Auto
Manitoba Public Insurance (MPI) says a Winnipeg woman has been ordered to pay the government auto insurer more than $75,000 in restitution after being found guilty of fraud over $5,000.Forty-eight-year-old Roza Kantor also received an 18-month conditional sentence, handed down in the Court of Queen’s Bench. The fraud charges stem from a November, 1998 auto […]
By Canadian Underwriter | February 17, 2005
1 min read
Industry
Loyalist Insurance Group Ltd. has sold its controlling stake in All-Canadian Management Inc. The buyers are existing ACMI shareholders Russell C. Boychuk and Harold A. Kent.Loyalist says proceeds from the sale will “be used to provide additional working capital and for general corporate purposes”, and the sale will allow it to focus on its core […]
Claims
The Insurance Bureau of Canada (IBC) says its “Injury Prevention Month” campaign in North Bay is progressing well. Events already staged include the official kick-off at a North Bay Skyhawks game, as well as a “Cars on Ice” demonstration by Bridgestone/Firestone, as well as a like snowmobile rescue staged at Trout Lake. This coming weekend, […]
By Canadian Underwriter | February 16, 2005
2 min read
Reports of the death of contingent commissions may be premature, according to a new report by Conning Research.In a study of relationships between brokers and insurers, Conning finds this dynamic is being transformed by investigations into compensation and other industry practices. However, Conning director of research Stephan Christianson notes, “it is not necessarily a given […]
While the number of shareholder class action lawsuits has not increased since the passage of Sarbanes-Oxley in mid-2002, the value of settlements has skyrocketed to reach record levels in 2004, says NERA Economic Consulting in its annual study of shareholder class action litigation.Overall, mean settlement value increased 33% to US$27.1 million in 2004, up from […]
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) was able to post net income of US$186.9 million, or US$2.71 per share, in 2004, despite losses from the U.S. hurricane season. Earnings did decline from the US$249.2 million, or US$3.59 per share, posted in 2003, a result of storm losses as well as a drop on realized […]
The Insurance Bureau of Canada (IBC) has set up a task force to address availability and affordability of commercial insurance in Atlantic Canada. The “Atlantic Task Force” includes insurance industry and government representatives, as well as representatives of commercial and not-for-profit customer segments. IBC Atlantic region vice president Don Forgeron, who will chair the task […]
By Canadian Underwriter | February 15, 2005
In a letter to Canadian Prime Minister Paul Martin, the Institute for Catastrophic Loss Reduction (ICLR) is urging the federal government to establish a comprehensive strategy on climate change. The ICLR, which was created by Canada’s property & casualty insurers to address severe weather and other catastrophes through research, says climate change is leading to […]
The Co-operators has teamed up with the Infant & Toddler Safety Association (ITSA) and the Ontario Ministry of Transportation to produce a “Booster Seat Guide” and DVD to educate the public on the use of child booster seats in vehicles. Only 11% of children who should be in a booster seat (i.e. those from ages […]
AIG announced Monday it has received subpoenas from the U.S. Securities Exchange Commission (SEC) and the office of New York Attorney General Eliot Spitzer. In a statement, AIG says, “subsequent to the earnings conference call on Wednesday, February 9, AIG received subpoenas from the Office of the Attorney General for the State of New York […]
By Canadian Underwriter | February 14, 2005
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