Finite investigations lead to Fairfax subpoena

Fairmont Specialty Group, a subsidiary of Toronto-based Fairfax Financial Holdings Ltd., recently received a subpoena from the U.S. Securities and Exchange Commission.The subpoena, according to Fairfax Financial, seeks information on “any nontraditional insurance product transactions” with General Re and its affiliates.Fairfax reports that Fairmont is cooperating with the request.This recent legal summons follows a similar […]

By Canadian Underwriter | June 24, 2005 | Last updated on October 2, 2024
1 min read

Fairmont Specialty Group, a subsidiary of Toronto-based Fairfax Financial Holdings Ltd., recently received a subpoena from the U.S. Securities and Exchange Commission.The subpoena, according to Fairfax Financial, seeks information on “any nontraditional insurance product transactions” with General Re and its affiliates.Fairfax reports that Fairmont is cooperating with the request.This recent legal summons follows a similar subpoena recently served to Philadelphia Consolidated Holdings Corp. The SEC and other state and federal authorities have been filing subpoenas on numerous insurance industry companies that used finite risk products. These summons are meant to aid federal investigations regarding the improper use of finite risk products to illegally manipulate earnings.

Canadian Underwriter

Yukon gets $45M to prevent Whitehorse-area landslides, more money for flood recovery

Risk

Yukon gets $45M to prevent Whitehorse-area landslides, more money for flood recovery

The federal government is contributing $45 million to help prevent landslides along the Whitehorse Escarpment with the aim to protect the land under Whitehorse International Airport and its access road to the Yukon’s capital. The escarpment has been plagued by landslides in the last several years, prompting the construction of a protective barrier along the […]

By Jason Contant | May 7, 2024

1 min read

Regulator defends use of territories for rating auto insurance

Risk

Regulator defends use of territories for rating auto insurance

Ontario’s auto insurance regulator is allowing insurers to explore different ways to rate for territories other than the standard — and rigid — postal code method, but the regulator won’t be banning territorial rates, the regulator’s top exec confirmed Monday. Mark White, CEO of Ontario’s Financial Services Regulatory Authority (FSRA), addressed a question about the […]

By David Gambrill | March 4, 2024

3 min read

Earthquakes Canada receives hundreds of reports in B.C. after 4.9 magnitude quake

Risk

Earthquakes Canada receives hundreds of reports in B.C. after 4.9 magnitude quake

VICTORIA – Earthquakes Canada says a 4.9 magnitude earthquake was recorded Sunday afternoon and public reports poured in from hundreds of kilometres away from the event’s epicentre. John Cassidy, a seismologist with Natural Resources Canada, says people over a “very wide region” of the province have reported feeling the earthquake, which hit just before 3:30 […]

By Jason Contant | December 18, 2023

2 min read