Industry
An attempt by Blockbuster Inc. customers to launch a class action suit against the video store chain over its fees has been blocked by the Quebec courts.Blockbuster announced this week that after a two-week hearing, the Quebec Superior Court had not only dismissed the lawsuit, but would order the plaintiffs to pay Blockbuster’s legal fees. […]
By Canadian Underwriter | September 30, 2004
1 min read
Aon Corp. is seeking a new CEO with news of the departure of CEO Patrick Ryan. While Ryan will remain as CEO until a successor is found, he also plans to maintain his role as chair of the board even after he leaves the CEO role. President and COO Michael O’Halleran has decided not to […]
A.M. Best was bullish on Winnipeg-based Wawanesa Mutual Insurance Co., affirming its “A+” (superior) rating, and that of its U.S. subsidiaries, Wawanesa General Insurance Co. and Wawanesa Mutual (U.S. branch), with both ratings carrying stable outlooks.In its report, A.M. Best notes the “superior level of capitalization” and “historically strong operating performance” of Wawanesa Mutual and […]
The Insurance Institute of Canada (IIC) is working with LOMA, an international financial services education group, to offer a new designation.The program is a p&c concentration in LOMA’s “associate, customer service” (ACS), and integrates the IIC’s “chartered insurance professional” (CIP) curriculum with LOMA’s “foundations of customer service” course. The ACS program with a concentration in […]
By Canadian Underwriter | September 29, 2004
The burning issue of reinsurance recoverables appears to have moderated somewhat in 2003, notes a new report by Fitch Ratings.The report, which takes in results from 1998-2003, finds the industry’s exposure to reinsurance grew much less in 2003 than in the previous five years. Overall, the industry’s retention ratio rose 0.2% last year, to 78.8%, […]
2 min read
Insurance executives are becoming less and less optimistic of the industry’s ability to be profitable in the face of increased competition, according to a new survey by KPMG LLP. The survey, conducted at KMPG’s annual insurance conference in New York, found no respondents rated the industry’s chances of increasing margins in the next one to […]
Former Insurance Brokers Association of Canada (IBAC) president Brian Gilbert was the recipient of the “Jean-Charles d’Auteuil Memorial Award of Merit” at the association’s recent agm in Regina. IBAC Chair Ken Orr presented the honor to Gilbert in recognition of his long-time service to brokers. Gilbert started on the board of the Insurance Brokers Association […]
By Canadian Underwriter | September 28, 2004
In its new focus on auto theft and injury rings, the Insurance Bureau of Canada (IBC) is trying to highlight that insurance fraud and theft are far from “victimless” crimes. Speaking at the Annual Toronto Fraud Forum, co-hosted by the Association of Certified Fraud Examiners Toronto Chapter (ACFE) and the Canadian Association of Special Investigation […]
The Law Society of Upper Canada (LSUC) late last week delivered its report to Ontario’s Attorney General regarding proposed rules for regulating paralegals. The proposal, in essence, expands the existing consumer protection function of the Law Society to take in all providers of legal services this expansion was mandated by the Attorney General earlier this […]
By Canadian Underwriter | September 26, 2004
The Insurance Brokers Association of Canada (IBAC) is preparing to support the “next generation” of brokers through technology, education and marketing initiatives, says new president Keith Wilson.Wilson took over the captain’s seat to lead “the voyages of the brokership IBAC” at the association’s agm on Saturday. He say the “next generation” theme highlights IBAC’s work […]
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