Risk
Moody’s Investors Service says the recent classification of E-CAPS in the United States as an equity security, rather than a bond or preferred stock, will have capital requirement implications for insurers holding the security. The Securities Valuation Office of the NAIC recently made the ruling on Enhanced Capital Advantage Preferred Securities (E-CAPS), which are a […]
By Canadian Underwriter | April 17, 2006
1 min read
Kingsway Financial Services is seeking opportunities for growth through acquisitions in 2006, the company reported in its 2005 annual report. Kingsway’s primary business is the insuring of automobiles for drivers who do not meet the criteria for coverage by standard automobile insurers. It also operates in the standard automobile, property, motorcycle and other specialty markets.”We […]
2 min read
Claims
A recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906 earthquake and Hurricane Katrina,’ was released in recognition of the centennial anniversary of the 1906 […]
By Canadian Underwriter | April 13, 2006
Industry
Former president and CEO of the Insurance Corporation of British Columbia (ICBC) Nick Geer has been appointed to the position of chairman of the board for NAV Canada.Geer replaces R. A. (Sandy) Morrison, who is retiring after more than a decade on the NAV CANADA Board and after two years as chairman of the board.Geer […]
Michael Butler, national insurance and services manager for PPG Refinish Canada, has been appointed to the position of Chair of the Chapter & Industry Relations Committee of the Women in Insurance Cancer Crusade (WICC). WICC is dedicated to raising money to support cancer research and education and to support colleagues and their families in the […]
Fairfax Financial Holdings Limited (TSX:FFH.SV) (NYSE:FFH) has become aware of a class action lawsuit filed against it and certain of its officers and directors in the U.S. District Court for the Southern District of New York.The lawsuit was filed “on behalf of a putative class consisting of investors who purchased the public debt securities of […]
By Canadian Underwriter | April 12, 2006
Developing principles concerning conflict of interest, developing a model for privilege and whistle-blowing protection and streamlining agent and broker licensing in Ontario are among the Financial Services Commission of Ontario (FSCO)’s priorities for 2006.Section 11 of the FSCO Act requires the commission to deliver to the Minister of Finance and publish a statement setting out […]
Home
Individual car and truck thieves could become the target of the Insurance Corporation of British Columbia’s (ICBC) plan to file lawsuits against car and truck thieves.The lawsuits would attempt to garner funds to cover the costs of repairing and/or replacing the stolen vehicle. Currently, the ICBC’s initiative focuses on insurance fraud and auto theft rings […]
After receiving ratings downgrades from Standard & Poor’s Rating Services, management at PXRE Group Ltd. (NYSE:PXT) has requested S&P’s withdraw its ratings on the Company and its affiliates.PXRE Group and PXRE Corp.’s counterparty credit ratings were recently lowered by S&P’s to ‘BB-‘ from ‘B+.’ In addition, S&P’s removed the ratings on PXRE Group and PXRE […]
A.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in the catastrophe stress test [would have to] demonstrate a strong understanding of their catastrophe exposure, […]
By Canadian Underwriter | April 11, 2006
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