Claims
The 2006 hurricane season is expected to see 17 named storms forming in the Atlantic basin but, according to Colorado State University’s (CSU) forecast, fewer major hurricanes will make landfall on coastal regions compared to last year. The U.S. Atlantic basin likely will experience another active hurricane CSU says that for the 2006 hurricane season, […]
By Canadian Underwriter | May 31, 2006
3 min read
Industry
The outlooks on both personal and commercial lines of the property and casualty insurance sector remain stable, according to a recent report published by Standard & Poor’s Rating Services. This stability is, according to the report titled “Industry Report Card: North American Insurance Holding Companies Cope With Various Sector-Specific Issues,” due to the fact that […]
1 min read
After 34 years in the insurance industry, Peter Parkin, the chief operating officer of Sovereign General Insurance Company’s Calgary operations, has announced his intention to retire as of February 28, 2007.Parkin has served at Sovereign for the past 13 years of his career, five of them as the company’s chief operating officer. Parkin said the […]
By Canadian Underwriter | May 30, 2006
2 min read
Desjardins Financial Security has begun its year on a strong note reporting a net income of CD$30.4 million for the first quarter of 2006, compared to CD$31.9 million for the same period last year. These results, according to Desjardins, are “very good” in light of the deterioration in long-term disability claims the Company experienced during […]
Risk
The wind-up of the reinsurance business of Cavell Insurance Company became the centre of a recent Ontario Court of Appeal judgment concerning the enforcement of foreign court orders.The Ontario Appeal Court decision upheld a U.K. court order, even though the U.K. order did not meet a traditional requirement: typically, only the final judgment of a […]
Risk Management Solutions (RMS) recently launched a new platform for quantifying wind-related risk. Meteorological modeling has been extended to include a comprehensive suite of wind events enabling loss calculations both from large-scale Extra-Tropical winter-storms, such as windstorms Anatol, Lothar and Martin in 1999, as well as from smaller-scale summer thunderstorm events, such as the Birmingham […]
The Autorit des marchs financiers (AMF) has published a working document on the regulation of derivatives markets in Qubec. The document outlines the orientation the AMF is taking for the development of a proposed regulatory framework. The approach is for the regulator to identify several key “core principles” with which the regulated entities will comply. […]
By Canadian Underwriter | May 29, 2006
The CUMIS Group Ltd., recently appointed Kenneth W. Lalonde as president and CEO for the CUMIS Group of Companies, and venture manager of the Credit Union Insurance Services (CUIS) program, effective June 5, 2006. Lalonde offers experience as an executive in the financialservices industry. Most recently, Lalonde held theposition of executive vice president of branch […]
Aeroplan (TSX:AER.UN) and ING Canada Inc. (TSX:IIC.LV) have agreed to offer Aeroplan members the opportunity to earn Aeroplan Miles on certain insurance products offered by ING Canada’s insurance subsidiaries. Aeroplan members will be able to take advantage of this new partnership starting in September 2006. Full details of the member offer will be announced when […]
The Canadian Insurance Congress, scheduled for Charlottetown, Prince Edward Island on June 25-27, 2006, has been cancelled.Don Smith, the Congress organizer, announced the decision as a result of registration response. “I could not possibly ask our speakers to come all the way to P.E.I. to address a near empty room,” Smith said.Speakers at the conference […]
By Canadian Underwriter | May 26, 2006
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