Industry
Standard & Poor’s Ratings Services recently placed its ‘BBB+’ long-term counterparty credit and insurer financial strength ratings on Switzerland-based reinsurer Converium AG, and its ‘BBB+’ long-term insurer financial strength ratings on guaranteed operating entities Converium Rckversicherung (Deutschland) AG and Converium Insurance (U.K.) Ltd., on CreditWatch with positive implications. At the same time, S&Ps says it […]
By Canadian Underwriter | October 18, 2006
2 min read
Risk
Standard & Poor’s Ratings Services has revised its notching criteria for Canadian insurance operating companies to achieve greater global consistency of its ratings on subordinated debt, hybrids, and preferred share instruments.”This change will apply only to Canadian operating insurance companies,” Standard & Poor’s credit analyst Mark Puccia says. “The ratings on Canadian insurance holding companies […]
Global insurance broker Willis Group Holdings (NYSE: WSH) has appointed two senior associates in Calgary in a move to continue strengthening its presence in “key geographic markets across North America.” Willis has appointed Kathy Underhill to the position of executive vice president, managing partner and office director of the Calgary operations. Underhill is also a […]
Claims
The government of Edmonton has created a new provincial Emergency Management Alberta Agency, which will better prepare Alberta for response to emergency situations. The new agency combines the current organization with the Alberta Fire Commissioner’s Office (FCO), which the government says will result in better co-ordination, preparation, response and recovery to a wider array of […]
By Canadian Underwriter | October 17, 2006
Answering the lobby of several insurance groups and associations, the Financial Services Commission of Ontario (FSCO) has announced it is amending the Ontario Automobile Policy (OAP 1) and a number of related forms as a result of Bill 18, which deals with vicarious liability.”Changes to these forms have been developed in consultation with stakeholders, including […]
The Insurance Bureau of Canada (IBC) has endorsed proposed amendments to Ontario’s Highway Traffic Act that would require one seatbelt for each passenger in a vehicle.”We applaud [Ontario Transportation] Minister Donna Cansfield for taking swift action to address this serious road safety concern” Mark Yakabuski, IBC’s vice-president, federal affairs and Ontario, said in a press […]
Auto
B.C.’s provincial government is developing a policy on using biometrics for drivers’ licences, and ICBC is conducting a study of the issue, according to a report in The Vancouver Province.”This isn’t too far down the road in terms of making decisions,” B.C. Solicitor General John Les said in an interview with The Province.The Province reported […]
By Canadian Underwriter | October 16, 2006
1 min read
Crawford & Company has mobilized its Canadian and U.S. staff to handle “any and all claims needs” following a sizable earthquake with a magnitude of 6.6 that sent more than 20 sharp aftershocks across the Hawaii islands on Oct. 15.”We have been in close contact with our head office in Atlanta, as well as with […]
A.M. Best has also affirmed the financial strength ratings of A (Excellent) and the ICRs of “a” of Toronto-based ACE INA Insurance. In addition, the ACE Group’s financial strength ratings (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” have also been affirmed by A.M. Best Co. The ACE Group consists of […]
Among a group of women leaders recently noted in “Business Insurance” magazine’s “Women to Watch” issue are FM Global’s Maxine Walker as well as four individuals from Aon including: Corbette Doyle; Kathryn Hayley; Kathleen M. Burns; and Kelly Smith.The honorees were selected based on the following criteria: their recent professional achievements; their influence on the […]
By Canadian Underwriter | October 13, 2006
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