Claims
RSA has re-organized its international specialty business into three key divisions, as it seeks to connect brokers and customers who are seeking global expertise and capacity. As of June 1, the U.K.-based insurer’s regional specialty business will be organized according to construction and engineering (including renewable energy), marine and risk managed business. All three lines […]
By Canadian Underwriter | May 23, 2012
1 min read
U.S. corporations are increasingly being held liable for crashes involving employees using their cellphones while driving, signalling the need for companies to ban cellphone use while behind the wheel, a recent National Safety Council (NSC) study says. Appendix B of the report, Employer Liability and the Case for Comprehensive Cell Phone Policies, lists 18 examples […]
By Canadian Underwriter | May 22, 2012
2 min read
A multinational, multi-university group of scientists and crew are taking part in a six-week experience to track the most violent tornadoes on the prairies and in the midwest United States. The Radar Observations of Tornadoes and Thunderstorms Experiment [ROTATE] hopes to unravel the twist of inner workings of tornadoes. There are plenty of unanswered questions, […]
Alberta’s fire season last year, which included more than $700 million in insured damages in Slave Lake, may not be the last of its kind. “The 2011 fire season may well be the forerunner of future fire seasons,” wildlife behaviour specialist Dennis Quintilio noted as part of a technical briefing during the release of the […]
3 min read
Industry
Canada’s solvency regulator is monitoring the dialogue among international supervisors about how much of a role regulators should play in deciding who can be the director and chief risk officer of a financial institution. Speaking to the International Institute of Finance in Madrid, Spain on May 21, 2012, Julie Dickson, superintendent of the Office of […]
New rules proposed in May would replace Manitoba’s almost 50-year-old groundwater regulations as part of the provincial strategy to better protect the 25% of Manitobans who rely on well water, conservation and water stewardship minister Gord Mackintosh has announced. The proposed changes would include new driller responsibilities and liability insurance requirements to protect landowners, including […]
FM Global has licensed AIR Worldwide’s CLASIC/2TM catastrophe modelling software to support its catastrophe risk management activities. One of the world’s largest commercial property insurers, FM Global will use the software to model highly complex wind and earthquake exposures at its commercial and industrial client sites in North America, AIR reports in a statement. CLASIC/2 […]
Western Financial Group has completed its first acquisition in British Columbia’s capital with the purchase of Hodges & Company Insurance Services Ltd. “After establishing Western in other parts of the province, it is truly exciting to see our name in the capital,” Scott Tannas, president and CEO of Western Financial Group, a subsidiary of Desjardins […]
By Canadian Underwriter | May 18, 2012
Frequently formed to ensure sufficient capital during hard insurance markets, captive insurance companies can also be used creatively to facilitate business opportunities, noted Paula Gentile of MGM Resorts International. Gentile, senior vice president of risk management and general counsel for MGM, spoke at the 8th Annual Canadian Captives & Corporate Insurance Strategies Summit in Toronto […]
How do you establish and operate a multi-year government captive insurance program within the context of a government’s annual budget appropriation cycle? This was the biggest challenge in establishing the British Columbia government’s risk-pooling programs through a captive, said Phil Grewar, executive director of the risk management branch and government security office for the provincial […]
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