Industry
The Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.Geer took over top spot at the government insurer three years ago – originally serving as chair and then assuming the CEO’s role in 2002 charged with tackling forces to open […]
By Canadian Underwriter | May 16, 2004
2 min read
Financial services giant ING is posting net profit of $1.9 billion for the first quarter of this year, up from $268 million a year ago, driven mainly by growth in its banking business. The insurance division posted operating profit of $855 million for the quarter, up 6% from a year ago. Quebec-based Desjardins Group says […]
By Canadian Underwriter | May 13, 2004
1 min read
Home
With the release of U.K.-based Royal & SunAlliance’s first quarter 2004 results, the company is reporting improvement in its Canadian operations.Remedial action at the Canadian operation has led to a seven-point improvement in the combined ratio since first quarter 2003, dropping down to 101.7% for the most recent quarter.”Both household and property accounts have benefited […]
One of the men facing charges from Ontario’s insurance regulator says those allegations have left him “surprised and disappointed”. Stu Kistruck, former CEO of Pilot Insurance Co. says it is difficult at this time to comment on the charges he faces because he has only received a short statement from the regulator regarding them and […]
Claims
A class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs, but could encompass thousands of claimants if certified. Insurers facing the lawsuit include State Farm […]
The Financial Services Commission of Ontario (FSCO) confirms that charges have been laid against two former executives of Pilot Insurance Co. for allegedly providing the regulator with false information. Former Pilot CEO Stuart Kistruck and CFO Colin Simpson face two charges each, says FSCO spokesperson Rowena MacDougall. The first, under section 447.2 of the Ontario […]
By Canadian Underwriter | May 12, 2004
AXA Canada Inc’s subsidiaries have seen their financial strength ratings affirmed by A.M. Best. AXA Assurances and AXA Assurances Agricoles are affirmed at “A+” (excellent) with a stable outlook. AXA Pacific is affirmed at “A” (excellent with a stable outlook. But the “A-” (excellent) ratings affirmed for AXA Insurance, Anglo Canada General and Insurance Corp. […]
Risk
In an era of insurer financial instability, the Property & Casualty Insurance Compensation Corp. (PACICC) is ready to step beyond its role as a compensation mechanism for policyholders of defunct insurers, to take a more proactive approach to insolvency.While 2003 saw just one p&c insurer go into liquidation in Canada the Canadian branch of Home […]
The average premiums facing the aviation industry dropped by 14% during the first quarter of 2004, says a new report by London-based Aon Ltd. While just 7% of the market renews in the first quarter, Aon says those airlines report rate declines across coverage lines.Hull rates dropped by 10% on average, as did liability rates. […]
In light of the shift in risk management focus away from insurance-buying and toward loss control, risk managers need to look at their own role within the corporation, according to a survey by the Risk & Insurance Management Society (RIMS) and Marsh. The “Excellence in Risk Management” study highlights three paths risk managers can follow […]
By Canadian Underwriter | May 11, 2004
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