Industry
A new approach to mediation, specifically on the role of legal counsel in the process, may be in order attendees heard at the recently held Ontario Insurance Adjusters Association (OIAA) “Claims 2004” conference. In a presentation made by law firm Lerners, attention was drawn to the amount of legal time wasted on “case management” of […]
February 29, 2004
1 min read
Risk
Insurers and their commercial clients are paying out too much on claims that could be defended, speakers warned at a recent seminar hosted by Crawford Adjusters Canada Ltd. “I’m darned tired of seeing these companies and insurers kicked around by claims they shouldn’t have to pay,” says Owen Smith, a defense lawyer and president of […]
2 min read
Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX: FFH) says it posted its largest ever annual profit for the 2003 financial year, earning US$271.1 million, or US$18.55 a share, compared with the US$263.0 million profit (equal to US$18.20 a share) posted for the prior year. The company’s earnings gain partly resulted from increased gross revenue […]
The insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., have been acquired by Canadian Western Bank. The deal involves a cash payment of $25.4 million, reflecting a 25% premium over book value of the HSBC insurance operations. The deal is subject to regulatory approval. Canadian Direct will continue to operate as […]
Financial services provider E-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., posted higher operating income for 2003, largely on the back of growth in its general insurance business. However, net income dropped as a result of hits to the company’s investment income.Overall net income for the company, […]
By Canadian Underwriter | February 27, 2004
Folowing on the departure of Jan Tomlinson to the U.S. parent company, Chubb Insurance Company of Canada has named Ellen J. Moore as its new CEO. In fact, Moore will continue to work for Tomlinson, who has assumed the role of international field operations manager and chairman of Chubb Canada.Moore has been with Chubb since […]
A review of the 2004 reinsurance treaty renewal season shows primary insurers are looking at diversifying their spread of reinsurance, as well as focusing on reinsurer security ratings. Reinsurers, for their part, are looking for transparency from their primary company clients, in order to ensure the profitability demanded by investors.So says Aon’s latest report, “Reinsurance […]
By Canadian Underwriter | February 26, 2004
Claims
The severe winter storms striking the Atlantic coast of Canada late last week should produce few insured losses, says Don Forgeron, Atlantic region vice president for the Insurance Bureau of Canada (IBC).”The good news is there weren’t many vehicles on the road,” he says. “Surprisingly, there has not been any serious accident, and very few […]
Memphis-based Sedgwick Claims Management Services Inc. is taking on the Canadian market with the opening of Sedgwick CMS Canada Inc., the first move outside the U.S. for Sedgwick.The new office will be based in Mississauga, Ontario, and will be headed up by Louise A. Rivett, a Canadian claims industry veteran of 25 years.”Sedgwick CMS has […]
By Canadian Underwriter | February 25, 2004
Insurers are proposing a “no frills” auto policy as a respond to growing public outrage about auto rates in New Brunswick.In a release Tuesday, the Insurance Bureau of Canada (IBC) explains the policy will provide the basic liability coverage required by law and allow customers to choose options beyond this minimum. The proposal has been […]
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