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Royal & SunAlliance recently launched WARP Data Bridging, which aids brokers in the processing of auto and property policies. The new product is currently available to Royal & SunAlliance as well as Western Assurance brokers by way of the latest version of The Agency Manager (TAM) broker management system.According to Royal & SunAlliance, WARP Data […]
By Canadian Underwriter | February 7, 2006
2 min read
Risk
The global network of independent insurance brokers Assurex Global, which represents $21 billion in premium volume, recently appointed Paul J. Hering as new chairman in order to focus on growing leading North American insuarnce markets.Hering succeeds Gregory S. Belton (with Hunter Keilty Muntz & Beatty Ltd., Toronto, ON), who continues his board service as chairman […]
By Canadian Underwriter | February 6, 2006
1 min read
Auto
The province of Saskatchewan is sitting on a $184.4-million surplus, which has been sustained by motorist-derived taxes and fees, but rather than pump the funds back into road and highway safety the money is fuelling the province’s general revenue, according to the Canadian Automobile Association (CAA).Provincial gas tax and vehicle fees collected in 2006 will […]
Industry
The BC Utilities Commission (BCUC) has approved ICBC’s application for an interim rate increase of 6.5% on basic insurance, effective March 15. The interim rate will remain in place until the BCUC renders its final decision on 2006 basic rates, expected in late May of this year. If the BCUC approves a final rate lower […]
The market for D&O liability coverage has continued to soften, while claims frequency and severity have continued to increase, according to a 2005 survey conducted by the Tillinghast business of Towers Perrin.The Tillinghast survey included 2,645 U.S. and 49 Canadian participants. The survey uses a standardized premium index that takes into account policy limit, corporate […]
Claims
Risk Management Solutions (RMS) has reaffirmed that terrorism risk management products can assist insurers in responding to the terrorism section of the ‘2005 Statement Year Supplemental Rating Questionnaire’ (SRQ), recently issued by rating agency A.M. Best Co.In December 2005, TRIA was renewed for two years with new terms and limits. In response, RMS has updated […]
By Canadian Underwriter | February 3, 2006
RIFCO INC. (TSX.V: RFC) has signed an agreement with CARSTAR Automotive Canada (CARSTAR) to offer repair loans through more than 110 stores across Canada.Doug Decksheimer, RIFCO’s vice president of marketing, said “RIFCO is proud to announce a strategic alliance with CARSTAR to offer its convenient financing program.”The rollout of the CARSTAR program is already underway […]
Fitch Ratings has affirmed all ratings of The St. Paul Travelers Companies, Inc. (STA), including the ‘A-‘ long-term issuer rating, ‘A-‘ ratings on STA’s senior unsecured notes, and ‘BBB+’ ratings on STA’s subordinated notes and capital securities.Additionally, Fitch has affirmed the ‘AA-‘ insurer financial strength (IFS) ratings on members of the St. Paul Travelers Inter-company […]
Dominion Bond Rating Service (DBRS) has confirmed the ‘BBB’ rating of Kingsway Financial Services Inc. (TSX:KFS) and its U.S. holding company, Kingsway America Inc. in a reflection of Kingsway’s successfully executed Group niche strategy.The Company’s success is a result of its focus on underwriting profitability and effective claims management, according to DBRS.DBRS adds that Kingsway’s […]
By Canadian Underwriter | February 2, 2006
CGI Group Inc.’s plan to acquire the Calgary, AB-based information technology services company Pangaea Systems Inc. is expected to be finalized when the transaction closes by the end of February 2006.Pangaea is a privately-held company that specializes in systems development with particular focus on the development of Internet-based solutions and related services. Founded in 1993, […]
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