Claims
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 McIntryre et al. v. […]
By Canadian Underwriter | November 8, 2006
3 min read
Industry
Kingsway Financial Services Inc. (“Kingsway”) has notified The Toronto Stock Exchange of its intention to make a Normal Course Issuer Bid.Kingsway may, during the 12-month period between Nov. 9, 2006 and Nov. 8, 2007, purchase up to 2.8 million of its own common shares. This bid represents less than 5% of the 56.08 million common […]
By Canadian Underwriter | November 7, 2006
2 min read
Munich Re has recorded a profit of EUR2.86 billion (Cdn$4.12 billion) in the first nine months of 2006, compared to a EUR1.39-billion (Cdn$2-billion) profit during the first nine months of 2005.Gross premiums written amounted to EUR28.1billion (Cdn$40.5 billion), which, after adjustments, “is about the same as last year’s,” the company noted in a press release.Munich […]
Weighing in on the Bank Act review debate, the C.D. Howe Institute has just released a study that questions the current prohibition on banks selling most kinds of insurance in their branches.”A few years ago, the case for the prohibition was reasonable,” according to the study’s author, Mark R. Daniels, who has experience in the […]
The Toronto Insurance Women’s Association (TIWA) has announced it will be hosting its February 2007 Wine and Cheese event at the Metro Toronto Convention Centre in Toronto.The event will take place on Feb. 15, 2007, from 5 p.m. to 8 p.m., in the Constitution Hall of the Convention Centre.Tickets for the event will only be […]
RenaissanceRe Holdings Ltd. (NYSE: RNR) has reported a 2006 Q3 profit of US$251.1 million, compared to a net loss in 2005 Q3 of US$287.3 million.”We are very pleased to report another strong quarter with record results,” RenaissanceRe CEO Neill A. Currie said of the results. “Our core property cat business generated exceptional earnings, and our […]
By Canadian Underwriter | November 6, 2006
1 min read
In compliance with a recent ruling by the Registered Insurance Brokers of Ontario (RIBO), ING Canada is eliminating wording in its Aeroplan marketing materials that RIBO has determined to be an “inducement.” ING Canada recently introduced an Aeroplan program that provides the offer of 500 air miles to consumers who purchase an ING policy as […]
ICBC has reported net income of Cdn$175 million for the first nine months of 2006, compared to Cdn$195 million reported for the same period last year. “Overall, ICBC is in a good financial position,” B.C.’s public insurance body said in a press release. “Earned premium revenue is growing, investment income remains strong, and operating costs […]
Echoing a similar trend in Canada, commercial insurance premiums in the United States are declining in 2006 Q3, continuing a phenomenon over the past two quarters, according the quarterly RIMS Benchmark Survey, prepared by the industry analyst Advisen.In the United States, property insurance was the only line of business that increased in the third quarter, […]
Belfor Holdings Inc. has purchased 100% of Belfor International GmbH, the world’s largest insurance restoration company, from the Haniel Group of Duisburg, Germany.Haniel will retain an interest in the business through its 25% ownership of Belfor Holdings. As part of the management buyout, the company will continue to be run by president and CEO Sheldon […]
By Canadian Underwriter | November 3, 2006
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