Industry
ACE Canada, the Canadian based operating division of the ACE Group of Companies, has appointed Terri Mitchell as executive vice president and chief operations officer of ACE Canada’s Life, Accident and Health Group.Mitchell joined ACE Canada in 2004 as vice president and has held several senior management positions within the organization. In her new role, […]
By Canadian Underwriter | March 29, 2007
1 min read
AXIS Capital (NYSE: AXS), a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire from AON Underwriting Managers the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of business,. Headquartered in Kansas City and formed in 1979, Media/Pro is a full-service managing general […]
2 min read
Claims
Fitch Ratings has upgraded Lloyd’s of London’s (“Lloyd’s”) Insurer Financial Strength (“IFS”) rating by one notch to ‘A+’.At the same time, the agency has upgraded the Society of Lloyd’s Issuer Default rating (“IDR”) by one notch to ‘A’. Both ratings have stable outlooks.The rating action follows the confirmation yesterday that Berkshire Hathaway (“Berkshire”) and Equitas […]
By Canadian Underwriter | March 28, 2007
A growing lack of critical talent in Torontos financial services sector looms, according to a year-long study of the industry by the Toronto Financial Services Alliance (TFSA).Talent Matters A Study of the Toronto Financial Service Industry Talent Market found that Torontos insurance companies, banks and investment firms, can expect major gaps in critical talent the […]
ING Canada (TSX:IIC) has just purchased for cancellation just over Cdn$500 million of its common shares.More than C$500 million worth of ING Canadas common shares were tendered to a bid. Since the auction process was oversubscribed, ING announced in a press release, the company has determined that, in accordance with the terms of the bid, […]
Risk
The Dominion of Canada General Insurance Company has teamed up with Guidewire Software to modernize and replace The Dominions existing legacy claims system in order to better serve the needs of its policyholders and its network of independent brokers. The Dominions phased ClaimCentre roll-out started with 35 adjusters and will include 300 adjusters by the […]
Reporting an event or “circumstance that might lead to a professional liability insurance claim is not, in the absence of a claim, enough to trigger an insurer’s obligation to defend, the B.C. Appeal Court has ruled.In MWH International, Inc. v. Lumbermens Mutual Casualty Company, the B.C. Court of Appeal overturned a trial judges findings that […]
By Canadian Underwriter | March 27, 2007
EDS has published crucial risk priorities that financial institutions must consider to minimize the possibility of security breaches.Securing data outside the organization was listed as the top priority. Because regulators demand that non-public personal information be backed up and stored off-site, the danger of the storage mediums being lost or stolen during shipping arises. Security […]
CGI Insurance Business Services has moved to a new location, at 150 Commerce Valley Drive, in Markham Ontario.All business units, including CGI Information Solutions and Services, CGI Insurance Company Systems, CGI Adjusters Inc. and CGI Risk Management Solutions will now operate together in one central location.The consolidation of our units to Commerce Valley Drive will […]
Ontarios Court of Appeal has overturned a judges order for Royal & SunAlliance Insurance Group Plc, along with 5 other insurers, to pay Canadian National Railway Co. (CN) $30 million to cover a failure of a tunnel-boring machine, reports the Montreal Gazette. CN should have known the machine had a faulty design and the insurance […]
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