Risk
Competition is the best regulator of price and profit, the Insurance Bureau of Canada (IBC) has told the Alberta Insurance Rate Board (AIRB).Earlier this month, the AIRB held a series of consultation meetings to “discuss an acceptable cost of capital and profit margin for auto insurers.” The board posted the IBC submission on its Web […]
By Canadian Underwriter | November 27, 2006
1 min read
Claims
Staying at home with one’s mother while at the same time as being in a surety relationship with her is not the same as being “principally dependent” upon her for care (as defined in the Statutory Accident Benefits Schedule), according to the Ontario Court of Appeal.The appellate court made the decision in November in the […]
2 min read
Industry
A six-week exercise assessing how prepared the UK’s financial services sector would be in the event of a flu pandemic indicated that the country’s financial sector would be able to sustain its core services. Led by the Financial Services Authority (FSA), about 70 firms — including the Tripartite authorities (Bank of England, HM Treasury and […]
By Canadian Underwriter | November 24, 2006
Moody’s Ratings Service is carefully monitoring U.S. financial regulators’ subpoenas against parents of several financial guaranty insurance companies in connection with an ongoing criminal investigation of alleged bid-rigging of awards of municipal guaranteed investment contracts.”Inherent wrongdoing is not indicated but the subpoenas could portend governance or control failures, so we are closely following developments and […]
Fairfax Financial Holdings (Fairfax) has announced an underwritten public offering to sell 9 million common shares of Odyssey Re Holdings Corp. Fairfax will grant the underwriters an option to purchase up to 1.4-million additional shares of common stock to cover over-allotments, if any.Citigroup Corporate and Investment Banking and Wachovia Capital Markets, LLC will lead the […]
Insurance claims are pushing Cdn$30 million after a storm that caused a boil-water advisory in the Vancouver area, according to IBC regional officials quoted in the Victoria Times-Colonist.Lindsay Olson, B.C.-Yukon vice-president of IBC, said insurance claims for storm damage had passed the $20-million mark as of Nov. 22. “Right now we’re looking probably around $30 […]
Independent insurance brokers representing The Dominion of Canada General Insurance Company will have the opportunity to meet the flammable-liquid-detecting dog they sponsor through Ottawa Fire Services. The Dominion signed an agreement earlier this year to sponsor the pooch in an effort to improve the city’s arson prevention and detection capabilities.Fiesta, the black lab, sniffs out […]
By Canadian Underwriter | November 23, 2006
The Loyalist Insurance Group Limited has announced its 2006 Q3 revenues decreased to Cdn$449,380 from Cdn$488,331 for 2005 Q3.”The decrease, in part, was due to the sale of a small portion of the customer list to a former employee,” the company announced in a press release.In July 2006, the company negotiated a sale of a […]
Almost one in three Canadians fail to shred their personal documents before throwing them in the garbage, indicating they are not taking measures to avoid identity theft, according to online research conducted by Royal & SunAlliance (RSA).The RSA survey found people in British Columbia and Quebec appeared to be most concerned about identity theft, whereas […]
Despite the “docile” hurricane season in 2006, increased hurricane activity and landfall is likely to continue in 2007 and beyond, according to catastrophe modeler Risk Management Solutions (RMS).RMS is reaffirming its five-year outlook of increased storm risk after presenting a range of statistical models to a panel of seven leading hurricane scientists for review, A.M. […]
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