Risk
Fairmont Specialty Group, a subsidiary of Toronto-based Fairfax Financial Holdings Ltd., recently received a subpoena from the U.S. Securities and Exchange Commission.The subpoena, according to Fairfax Financial, seeks information on “any nontraditional insurance product transactions” with General Re and its affiliates.Fairfax reports that Fairmont is cooperating with the request.This recent legal summons follows a similar […]
By Canadian Underwriter | June 24, 2005
1 min read
Industry
The financial strength ratings for several of AXA Canada Inc.’s wholly owned property and casualty insurance subsidiaries were recently downgraded by A.M. Best. The financial strength ratings have been downgraded to A (Excellent) from A+ (Superior) for AXA Assurances Inc. (Montreal, Quebec) and its wholly owned subsidiary, AXA Assurances agricoles inc., (Montreal, Quebec). In addition, […]
Clarification: On June 22nd Cowan announced the future site of its Waterloo Region operations located at Fountain Street North and the 401. This will become the head office of Cowan Insurance Group and house two of its three operating companies, Cowan Insurance Brokers and Cowan Wright Beauchamp. Cowan Insurance Brokers will be keeping a branch […]
2 min read
Claims
The National Institute of Standards and Technology (NIST) has recommended the technical community implement changes in the design, materials, construction, maintenance and techniques i.e. changes to codes and standards to improve tall building safety and performance. The report, based on a three-year investigation into the destruction of the World Trade Center, states the towers may […]
By Canadian Underwriter | June 23, 2005
Alberta and Calgary-based chemical manufacturing company Nova Chemicals Corp has recently announced it will declare force majeure clauses which excuse the party from liability if an unanticipated event results in its inability for it to perform obligations under contract on all affected ethylene, hydrogen and polyethylene customers. This action is a result of high wind […]
Flooding is no longer the only force damaging residences in Alberta. Environment Canada has now released reports of several tornado sightings near Vauxhall, Taber and Coalhurst with at least one of them touching down. In addition, heavy windstorms and golf-ball-sized hailstones hit areas west of Calgary.Flooding, environment Canada says, is subsiding in many areas but […]
Motor vehicle collisions were responsible for more than half of the alcohol-related severe trauma hospitalizations in Canada in 2002-2003, representing a 9% increase over three years, according to statistics recently released by the Canadian Institute for Health Information (CIHI). Over 30% of alcohol-related motor vehicle collisions involved Canadians under the age of 25. The number […]
3 min read
Royal & SunAlliance Insurance Group Plc recently agreed to sell its 20% stake in Rothschilds Continuation Holdings AG the company that controls the U.K. arm of the Roschild investment bank. Royal & SunAlliance (R&S) are selling the stake to Jardine Strategic Holdings Limited (a Hong Kong-based investment company) for a reported $185 million. The Rothschilds […]
By Canadian Underwriter | June 22, 2005
Current insurer restrictions state that Canadian Banks cannot solicit insurance customers in bank branches but, in a recent position statement , Canadian Bankers Association (CBA) CEO Raymond Protti says Canada should ease restrictions on banks selling insurance so they can compete better with insurers. In its 2001 review of the banking industry, the government judged […]
Auto
The government of Quebec will not approve any major hikes in public auto insurance premiums, like those recently proposed by the Socit de l’assurance automobile du Qubec (SAAQ), according to the province’s junior Transport Minister Julie Boulet. The SAAQ recommended a rate increase of up to 300% for auto insurance in order to compensate for […]
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