Industry
On news of the finalized purchase of Gerling Canada Insurance Co. by a group of Toronto-based investors, A.M. Best has upgraded the company’s financial strength rating to “A” (excellent) from “A-” with a stable outlook.The new entity, to be known as GCAN Insurance Co., is now owned by GCAN Holdings Inc., with investors consisting of […]
By Canadian Underwriter | July 14, 2003
1 min read
As part of the move to make a more level playing field between B.C.’s public insurer and private insurers, the provincial government has released a discussion paper on proposed legislative changes.The changes would see optional coverage, whether provided by the Insurance Corporation of B.C. or by private insurers, fall under one piece of legislation. Basic […]
By Canadian Underwriter | July 11, 2003
Insurers are generally pleased with proposals set out in a new Ontario government “white paper” to further reform the auto insurance system.Many of the provisions are aimed at reducing health care costs and court awards on auto accident claims, something the industry has been pushing for. “We strongly support the government’s intention to more closely […]
3 min read
Fairfax Financial Holdings (TSX, NYSE: FFH) will offer US$150 million in convertible senior debentures due 2023, the company announces.Fairfax plans to use about US$20 million of the net procedds to pay for subordinated voting shares purchased concurrently with the offering. The remainder will be used for “general corporate purposes” including investing in cash, short-term investments […]
Auto
In response to growing public concern over auto insurance rates, the Alberta government is the latest to introduce changes to its system.Among those changes will be a new underwriting system that focuses on driving records rather than other factors such as age, gender, etc.The moves follow meetings with insurers and lawyers in the province, as […]
By Canadian Underwriter | July 10, 2003
As premiers meet in Charlottetown this week, Ontario’s Ernie Eves wants to see the provinces working together on the auto insurance issue.Eves listed auto insurance as his top priority, alongside federal disaster relief for the SARS outbreak.Eves says that his government will be releasing its white paper on auto insurance later this week, and that […]
Claims
Following the lead of New Brunswick, Nova Scotia has implemented a plan to cap “pain and suffering” awards on minor injuries that result from auto accidents.The cap means the in minor injury cases, such as whiplash, accident victims who go to court to sue for non-economic loss (i.e. “pain and suffering”) will get no more […]
By Canadian Underwriter | July 9, 2003
2 min read
Risk
Despite almost half of Canadian companies reporting themselves a victim of economic crime, most feel they are well prepared to deal with the problem.In a study by Pricewaterhouse Coopers, 50% of Canadian companies say they have been a victim of economic crime in the past two years. However, 60% say they are confident in their […]
Insurance giant Fairfax Financial Holdings Ltd. say its Sphere Drake Insurance unit has won a battle in the U.K. courts against underwriting agents and brokers the company says defrauded it.Sphere Drake (part of Fairfax’s European run-off group) alleged the underwriting agents and brokers had fraudulently written reinsurance contracts exposing the company to “grossly under-priced” U.S. […]
A group representing many health care providers is going public with its support for auto insurance reforms implemented by the Ontario government.The Coalition of Regulated Health Professional Associations and Allied Organizations says it supports regulations for Bill-198 which put in place such things as a pre-approved treatment plan for minor injuries.””The primary motivation for these […]
By Canadian Underwriter | July 8, 2003
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