capital, but a recent Benfield report suggests sidecars could conceivably be headed in a different direction in the future.Reinsurers will typically set up a short-term entity called a sidecar, funded by investors money, as a way to raise capital in anticipation of paying for catastrophic losses.The latest issue […]
1 min read
Industry
Dale-Parizeau L.M. Inc. and Morris & Mackenzie Inc. have announced the appointment of Jacques Bigaouette to the position of president and chief executive officer for both entities.In December 2006, Dale-Parizeau announced the acquisition of Morris & Mackenzie with the formal merger of both companies being completed by the end of 2007, a Morris & Mackenzie […]
The Supreme Court of Canada has ruled that promoting insurance is not a core function of banking. Consequently, Alberta legislation that regulates insurance agents also applies to federally regulated banks when it comes to the practice of promoting creditors insurance.In Canada Western Bank v. Alberta, eight major banks asked the Supreme Court of Canada to […]
The Bermuda reinsurance market wildly fluctuated between fantastic results in 2006 and brutal results in 2005, according to an A.M. Best report. In 2005, the Bermuda market reported a devastating combined ratio of 119.4%. However, in 2006, the combined ratio was only 83.7% a vastly significant improvement. Underpinning this dramatic improvement was the robust level […]
By Canadian Underwriter | May 30, 2007
Lloyds has appointed a new director to drive its work enhancing the markets operational competitiveness and ensure a focus on North American business.Sue Langley, previously the chief operating officer at Hiscox, will take up a new position as Lloyds director of market operations and North America. She will be responsible for building on progress to […]
The Risk and Insurance Management Society said it is disappointed to learn some brokers are reconsidering their pledge to refuse to accept certain forms of contingency fee arrangements with insurers.In response to regulatory matters and settlement agreements, many brokers pledged to refuse to accept placement fees from insurers on business where they represent the buyer, […]
Royal & SunAlliance has partnered with AIR MILES Reward Program, which will provide customers who purchase or renew a home or car insurance policy with one reward mile for every $20 they spend on premium. Brokers have consistently asked us for support in attracting and retaining new customers, Rowan Saunders, president and CEO of Royal […]
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