Claims
Royal & Sun Alliance Insurance Group Plc. shares recently fell 0.6% – following a 70% decrease over the past five years – to close at 83 pence in London, valuing the insurer at 2.4 billion pounds (US$4.4 billion). These results follow U.K.-based investment company Corvus Capital Inc.’s recent decision to opt out of its plans […]
By Canadian Underwriter | June 17, 2005
1 min read
Commercial
Anthony Clark International Insurance Brokers Ltd. (“ACL”) closed a $30,750,000 (US$25,000,000) secured debt financing arrangement with the lenders Bridge Healthcare Finance, LLC (“BHF”) and Bridge Opportunity Finance, LLC (“BOF”). These lenders are providing Addison York Insurance Brokers Ltd. the US wholly-owned subsidiary of Anthony Clark with a five year term loan facility of $30,750,000 (US$25,000,000), […]
Industry
The U.S. attorney for the Southern District of New York recently handed PartnerRe Ltd. (NYSE:PRE) a subpoena requesting information regarding the Company’s finite reinsurance products, adding to the already substantial roster of companies that have been summoned as part of the ongoing investigative blitz into the use of finite products. Bermuda-based reinsurers Platinum Underwritings Holdings […]
Desjardins Group and CGI created a strategic alliance to offer Canadian credit unions technology solutions and services. A service agreement was recently rendered with L’Alliance des caisses populaires de l’Ontario, which allowed for the implementation of Desjardins’ IT solution through Northern Ontario’s 13 committed caisses. In addition, Desjardins Credit Union also selected the Desjardins information […]
Auto
Toronto Police – 54 Division – recently arrested a former insurance broker for fraud investigations.Panayiotis (Peter) Bariamis, 57, of Toronto, is charged withfraud over $5,000, forgery and 16 counts of uttering forged documents.The police alleged that approximately 400 people were sold auto and/or home insurance policies underwritten by a non-existent insurance company called York Commonwealth […]
By Canadian Underwriter | June 16, 2005
The Appeal Court of Ontario has instigated the filing of numerous nationwide class-action suits with its recent ruling that an insurer should pay the full value of a destroyed vehicle if it keeps the remains for salvage value.This ruling means that millions in refunds for policyholders will stall.However, recently the appeal court revoked its decision […]
Risk
Insurers may soon see a decrease in auto theft claims as recent initiatives by B.C. police take flight, right along with criminals in the act. According to media reports, lower mainland B.C. police have implemented a fleet of ‘bait cars,’ which were employed about a year ago to fight the auto theft epidemic.According to reports, […]
2 min read
Swiss Reinsurance has reported its property & casualty business remains highly profitable, anticipating a year-end combined ratio for its P & C units of approximately 96%. At its recent investors’ day in New York, the Company also reported that its overall operations continued to repeat all financial targets stating continued strength in its capital adequacy.The […]
The Canadian Agricultural Income Stabilization (CAIS) has recently received a number of changes to ensure the program is more responsive to the needs of producers, which represent 149,258 individuals nationwide. The CAIS increasingly offers significant assistance to CAIS producers, helping them to protect their farm income (eligible income minus eligible expenses) from both small and […]
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