Auto
Edmonton, Alberta’s Superintendent of Insurance has issued a CD$15,000 penalty to Coseco General Insurance Company for failing to charge approved premiums for compulsory auto insurance, a violation of the Insurance Act.Administrative error resulted in some drivers being charged higher auto insurance premiums than allowed by the province’s maximum premium grid, according to a government press […]
By Canadian Underwriter | October 20, 2006
1 min read
Industry
Recent improvements in the U.S. property and casualty insurance industry’s overall reserve levels might not last moving into 2007, according to an article recently published by Standard & Poor’s Ratings Services. The article “Reserving Discipline For U.S. Property/Casualty Insurers Is Here, But Is It Sustainable?” indicates that the industry has experienced closer to adequate reserve […]
Standard & Poor’s Ratings Services has raised the insurer financial strength and long-term counterparty credit ratings on ING General Insurance Co. Ltd. (ING GIHK) to ‘A-‘ from ‘BBB+’. S&P’s says the outlook is stable.”The rating action reflects the company’s strengthened capitalization and strong and sustainable profitability,” S&P’s credit analyst Paul Clarkson says. It also reflects […]
Canadian Prime Minister Stephen Harper positioned his government’s support for independent brokers in the recent Bank Act review issue as a simple matter of fulfilling a campaign promise.He made his remarks during a speech to more than 1,500 people attending the Insurance Brokers Association of Ontario (IBAO) annual general meeting in Niagara Falls.”In the letter […]
By Canadian Underwriter | October 19, 2006
2 min read
Insurance brokerages controlled by “financial institutions” such as insurance companies, credit unions, trust companies or banks have now been excluded from voting membership in the Insurance Brokers Association of Ontario (IBAO), according to a bylaw the association passed at its annual general meeting in Niagara Falls.The bylaw amendment defines “control” by a financial institution as […]
Home
Factory Mutual Insurance Co., operating as FM Global, will distribute a collective US$355 million membership credit to policyholders as of Jan. 1, 2007, the insurer announced Wednesday.The form of this one-time credit will be as an insurance premium reduction. It will be handed out to clients of FM Global that renew their policies in 2007 […]
ING Canada recently opened their new head office at 700 University Avenue in the heart of Canada’s insurance district with an inaugural ceremony featuring Mayor David Miller and MPP and parliamentary assistant to the Ontario Minister of Finance Wayne Arthurs. Outgrowing their previous offices, ING relocated all their staff to a single downtown location. ING […]
Claims
Standard & Poor’s Ratings Services will not take any ratings action following the pre-announcement by The Hanover Insurance Group Inc. (NYSE:THG) that it would be taking a US$52 million charge (US$34 million after-tax) in third-quarter 2006 to strengthen its reserves for claims related to Hurricane Katrina. S&P’s says the magnitude of this charge, which comes […]
Disaster Kleenup International (Canada) Ltd. (DKC) recently welcomed to new members to its group. The new members include Nova Scotia-based MECO Construction Disaster Kleenup and Montreal-based Refexio Inc. The Peterborough Centennial Museum & Archives (PCMA), in collaboration with Rosco Document Restoration, recently unveiled the restored Balsillie Collection of Roy Studio Images. Following two years of […]
Odyssey Re Holdings Corp. (NYSE: ORH) has filed its Annual Report on Form 10-K/A for the year ended December 31, 2005 with the Securities and Exchange Commission (SEC), restating its consolidated financial statements as of and for the years ended December 31, 2005, 2004 and 2003.Odyssey Re also filed with the SEC, its affected Selected […]
By Canadian Underwriter | October 18, 2006
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