Industry
Approved Ontario auto insurance rates for 2006 Q4 increased ever so slightly, FSCO reported in a posting on its Web site.”Based on the entire market, the average rate change for the fourth quarter of 2006 was +0.05%,” FSCO noted in its posting.Ontario auto rate changes have steadily declined between 2004-06, although the pace of the […]
By Canadian Underwriter | January 19, 2007
1 min read
The Financial Services Commission of Ontario (FSCO) has posted a warning on its Web site about a scam associated with Capital Financial Trust. “During an investigation recently conducted by FSCO, it was found that Capital Financial Trust and its related entities may have been involved in perpetrating a scam similar to what is commonly known […]
2 min read
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Ontario’s Provincial Auto Theft Team has arrested and charged two men in connection with an international organized auto theft ring operating in the Greater Toronto Area.The two men arrested in connection with the theft ring allegedly exported vehicles from Canada to Cambodia, says an Ontario Provincial Police (OPP) release.”2007 and 2006 model year, high-end sport […]
ICBC and its employees raised Cdn$745,110 for the United Way of the Lower Mainland, according to a recent press release.”More than 33% of ICBC employees stepped up and signed up for this year’s campaign,” said ICBC’s just-retired chief operating officer Bill Goble, the 2006 executive sponsor and leadership chair.”The strength of ICBC’s campaign comes from […]
Stewart-Greenslade Insurance Brokers Ltd. has purchased N.D. Tyler Ltd. of Portage La Prairie, Manitoba, according to an online report in The Daily Graphic.”We’re very excited,” Brent Gilbert, president of Stewart-Greenslade, told Shannon VanRaes of the Portage La Prairie newspaper. “N.D. Tyler’s book of business was a really good fit with Stewart-Greenslade. “Both of our firms […]
By Canadian Underwriter | January 18, 2007
Claims
Human-generated greenhouse gasses are a factor in the increasing frequency, intensity and duration of hurricanes in the Atlantic, according to a paper presented at an October 2006 RMS hurricane symposium.The paper, “Principal Drivers of Multi-Year Hurricane Activity,” was presented by MIT resercher Kerry Emanuel at the Proceedings of the 2006 RMS Hurricane Eyewall Symposium in […]
The overall level of global political risk decreased in 2006, but the magnitude and complexity of risks faced by companies around the world is increasing, according to AON’s Political & Economic Risk Map.Of the 214 countries surveyed, 15 countries pose less of a risk in 2007 compared to 2006, marking the first decrease in the […]
Risk
The Co-operators are making major overtures to sustainable energy operations with grants totaling $50,000 to threeOntario-based wind energy organizations, according to a recent press release.The Toronto Renewable Energy Co-operative (TREC) is a not-for-profitenergy co-operative that erected the first urban wind turbine in NorthAmerica. The Co-operators second grant of $10,000 will supporteducation, outreach and volunteer development […]
Hannover Re is once again drawing on the capital market to obtain underwriting capacity for catastrophe risks, boosting the volume of last year’s “K5″ risk securitisation to US$520 million.The reinsurer’s latest transaction was placed with institutional investors in North America, Europe and Japan.Both new and existing investors provided the capital, which has been increased by […]
By Canadian Underwriter | January 17, 2007
**CORRECTON NOTICE**[Editor’s Note: The following news item corrects errors that appeared in a Jan. 16, 2007 item entitled ‘What’s New: In Brief.’] John R. Mulvihill has been appointed chief operating officer and senior vice president of the Boiler Inspection and Insurance Company of Canada (BI&I).Gary Young has been appointed senior vice president of field operations. […]
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