Industry
Newport Partners Income Fund (TSX: NPF.UN) announced it has invested $18.2 million cash for a 77.5% interest in the business of Toronto-based Baird MacGregor Insurance Brokers LP (BMI), an insurance broker specializing in the transportation and logistics industries in Ontario.Under the terms of the transaction, Newport is also providing $2.3 million through its credit facilities […]
By Canadian Underwriter | April 18, 2007
1 min read
Claims
A combination of increased capacity, more predictable premium rates and innovative program design is creating steady growth in the take up of stand-alone terrorism insurance, according to Aons latest Stand-alone terrorism market update. Also, the ongoing bombardment of television images from Iraq, intelligence about foiled attacks and frequent evidence emerging about the intentions and ongoing […]
2 min read
SNL Financial, a provider of business information to financial institutions has reached an agreement with the National Association of Insurance Commissioners (NAIC) to acquire and publish statutory insurance data.Statutory insurance data consists of detailed financial and operating data filed quarterly for more than 5,000 public and private insurance companies, including: line of business results, market […]
The Autorit des marches financier (AMF) announced that it has reached an agreement with RBC General Insurance Company to close a file concerning the compliance of statistical data.The AMF recommended improvements to the procedure for the collection and transmission of the required information in order to ensure better supervision, particularly with regards to the reliability […]
By Canadian Underwriter | April 17, 2007
Risk
Echelon is strongly opposed to the Ontario Facility Associations most recent proposal to redesign its residual market structures, according to a statement from the company.The proposed changes would revamp the current Risk Sharing Pool (RSP) which was originally designed to provide partial and temporary relief to insurers who are adversely affected by take-all-comers regulations into […]
When you think of U.S. states most vulnerable to huge insured tornado damage losses, think New Jersey.In its 2007 Special Report: U.S. Tornadoes, A.M. Best notes that New Jersey tops Connecticut, Massachusetts, Ohio and Rhode Island for the title of Tornado Alley when it comes to potential insured losses arising from tornadoes.Most people associate tornado […]
The Women in Insurance Cancer Crusade (WICC) Ontario Chapter has issued a call for golfers to register for this years golf tournament to be held, rain or shine, on Monday, July 16th. Participants will be warming up the greens at the prestigious Angus Glen golf courses for the pros who will compete in the Canadian […]
Manitoba Public Insurance [MPI] intends to invest Cdn$5 million over the next three years in a training partnership aimed at Manitobas commercial trucking business.Over the next three years, annual injections of Cdn$1.65 million will help up to 750 Manitobans become Class 1 drivers a skill in serious demand as the trucking industry deals with higher […]
By Canadian Underwriter | April 16, 2007
Home
The Insurance Corporation of British Columbia (ICBC) is crediting its anti-fraud programs with saving motorists more than $75 million. Savings are based on the estimated value of fraudulent claims that were denied, money recovered and savings generated through fraud prevention. According to an ICBC release, anti-fraud efforts led to 104 convictions against 64 defendants last […]
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