Industry
Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the “unwavering commitment” of the province’s new premier Gordon Campbell to increase private enterprise in B.C. Specifically, Cooke refers to the new Liberal provincial government’s stated position […]
June 30, 2001
2 min read
Following the release of a draft proposal for the merger of Ontario’s Financial Services Commission of Ontario (FSCO) and the Ontario Securities Commission (OSC) set for this coming fall, former FSCO head Dina Palozzi has announced her early retirement. Reports suggest that Palozzi has accepted the position of executive vice president, client relations, at investment […]
1 min read
Following improved financial performance for the last quarter of 2000, the Co-operators General Insurance Co. reported a net loss of $20 million for the first quarter of this year, equal to 107c a common share against last year’s first quarter profit of $2 million which translated to earnings of 3c a share. Gross written premiums […]
A Canadian class action lawsuit has been filed against auto manufacturer Ford and tire manufacturer Firestone for use of defective and unsafe products on Ford Explorer models. The action was initiated by Michelle Rambharos of Brampton following a vehicle accident involving her Ford 1995 Explorer which allegedly “flipped” after one of the tires burst, resulting […]
Rating agency A.M. Best is continuing its "negative outlook" on Lloyd’s, despite affirming the insurance giant’s financial strength rating of A (excellent). The rating applies to business underwritten by all Lloyd’s syndicates and to policies underwritten since the 1993 year of account, but not to the obligations of Equitas Ltd. However, it is the potential […]
By Canadian Underwriter | June 29, 2001
Winnipeg mutual insurer Wawanesa’s financial strength rating of A+ (superior) has been affirmed by rating agency A.M. Best. The rating also applies to U.S. subsidiary Wawanesa General.The rating reflects Wawanesa’s strong capitalization and operating performances, as well as its long-standing position in the Canadian property and casualty market, says A.M. Best. The company is also […]
Property and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC).The new reporting requirement was supposed to take effect from the beginning of January this year. However, after […]
By Canadian Underwriter | June 28, 2001
An earthquake measuring 5.7 on the Richter Scale shook residents of Haines Junction and Burwash Landing which are located in Destruction Bay, the southwest section of the Yukon Territory during the early hours of yesterday morning. The shaker’s epicenter was pinpointed to about 140 kilometers northwest of Haines Junction, according to the Geological Survey of […]
By Canadian Underwriter | June 27, 2001
Lloyd’s intermediary Universal Star Ventures Corporation announces that the sale of the assets of subsidiary Ken Davies & Associates Insurance Services Inc. to Canadian Farm Insurance Services Inc. has been finalized. The sale had been announced in February, but did not become effective until April.At the time, Universal Star said the sale would allow the […]
By Canadian Underwriter | June 25, 2001
Rating agency A.M. Best has issued a financial strength rating of "A" (excellent) for CGU Insurance Co. of Canada and a rating of "A-" (excellent) to group subsidiaries Scottish & York Insurance Co., and Traders General Insurance Co. The rating agency also assigned an "A" (excellent) rating to Barbados-based Victoria Reinsurance Ltd., which reinsures the […]
By Canadian Underwriter | June 20, 2001
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