Claims
Canadian reinsurers in 2006 collectively posted their highest net income in the past four years, according to data collected by the Reinsurance Research Council (RRC).The RRC data was presented by a panelist speaking at a Property Casualty Underwriter Club (PCUC) luncheon meeting in Toronto.In a presentation to the PCUC luncheon, Aon Re Canada Inc. senior […]
By Canadian Underwriter | May 17, 2007
1 min read
The Institute for Catastrophic Loss Reduction (ICLR) has appointed Kathy Bardswick, CEO of The Co-Operators Group, as its new chairman, 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, following a reinsurance career […]
Industry
Axa has opted to maintain its status as a full partner of the Insurance Brokers Association of Canadas (IBAC) broker identity program, also known as the Bipper program, for 2007.We are pleased to support brokers across Canada in their successful bid to communicate to consumers, legislators and regulators the value they bring, said Jean-Francois Blais, […]
By Canadian Underwriter | May 16, 2007
The 2007 hurricane season is likely going to be very active, with landfall probabilities well above their long-period averages.This is largely due to the rapid dissipation of El Nino conditions, according to researchers at the Colorado State Universitys Department of Atmospheric Sciences.The researchers say the probability of at least one major (Category 3-5) hurricane reaching […]
Risk
ING Canadas insurance subsidiaries will be adopting the Insurance Bureau of Canada (IBC)’s Standards of Sound Marketplace Practice, the company announced at its AGM on May 16.The primary objective of the IBC standards is to encourage the adoption of a risk-based model for the insurance regulatory environment. The standards are also designed to improve corporate […]
2 min read
ING Canada Inc. (TSX: IIC) reported a 2007 Q1 net income of Cdn$126.2 million, down from Cdn$185.9 million recorded during the same quarter last year.Lower gains on invested assets and, to a lesser extent, underwriting results reduced our profitability, ING Canada president and CEO Claude Dussault said in a press release. Our realized gains on […]
Reinsurers are still feeling the pinch of high rates and tight capacity after disastrous losses between 2004 and 2005. In 2005 and 2006, pricing in the retro market did become extreme, David Priebe, head of specialty operations for reinsurance broker Guy Carpenter & Co, said in a release. We saw a lot of reinsurers move […]
By Canadian Underwriter | May 15, 2007
Albertas auto insurance rate grid is not up for discussion, and the particular grid rates for the cities of Edmonton and Calgary will not change as a result of the Alberta Automobile Insurance Rate Boards premium review, now underway, the provinces superintendent of insurance, Dennis Gartner, told the Insurance Brokers Association of Alberta (IBAA) in […]
Ontarios Court of Appeal has deemed the 2002 biting of an outdoor worker by a West Nile Virus-carrying mosquito an accident and has awarded the worker $130,000 of coverage under his policy.Ryszard Kolbuc was working as a plasterer when he was bitten by the virus-carrying mosquito, rendering him a paraplegic. At the time of the […]
The Co-Operators have appointed Bruce West as senior vice president and chief financial officer (CFO), effective June 4, 2007.West brings more than 25 years of progressive financial and managerial experience in operations, corporate development, and financial management to his new role, says a Co-Operators release.He began his financial services career with KPMG in 1980 and […]
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