Industry
The acquisition of Gerling Canada Insurance Co. by a consortium of investors led by Torquest Partners Inc. has been completed. The terms of the deal were not disclosed.The Gerling primary operation will be renamed GCAN Insurance Co., a subsidiary of GCAN Holdings Inc., which was created by the investment consortium to facilitate ownership of the […]
By Canadian Underwriter | July 1, 2003
1 min read
Adjusting may be a time-honored profession, but it is one facing an intense period of transition. New privacy rules, varied and changing auto insurance systems, the rise of class actions and growing concern with potential bad faith lawsuits. As if all of these forces were not enough, adjusters are also being challenged by a hard […]
June 30, 2003
6 min read
The Canadian operation of Alea Europe Ltd. will discontinue writing new business from the beginning of August this year, a statement released by the parent company says. Gilles Meyer, CEO of Alea Europe, says the decision to withdraw from the Canadian reinsurance marketplace relates to the company’s diminishing premium volume and inadequate profitability. As such, […]
2 min read
The acquisition of Gerling Canada Insurance Co. by a consortium of investors led by Torquest Partners Inc. has been completed. The terms of the deal were not disclosed. The Gerling primary operation will be renamed GCAN Insurance Co., a subsidiary of GCAN Holdings Inc., which was created by the investment consortium to facilitate ownership of […]
Ontario's rules of civil procedure have not always mandated disclosure of insurance. In the years before 1984, under Ontario's old rules, plaintiffs settled or proceeded to trial with no knowledge of whether the defendant was insured. Counsel used strategies to get around the lack of procedural requirement to disclose insurance.
The property and casualty insurance industry has traditionally been a close-knit community, built on long-standing “partnerships” from the street broker to primary insurer and ultimately the reinsurer. The “tides of fortune” affected by the vagaries of the hard to soft market swings have historically been shared by all in relative proportion, thereby cementing the kind […]
4 min read
U.S. property and casualty insurers increased net taxed income for the first quarter of this year by more than 20% to US$6.4 billion compared with the US$5.3 billion reported for the same period a year ago, according to data collected by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). […]
3 min read
Rating agency Standard & Poor’s has reduced its financial rating for Aviva Canada Inc. to “A” from “A+”. S&P says the insurer and its Canadian operating subsidiaries will remain on “credit watch” with negative implications. “This action follows S&P’s review of Pilot’s [Pilot Insurance Co., the Ontario personal lines carrier for Aviva Canada] $195 million […]
The Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which occurred after the company had been placed in March under rehabilitation control of the Commissioner […]
With provincial privacy legislation stalled, insurers must prepare for the federal act to come into force at the beginning of 2004, notes David Young of Lang Michener in a recent presentation to the Canadian Insurance Accountants Association (CIAA) in Toronto. That said, there are many “gray areas” still to be worked out in terms of […]
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