Risk
For the first known time, the Ontario Court of Appeal has awarded punitive damages in a drunk driving case that resulted in serious injury. The decision, the court’s dissenting opinion suggests, means insurers will be on the hook for paying out rare punitive damage awards in similar drunk driving cases. In Andrea McIntyre et al. […]
November 30, 2006
2 min read
Achieving price discipline should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga. Ehrhart noted the earnings pattern of the U.S. insurance industry was three times more volatile than the standard market volatility […]
1 min read
Royal & SunAlliance says Canadian net written premiums were CD $1.03 billion (501 million) during the first nine months of 2006, an increase of 9% over the same period in 2005. “This reflects strong growth in both commercial (lines) and Johnson Inc.,” the company reported in a press release. The Canadian combined operating ratio of […]
Industry
Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) says its 2006 Q3 net income increased 19% over the past year — from US$31.3 million in 2005 Q3 to US$37.4 million in 2006 Q3. In addition, the company’s combined ratio improved to 97.2%, compared to 97.8% in 2005 Q3. The company’s underwriting profit improved to US$12.7 million in […]
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) reported a net loss of US$359.2 million for 2006 Q3, and net earnings of US$68.4 million for the first nine months of 2006. The combined ratios of the company’s insurance and reinsurance operations for 2006 Q3 and the first nine months of 2006 were 98.5 % and […]
ARI Financial Services Inc., a fleet management company, has partnered with the CertifiedFirst Network. CertifiedFirst will serve as ARI’s collision repair service provider. Operated by PPG Industries, CertifiedFirst says it offers the breadth of coverage and service excellence to put ARI vehicles back where they belong–on the road. “This agreement promises tremendous benefits to both […]
The Financial Services Commission of Ontario (FSCO) has issued a cease and desist order against a Quebec-based business operating in Ontario.A FSCO investigation found that Socit de Cautionnement Inc. (otherwise known as Canadian Bonding Corporation), Gestion Lamca Inc. (otherwise known as Lamca Holdings Inc.) and Roger Goulet were operating in the business of insurance in […]
By Canadian Underwriter | November 30, 2006
The Insurance Bureau of Canada (IBC) has praised P.E.I.’s proposal for implementing graduated licensing for new drivers, according to the CBC.”I think the government is to be commended for taking this step,” Bill Adams, the manager of government relations for the Atlantic Canada division of the IBC, told the CBC. “There’s a lot of other […]
Claims
As the 2006 Atlantic hurricane season comes to a close on Nov. 30, NOAA scientists announced that seasonal activity was lower than expected due to the rapid development of El Nio.The 2006 Atlantic hurricane season produced near-normal activity with a total of nine named storms including five hurricanes, two of which became major hurricanes of […]
Marsh has announced it is opening an office in Halifax, Nova Scotia, creating up to 150 new jobs.The risk and insurance company is establishing a technical centre of excellence to provide high-level financial administrative support for its captive solutions business.Nova Scotia Premier Rodney MacDonald announced Marsh’s technical centre of excellence on Nov. 30. He was […]
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