Industry
A.M. Best has affirmed the “A” (excellent) financial strength rating of Swiss (re)insurer Converium AG and its core subsidiaries, with a stable outlook. The rating comes as a result of expected improvement in the company’s 2004 earnings, but is offset by uncertainty surrounding reserving related to U.S. casualty business written between 1997 and 2001. A […]
By Canadian Underwriter | June 9, 2004
1 min read
The responsibility for maintaining control over underwriting discipline even as competitive forces creep into the market goes all the way up the corporate ladder to rest with CEOs, industry leaders told the World Insurance Forum this week. In the “leadership forum”, representatives of the insurance, reinsurance and brokerage communities agreed insurers must stand tall in […]
2 min read
Lloyd’s run-off reinsurer Equitas has upped it reserves to cover U.S. asbestos lawsuits by 296 million pounds (Cdn$735 million) on the expectation that tort reform to limit such suits will not be reached.Overall Equitas, which was created to handle Lloyd’s general insurance liabilities for the years prior to 1993, is holding reserves of 4 billion […]
The Financial Services Commission of Ontario (FSCO) confirms the release of a final framework to replace the designated assessment center (DAC) system will be delayed as the earlier proposed expert assessor network (EAN) goes back to the drawing board. FSCO spokesperson Rowena McDougall says as a result of consultations on the EAN proposal, more than […]
By Canadian Underwriter | June 8, 2004
The Ontario government’s proposal for an “expert assessor network” (EAN) has “a lot of weaknesses” according to feedback from the insurance industry.The proposal has been sent back to the drawing board, it was confirmed Friday by the office of Mike Colle, the man leading the Liberal government’s auto reform efforts. For the insurance industry’s part, […]
By Canadian Underwriter | June 7, 2004
Restrictions placed by Ontario’s insurance regulator were part of the decision by York Fire & Casualty CEO Stu Kistruck to exit his job, says Bill Star. Kistruck’s departure, which became official on Friday, leaves Star, CEO of parent company Kingsway Financial as CEO of the subsidiary in the interim. Kistruck currently faces charges from provincial […]
Anthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided the men artificially inflated the value of the brokerage’s stock when they purchased shares in […]
Alpine Financial Group has purchased the remaining brokerages of the Vector network, all based in Alberta.The brokerages Garnett Dadswell in Edmonton, Dadswell Forster in Lethbridge, and Wiseman Coupland in Red Deer had been part of the Bow Valley portion of Vector, and were sold as part of Vector’s bid to pay off debtors. “This acquisition […]
By Canadian Underwriter | June 6, 2004
A recent U.S. study on mold hailed by insurers for finding a lack of evidence mold causes serious injury should be a wake-up call to the industry, says Kyle Urech, directory of business development for Disaster Kleenup Canada.In a letter to Canadian Underwriter, Urech says the study, conducted by the Institute of Medicine of the […]
The Ontario Liberals’ proposal of an expert assessor network (EAN) to replace the designated assessment center (DAC) system is going back to the drawing board following consultations.The proposal is facing revisions, confirms Arthur Lofsky, special assistant to Mike Colle, parliamentary assistant to the Minister of Finance and the man charged with reforming Ontario’s auto insurance […]
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