Industry
GCAN Insurance Company’s (Toronto) financial strength rating of A (Excellent) has recently been affirmed by A.M. Best. GCAN’s stable rating reflects its underwriting and operating performance, which supported internal growth and ability to expand its premium writings. According to A.M. Best, “This performance record over the years has exceeded its market peers and the greater […]
By Canadian Underwriter | June 29, 2005
1 min read
Claims
European insurer Allianz AG is set to increase future insurance premiums in direct response to the risk posed by global warming, which increases claims resulting from increased flood frequency and heat waves. In order to reduce greenhouse gas emissions caused by the burning of coal and natural gas, Allianz states in the next five years […]
Combined, global costs resulting from catastrophic storm damage may show an increase of two-thirds by the 2080s, according to the Association of British Insurers (ABI).The new report, “Financial Risks of Climate Change,” provides a global analysis of the projected climate-change trends of hurricanes, typhoons and windstorms. The potential effects of such changes may increase insured […]
The financial strength of the companies comprising Northbridge Financial Corp. (Toronto) recently received confirmation of A- ratings (Excellent) from A.M. Best Co. In addition the Company’s received assigned issuer credit ratings of “a-.” A.M. Best’s ratings of Northbridge reflect the Company’s capitalization, favorable underwriting and operating performance and strong business franchise in Canada. However, the […]
By Canadian Underwriter | June 28, 2005
The recent eruption of a Vancouver-based trucking dispute has stalled close to half of container traffic that flows in and out of the Port of Vancouver. According to a port official, this is a pricey spat that poses a price tag of approximately $30 million a day.Almost 40% of all containerized cargo imported and exported […]
2 min read
Cunningham Lindsey Canada is sending numerous catastrophe adjusters to devastated southern Alberta, where recent mass flooding has caused insurmountable damage. The Company is sending over 30 CAT adjusters who have been working on Alberta’s claims resulting from flood and hail related damages. A standby team of adjusters and support staff will be close at hand […]
Independent corporate directors have access to a directors and officers insurance policy that may shield them from personal liability stemming from regulator or shareholder lawsuits.Hartford Financial Services Group Inc.’s Priority Protection-IDL coverage begins when an entity is barred by law from indemnifying its management or directors, when it declines to provide coverage to directors, or […]
By Canadian Underwriter | June 27, 2005
The Athabasca Oil Sands Project Joint Venture recently reached a settlement withcertain of its insurance underwriters under Section III of the policy issued in relation to the project, according to Western Oil Sands. Profit loss due to insurance claims that arose from the Jan. 6, 20003 fire at the Muskeg River Mine motivated the Joint […]
Canadian security is set to skyrocket with the inception of a new North American plan intended to improve the response to internal and external threats while bolstering free flow of trade between Canada, U.S. and Mexico, according to Deputy Prime Minister Anne McLellan.In a recent press conference in Ottawa McLellan says the strategy, offering 300 […]
NOVA Chemicals Corp. (TSX: NCX) continues to work to mitigate the impact of the severe weather-related shutdown of six natural gas processing plants owned and operated by third parties at Empress, AB. Production at the Compnay’s Joffre, AB manufacturing site is slowing due to reduced ethane availability. The Alberta site is currently only operating at […]
By Canadian Underwriter | June 24, 2005
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