Risk
Competition is the best regulator of price and profit, the Insurance Bureau of Canada (IBC) has told the Alberta Insurance Rate Board (AIRB).Earlier this month, the AIRB held a series of consultation meetings to “discuss an acceptable cost of capital and profit margin for auto insurers.” The board posted the IBC submission on its Web […]
By Canadian Underwriter | November 27, 2006
1 min read
Independent insurance brokers representing The Dominion of Canada General Insurance Company will have the opportunity to meet the flammable-liquid-detecting dog they sponsor through Ottawa Fire Services. The Dominion signed an agreement earlier this year to sponsor the pooch in an effort to improve the city’s arson prevention and detection capabilities.Fiesta, the black lab, sniffs out […]
By Canadian Underwriter | November 23, 2006
Fitch Ratings has removed from Ratings Watch negative the ratings of Fairfax Financial Holdings Limited (Fairfax), Odyssey Re Holdings Corp. and its insurance subsidiaries (Odyssey Re), and TIG Holdings Inc.The rating outlook for all of these companies is now stable. The move does not affect the holding company ratings of Crum & Forster Holdings Corp. […]
By Canadian Underwriter | November 21, 2006
2 min read
A.M. Best Co. has affirmed the ‘A- (Excellent)’ financial strength rating (FSR) of SGI Canada.In addition, A.M. Best upgraded the strength ratings of SGI Canada Insurance Services Ltd. (SCISL), a subsidiary of SGI, and SCISL’s Atlantic Canada subsidiary, The Insurance Company of Prince Edward Island (ICPEI). Both received ratings of B++ (Very Good), improving from […]
By Canadian Underwriter | November 20, 2006
Totten Insurance Group, a provider of specialty niche products to brokers, has acquired intermediary EMC Underwriting (Excess Markets Corporation), which handles special risk property and casualty accounts in the province of Ontario.Totten Group and EMC will join forces effective Jan. 1, 2007.EMC Underwriting president Eugene Yen and his staff will be joining the Totten Group. […]
Oil Insurance Limited (OIL), a mutual insurance company in the energy industry, has announced that nine of its more than 83 members have elected to withdraw from OIL and not renew their policies effective Jan. 1, 2007.None of the nine withdrawing members were identified in a company press release.Collectively, the nine shareholders had gross assets […]
By Canadian Underwriter | November 17, 2006
Guy Carpenter & Company Ltd., a global risk and reinsurance specialist, and Lloyd’s insurer Amlin (LSE: AML) say they have completed the Market’s first fully paperless claim settlement.The claim settlement was made possible through the successful implementation of Electronic Claims File (ECF) initiatives in the London Market, Guy Carpenter said in a press release.”As one […]
By Canadian Underwriter | November 16, 2006
Canada’s average reported Directors & Officers (D&O) liability insurance limit was just under Cdn$71 million, according to a survey of 270 TSX/S&P companies.Hunters International Insurance, a Toronto-based company, conducted the study. It found the highest reported overall D&O limit in 2006 was Cdn$333 million, while the lowest was Cdn$4.5 million.”All of these figures are lower […]
By Canadian Underwriter | November 15, 2006
Hub International Limited (NYSE: HBG) (TSX: HBG) has appointed John P. Graham, 41, to the position of vice-president and CFO.Graham replaces Dennis J. Pauls, who has been named president and CEO of Hub Ontario, the company’s regional hub headquartered in Toronto.Graham brings nearly 20 years of public company and public accounting experience to Hub International. […]
By Canadian Underwriter | November 14, 2006
An A.M. Best survey suggests growth in 2005 slowed down for rated, non-U.S. captives. The A.M. Best study looked at 30 captives — some U.S.-owned, others not — domiciled in various foreign territories, although the majority of the study’s members were domiciled in Bermuda and the Cayman Islands.All of the group’s members are described as […]
By Canadian Underwriter | November 13, 2006
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