Industry
Rating agency A.M. Best has placed Quebec-based L’Uique Compagnie D’Assurances Generales’ financial strength rating of "B++ under review with "developing implications following the announcement that the company will be acquired by La capitale, Compagnie D’Assurance Generale. The rating agency says the rating will remain under review pending regulatory approval of the deal, we well as […]
By Canadian Underwriter | November 9, 2004
1 min read
Risk
Global brokers Marsh and McLennan Cos. Inc. plans on slashing 3,000 employees, equal to about 5% of its total workforce, in response to an investigation into the company by New York’s attorney general Elliot Spitzer regarding alleged business "bid rigging". The Marsh charges relate to a broader investigation undertaken by Spitzer of the insurance industry […]
Next week CGI will host its annual “Client Conference” in Niagara Falls, Ontario. The event, set for November 17 to 19, is built around the theme “Ideas into Action”, and will encourage discussion of how the industry can improve its public image and build trust with consumers. For more information, contact Janice Tonelli-Breen at jtonelli@iao.ca. […]
Claims
A civil action lawsuit brought by the Insurance Corp. of British Columbia (ICBC) against several parties involved in an auto theft ring has resulted in a jury awarding the crown insurer a total of $280,500 in damages. ICBC says it will also look to recover its legal costs against the defendants.The court award, which was […]
By Canadian Underwriter | November 8, 2004
Sovereign General Insurance Co. has named The Children’s Wish Foundation of Canada as its “charity of choice” for the next three years. With the commitment, the insurer will provide at least $600,000 in funding to the Foundation. The local offices of Sovereign across Canada will also be encouraged to take part in additional activities to […]
Home
U.S. insurers are reacting positively to news of the re-election of George W. Bush. Despite the Bush administration’s failure to pass tort reform measures to lighten the burden of class action, asbestos or medical malpractice litigation, the Property-Casualty Insurers Association of America (PCI) says, “Tuesday’s election was a vote for free markets, less litigation, and […]
By Canadian Underwriter | November 7, 2004
Insurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines.Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on its other Canadian subsidiary, Toronto-based The Citadel. L’Unique writes largely Quebec auto business, along with […]
While the past year had seen the situation improve on many fronts for brokers, the events of the past few weeks in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered Insurance Brokers of Ontario (RIBO).At the self-regulatory body for broker’s annual general meeting in Toronto […]
2 min read
Auto
The Co-operators is warning that individuals may be selling fake auto insurance policies in New Brunswick and falsely claiming to represent the insurer.The policies are not valid and the individuals selling them do not hold licenses or represent the company, notes a statement from The Co-operators.The company says it is working with the RCMP to […]
Almost a year into the insurance industry’s experience with new privacy legislation, many key issues remain unresolved, say panelists at the Insurance Bureau of Canada’s (IBC) Regulatory Affairs Symposium Thursday.The panel, which included three lawyers and a member of the federal privacy commission, looked at scenarios potentially facing insurers and found there was as much […]
By Canadian Underwriter | November 4, 2004
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