Industry
SCOR Group deputy COO Pierre-Denis Champvillard is taking early retirement. He served the company for 32 years. BELAIRdirect has promoted Janice Nickle to the position of regional claims manager – Ontario. She was formerly casualty claims manager – Ontario, bringing more than 20 years experience to the new post, and is immediate past president of […]
July 31, 2003
2 min read
In its first “throne speech” since the recent provincial election, New Brunswick’s Conservative government announced a legislative amendment to its Insurance Act which will require all registered insurers to file for new auto rates by August 15 of this year or face an automatic 20% reduction in the price of coverage. The new legislation also […]
3 min read
In its first “throne speech” since the recent provincial election, New Brunswick’s Conservative Party (CP) government announced a legislative amendment to its Insurance Act which will require all registered insurers to file for new auto rates by August 15 of this year or face an automatic 20% reduction in the price of coverage. The new […]
By Canadian Underwriter | July 30, 2003
Risk
Standard & Poor’s Rating Services (S&P) has lowered the financial strength rating on Swiss Reinsurance Co. and its operating subsidiaries to “AA” from “AA+”. The rating agency’s outlook on the reinsurer is stable.S&P says the rating downgrade resulted from Swiss Re’s “relative underperformance in its non-life underwriting profitability”. The rating agency has attached a higher […]
1 min read
Kingsway Financial Services Inc. has launched a lawsuit against the former directors and auditors of its recent acquisition, American Country Holdings Inc. Kingsway alleges the directors, along with Pricewaterhouse Coopers LLP and Miller, Herbers, Lehman & Associates Inc. understated the reserves of American Country’s insurance subsidiary for the years 1998 through 2001, and associated costs […]
A new regulatory framework for electronic vehicle immobilization from Transport Canada is drawing criticism from insurers. The Insurance Bureau of Canada (IBC) says the program is flawed and will be a step back in the fight against vehicle theft.The regulation would require all new passenger cars and light duty trucks to have electronic immobilizers if […]
By Canadian Underwriter | July 29, 2003
Home
U.S. property and casualty insurers will likely incur about US$4.9 billion in catastrophe-related claims for the second quarter of this year, according to the Insurance Services Office (ISO). Insured losses for the first six months of this year – which saw a record number of auto, residential and commercial claims totaling 1.1 million in number […]
By Canadian Underwriter | July 28, 2003
Releasing its annual “report card for the world”, broker Aon Corp. says there are new threats to corporations dealing in the global business world.Among these is the risk of war in the Korean Peninsula, a more serious threat than may be generally understood due to South Korea’s importance as a supplier of high-tech components, such […]
Commercial
Marine underwriter Harlock Williams Lemon Ltd. (HWL) is buying Murray Underwriting Ltd., to become one of the top five marine carriers in the country.Harlock Murray Underwriting Ltd. will have annual revenues of $25 million. “The markets and staff of the two companies complement each other extremely well, and this merger is seen as a great […]
Hub International Ltd. (NYSE, TSX: HBG) has signed a proposal to acquire the brokerage operation assets of Chicago-based Near North National Group. Near North has been in talks to sell off its assets concurrent with the indictment for federal fraud charges against the company and its former CEO Michael Segal, No terms of the current […]
By Canadian Underwriter | July 25, 2003
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