Industry
Western Financial Group intends to acquire Geer Spice Insurance Agencies Ltd., Northland Insurance Services Ltd., J.W. Baker Insurance Agencies Inc. and Pomeroy Insurance Services Ltd. The transactions are expected to close in January 2007. All of the planned acquisitions are located in northern B.C. “These communities are vibrant centres for growth and activity in B.C.,” […]
December 31, 2006
1 min read
Risk
The Risk and Insurance Management Society, Inc. (RIMS) has launched a new Risk Maturity Model for Enterprise Risk Management (ERM), an online resource that provides guidelines and best practices for developing and maintaining a comprehensive risk management program. The Risk Maturity Model uses standardized criteria by which organizations can evaluate and improve their approach to […]
The CIP Society has named J.R. (Bob) Tisdale, vice president of Allstate Canada Group, and president and chief operating officer of Pembridge Insurance Company and Pafco Insurance Company, as the 2006 recipient of the GTA Fellow of Distinction Award. Carla Blackmore, chair of the CIP Society-Ontario, said: “Bob Tisdale’s remarkable ability to spend quality time […]
3 min read
Claims
A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Co-operators General Insurance Company (Co-operators General) (Ontario). A.M. Best has also upgraded the FSR to B++ (Very Good) from B+ (Very Good) and the ICR to “bbb” from “bbb-” for Co-operators General’s wholly […]
By Canadian Underwriter | December 21, 2006
2 min read
Auto
More effort is needed to keep Canadian roads safe from drunk drivers, according to a Traffic Injury Research Foundation (TIRF) poll.The poll asked drivers if they drove at times when they felt they might be above the legal alcohol limit. The results suggest that respondents each made an average of 10.2 trips last year after […]
ING Insurance and ING Novex are reimbursing approximately 51,000 policyholders as a result of an error that prevented some of its Ontario customers from receiving their Claims Free Renewal (CFR) discount to which they were entitled.The company rewards the discount at renewal to customers who have been claims-free for five consecutive years.Most of ING’s customers […]
Natural and man-mad catastrophes triggered total economic losses worldwide of approximately US$40 billion and cost property insurers US$15 billion in 2006, according to Swiss Re.The 2006 figure compares favourably to the 2005 amount of US$78 billion for insured loses.Earthquake, cold spells, and windstorms and shipping disasters claimed 30,000 lives.The significantly smaller amount of losses in […]
By Canadian Underwriter | December 20, 2006
The U.S. property and casualty industry’s loss reserve position has improved considerably in the last four years, according to Fitch Ratings.”Reserves for recent hard market accident years were set at more prudent levels, while reserves established during the last soft market that developed deficiently are largely paid and represent an ever smaller percentage of total […]
Peace Hills General Insurance Company’s financial strength received a B+ rating from A.M. Best Co. The positive rating is due to the Alberta firm’s “excellent risk-adjusted capitalization, strong liquid balance sheet, steady organic surplus growth from better than average profitability, favourable reserve development and a sound reinsurance program,” says an A.M. Best release.The positive rating […]
Insured losses from the Pacific Northwest winter storm in the United States could exceed US$500 million, according to estimates by catastrophe risk modeling company AIR Worldwide Corporation.In Canada, similar winter storms in the area of Vancouver, B.C. have resulted in more than $40 million worth of claims thus far, according to the IBC.In a recent […]
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