Claims
The Supreme Court of Canada has restored a jury award of $1 million in punitive damages made against Pilot Insurance Co. The Whiten v. Pilot case has been closely watched by insurers due to the magnitude of the punitive award.A legal source serving the insurance industry says the Supreme Court’s ruling has set a new […]
By Canadian Underwriter | February 22, 2002
2 min read
Industry
Specialty insurer Kingsway Financial Services (TSE, NYSE: KFS) capped off a successful 2001 with record earnings and revenue in the fourth quarter, ending December 31. The company has been on a winning streak, in the face of disastrous results in the rest of the industry.In the last quarter of 2001, Kingsway reports net income increased […]
By Canadian Underwriter | February 21, 2002
British Columbia’s public insurer is reporting a loss of $251 million last year, but is predicting a close to break-even 2002. This compares with a net income of $139 million in 2000 for the Insurance Corporation of B.C. (ICBC).In fact, 2000 saw income of $357 million, but $219 million of this was paid back to […]
By Canadian Underwriter | February 20, 2002
1 min read
Trade associations representing the financial services will join together in a single lobby group, despite their differences on certain legislative issues. The Insurance Bureau of Canada (IBC), Canadian Bankers Association (CBA), Canadian Life & Health Insurance Association (CLHIA), Investment Dealers Association (IDA) and Investment Fund Institute of Canada (IFIC) will form the Financial Services Council […]
By Canadian Underwriter | February 19, 2002
On the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares of Zurich Life for an undisclosed price.Manulife already owns Zurich Life’s group life and health […]
By Canadian Underwriter | February 18, 2002
Home
ACE Bermuda Insurance Ltd., a subsidiary of the ACE Ltd. (NYSE: ACE) group, has agreed to settle its property insurance claim with Silverstein Properties Inc., owners of the World Trade Center (WTC) buildings devastated during the September 11 terrorist attacks. ACE says that the settlement is based upon a single occurrence event, and therefore will […]
By Canadian Underwriter | February 17, 2002
Risk
Risk managers are being tested by insurance negotiations in the current market, says a new study by Prudential Financial. Rising rates, tighter terms and increased demand for information from corporate insurance buyers are leading to long, intense negotiations, reports the 2002 Insurance Buyers Survey.The survey, which involved interviews with 120 risk managers in Canada and […]
By Canadian Underwriter | February 15, 2002
U.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and even the National Football League have formed the Coalition to Insure Against Terrorism, which will […]
By Canadian Underwriter | February 14, 2002
Profitability is the “first line of defence” for insurers facing rough financial times, says the country’s top regulator. In a speech to the Empire Club, superintendent Nick Le Pan of the Office of the Superintendent of Financial Institutions notes that regulators need to “be highly interested in the success of institutions and their profitability”.He adds […]
By Canadian Underwriter | February 13, 2002
In response to the lack of available war risk coverage following the September 11 terrorist attacks, airlines south of the border are considering their own insurance scheme. This comes as government-backed coverage is set to run out on March 20.The coverage, for third-party war risk liability, was pulled by insurers after two planes were hijacked […]
By Canadian Underwriter | February 12, 2002
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