Industry
The Guarantee Company of North America celebrated its 140th anniversary on Apr. 9. “After 140 years, our company philosophy is still based on the original principle that product specialization and financial strength are key factors in building a successful business,” says Robert Dempsey, president and chief operating officer. “This year we will celebrate our past, […]
By Canadian Underwriter | April 9, 2012
1 min read
The Office of the Superintendent of Financial Institutions (OSFI) is proposing to update its 2003 Corporate Governance Guideline to encourage relevant financial industry experience on corporate boards, third-party reviews of management practices and the separation of risk and audit committees. “We expect the revised guideline to be available for comment before this summer,” OSFI superintendent […]
By Canadian Underwriter | April 5, 2012
2 min read
Elliott Special Risks LP (ESR), a Markel International company, has appointed Andre Paradis as vice president and branch manager of the Montreal office. Paradis has more than 25 years of experience in the insurance industry. He began his career in 1985 at Travelers working both in personal and commercial lines. From 1989-2002, he held various […]
A.M. Best has affirmed Intact Insurance Group’s financial strength rating of ‘A+’ after its acquisition of AXA Canada. The ratings agency announced it has removed from under review with negative implications and affirmed the financial strength ratings (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of Intact Insurance Group. Concurrently, A.M. Best […]
Everyone in the insurance industry, including the broker workforce, has a role to play in educating consumers about the use of insurance-based credit scores, the Insurance Bureau of Canada (IBC) said on Apr. 4. The IBC was responding to a press conference held on the same day in Toronto. At the press conference, Ontario’s broker […]
3 min read
Cruise line operator Carnival Corporation posted $851 million in insurance recoverables in a filing for first-quarter 2012 results with the U.S. Securities and Exchange Commission (SEC). Carnival, which reported a loss of $139 million in the quarter, said “substantially all” of the recoverables were attributable to the Costa Concordia ship, which hit rocks and capsized […]
By Canadian Underwriter | April 4, 2012
The use of credit scoring for personal property insurance continues to result in consumer misunderstanding and unfairness in the marketplace, Ontario’s broker association said at an Apr. 4 press conference in Toronto. In a poll commissioned by the Insurance Brokers Association of Ontario (IBAO) in February 2012, 78% of Ontarians were not aware insurers were […]
The Financial Services Commission of Ontario (FSCO) is warning consumers that “Royal Insurance” is not licensed to do insurance business in Ontario. The company is not affiliated or associated with Royal & Sun Alliance Insurance Company of Canada, an insurance company licensed by FSCO. RSA Canada issued a statement saying it was advised the unlicensed […]
Global aviation had one of its safest years ever, with the lowest number of claims, fatalities and incidents recorded since at least 1995, according to a recent report from Aon. Final losses for 2011, excluding minor claims, was $522 million, compared to $1.59 billion in 2010. Although average fleet values grew by 8% and the […]
By Canadian Underwriter | April 3, 2012
Less than a week after the federal government signed into law regulations in Canada’s Bank Act that prohibit banks from selling insurance on their websites, the Canadian Bankers Association (CBA) is asking federal regulators to “hit the pause button” and reflect on whether new regulations are stifling banking innovation. “If not now, then at least […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
