Risk
A new report published by a panel headed by former Imasco Ltd. chairman Purdy Crawford recommends that Canadian provinces that want to form a national securities regulator should create one allowing provinces that aren’t in favour to opt out.Provinces, the report says, forming a national agency will be able to reduce costs and improve enforcement. […]
By Canadian Underwriter | December 8, 2005
2 min read
Claims
The U.K. Court of Appeal recently ruled that excess-of-loss coverage cannot be denied even on the grounds that reinsurance buyers owe their reinsurer a duty of care to underwrite original risks prudently, unless this duty of care is stated in policy wordings.In the nonproportional energy reinsurance coverage case of ‘Bonner & Others vs. Cox & […]
1 min read
Industry
The European Commission has now cleared, under EU merger regulations, a newly created joint venture by Dexia-Banque Internationale Luxembourg (Dexia) and Royal Bank of Canada (RBC).The new joint venture will be called RBC Dexia Investor Services. The new company, with approximately US$1.8 trillion in client assets under custody (representing combined parent AUC), will rank among […]
The Co-operators Group Ltd. has expanded its membership, welcoming La Fdration des coopratives du Nouveau-Qubec (FCNQ).The Co-operators board of directors has approved FCNQ’s application, expanding to 32 the number of Canadian organizations that are member-owners of the group of companies.Based in Guelph, The Co-operators is a group of Canadian companies focussing on home, auto, life, […]
Fitch Ratings has revised Aon Corporation’s rating outlook to stable from negative, based largely on the company’s new business model, the ratings agency has announced.”The revised stable outlook reflects Aon’s progress in developing a new business model that is less reliant on contingent commission income, the company’s improved financial flexibility and positive financial trends, and […]
By Canadian Underwriter | December 7, 2005
C.V. Starr & Co., the private firm controlled by former American International Group Inc. ceo Maurice “Hank” Greenberg, recently offered to purchase all shares from AIG executives. According to AIG, “most or all” executives will likely accept the offer and tender all shares they own in C.V. Starr & Co.In a recent filing, C.V. Starr […]
PetCare Insurance Brokers Ltd. has expanded its underwriting relationship with Lombard General Insurance Company of Canada so that, effective March 1, 2006, Lombard will increase its participation in the underwriting of Canadian PetCare pet insurance programs from 50% to 100%.Oakville, ON-based PetCare a wholly owned subsidiary of Pethealth Inc. (TSX VENTURE:PTZ) offers its pet insurance […]
The United States and the Caribbean should brace themselves for yet another busy Atlantic hurricane season in 2006, according to Tropical Storm Risk (TSR), a forecasting consortium.TSR predicts landfalling hurricane activity in the United States and the Atlantic basin during the 2006 season will be 60% above the norm for 1950-2000. “The two main climate […]
Toronto-based, ACE INA Insurance Co. (ACE Canada) recently received a ‘A’ long-term counterparty credit and financial strength ratings from S&P’s. “The ratings reflect ACE Canada’s focused product selection in the Canadian commercial property and casualty (P&C) market, while recognizing the competitive business environment and the commodity-like nature of the sector,” St& P’s credit analyst Donald […]
By Canadian Underwriter | December 6, 2005
A.M. Best Co. recently placed the financial strength rating of The Citadel General Assurance Company (B++/Very Good) under review with developing implications. This rating action is in response to the recent announcement that AXA Canada Inc. will acquire Citadel from Winterthur Swiss Insurance Company, a subsidiary of Credit Suisse. The acquisition of Citadel P&C insurer […]
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