Risk
The month of March saw 2,000 moved out of the Facility Association, the industry’s pool for high-risk drivers, says the Insurance Bureau of Canada (IBC). The announcement comes on the heels of a the release of a committee report on the potential for public auto insurance in the province.IBC CEO Stan Griffin says the industry […]
By Canadian Underwriter | April 7, 2004
1 min read
Industry
While much of the guidance for insurers under new international accounting standards was to have been applied under phase two, set for 2008, the International Accounting Standards Board (IASB) has released interim standards for insurance contracts.The International Financial Reporting Standard (IFRS) for insurance contracts is intended to be a stop-gap as the longer process of […]
By Canadian Underwriter | April 6, 2004
Net income for brokerage and bank Western Financial Group (TSX: WES) was up 37% in 2003, to $2.1 million from $1.6 million in 2002, being its own projections. This translates to earnings per share of $0.11 last year, versus $0.08 the year prior.The company increased revenue by 17% year-on-year, to $32.7 million from $28.0 million. […]
With the announcement of the retirement of AXA Canada’s Jean-Denis Talon from the position of CEO, the company says the top spot will be assumed by Jean-Francois Blais.Talon, who recently won the “Canada-France personality of the year” from the French Chamber of Commerce, will continue as chairman of the company he has been with for […]
After reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last September.For 2003, SCOR’s loss was EUR 314 million (Cdn$495 million), down from EUR 455 million […]
By Canadian Underwriter | April 5, 2004
Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) says it has accepted a private placement of $1.25 million debenture.The 10.5% senior secured subordinated convertible debenture is due five years from date of closing (slated for April 23), and is convertible to five million common shares at $0.25 per.”The proceeds will be used to provide additional […]
Claims
Over the past three years, U.S. jury awards in medical malpractice cases have leveled off, following on several years of skyrocketing payouts.While median compensatory awards in med mal cases exploded 100% between 1996 and 2000, they have remained steady at around the US$1 million mark in 2001 and 2002, reports Jury Verdict Research.In 2002, med […]
While Munich Reinsurance Co. of Canada has seen its “A+” (superior) rating affirmed by A.M. Best, its primary insurance affiliate, Temple Insurance Co. has been downgraded to “A” (excellent) from “A+”. Both ratings carry stable outlooks.While Temple enjoys strong capitalization and good operating performance, its rating is one level lower than the group due to […]
By Canadian Underwriter | April 4, 2004
Royal & SunAlliance Insurance Pool of Canada has seen its “A-” (excellent) rating affirmed by A.M. Best, with the outlook negative.The rating reflects improvement in underwriting results in 2003, as well as the strong capitalization and market position the pool enjoys as a result of its core position with parent company Royal & SunAlliance Insurance […]
Canadian brokers are adding their own voice to industry condemnation of an IKEA television ad which many say promotes insurance fraud.In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan Danyluk makes formal complaint against the commercial, which appeared on CFTO on March 10. As Danyluk notes, the commercial shows […]
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