Claims
The Ontario government has passed a law mandating that companies found polluting the environment will be fined on the spot.Under Bill 133, government inspectors are now awarded the power to fine companies up to $100,000 a day and individual employees $20,000 a day, for toxic spills accidental or not.The necessary regulations are set to be […]
By Canadian Underwriter | June 13, 2005
1 min read
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OneBeacon Insurance Group, a unit within the White Mountains Insurance Group Ltd., has been subpoenaed by Connecticut officials investigating the industry for collusion with insurance brokers. OneBeacon received a subpoena from Attorney General Richard Blumenthal seeking information on conduct with brokers. The Company is cooperating with the request. Former Montana Gov. Marc Racicot is the […]
Risk
Alea Group Holdings Ltd. recently received a subpoena from the U.S. Securities and Exchange Commission (SEC) requesting its insurance documents relating to certain non- traditional, or loss mitigation, insurance products, according to a news statement made by the Company. “Alea intends to fully cooperate in responding” with the subpoena, which was received on June 9,” […]
By Canadian Underwriter | June 10, 2005
The Ontario Cup downhill mountain bike competition planned for July has been cancelled, according to Alvin Weatherall, director of risk management at Blue Mountain an Intrawest resort where the event was to be held.Plans to terminate the event were finalized because of a $1.1 million lawsuit a 28-year-old competitor is charging Blue Mountain with as […]
Industry
A second General Re Corp. executive recently pled guilty to conspiracy in regards to his involvement in a reinsurance transaction implemented for American International Group Inc. (AIG). Former senior VP Richard Napier, is charged with conspiring to misrepresent AIG’s reported loss reserves and faces a maximum penalty of five year imprisonment, a US$250,000 fine or […]
FGIC Corp. recently appointed Eric Rosensweig to the position of managing director, international finance. Offering seven years of experience with MBIA, Rosensweig will be responsible for new business opportunities in the emerging markets and Canada. Most recently, he served as managing director, global corporate structured finance where he managed future flow and corporate products, as […]
2 min read
In response to damages incurred from recent flash floods in southern Alberta, the province has approved a $55 million disaster recovery program. The funds will aid residents of 17 Alberta municipalities and three First Nations, compensating for uninsurable severe weather-related damages. Damage to municipal infrastructure and extraordinary operating costs, such as flood control and additional […]
By Canadian Underwriter | June 9, 2005
Standard & Poor’s recently placed a “BBB-” rating on Kingsway ROC GP’s $125 million, 10-year senior unsecured debt.The notes for Kingsway ROC GP a new general partnership organized under the laws of Delaware and owned by a subsidiary of Kingsway (the guarantor) will be placed into the Kingsway Note Trust as referenced in the Kingsway […]
Co-operators General Insurance Co.(CGIC) counterparty credit and financial strengths rating has been raised to a ‘BBB+’ from ‘BBB’, according to Standard & Poor’s (S&P). The Guelph,ON-based Company’s rating outlook is stable seeing a rise in its Canadian national scale preferred stock rating from ‘P-3’ to ‘P-3(High)’ and a rise in its global scale preferred stock […]
Former CEO of American Insurance Group (AIG) Maurice “Hank” Greenberg recently resigned from the Company’s board of directors. Citing scant access to AIG’s company information and its operations as the motivation behind his decision to resign, Greenberg has now cut his ties to the Company after already stepping down as chairman and chief executive last […]
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