Risk

Any breach of care by an insured must be identified and reviewed

Causation is the link that must be established between a defendants wrong and the plaintiffs loss; the plaintiff must prove that but for the defendants negligence any harm would not have occurred, Anthony Fletcher, lawyer, Filmore Riley LLP, told attendees during at seminar the Canadian Independent Adjusters Associations general meeting and conference in Winnipeg, MB.However, […]

By Canadian Underwriter | August 31, 2007

2 min read

Risk

Narrowing supply chains create business continuity risks

Business continuity risks are heightened as global manufacturers cut costs by narrowing the supply chain, making it crucial that risk managers understand the function of each link on the supply chain, warns Lloyds. Traditionally firms cant insure against business interruption losses such as flooding to infrastructure they dont control, Dan Trueman, a Lloyds underwriter at […]

By Canadian Underwriter | August 24, 2007

1 min read

Risk

AMF proposes derivatives regulatory framework

The Autorit des march financiers (AMF) is seeking comment on a proposed framework for the regulation of the derivatives market in Quebec. The proposal contains suggested legislation and regulation as well as policy statements, an AMF release says.A derivative is essentially a financial instrument traded on or off an exchange and used to hedge risk […]

By Canadian Underwriter | August 24, 2007

1 min read

Risk

Subprime mortgage crisis may spark E&O and D&O liabilities

Insurance companies may be exposed to greater directors and officers liability (D&O) and errors and omissions (E&O) liability claims in the wake of the current subprime mortgage crisis, warns Marsh.Higher interest rates and falling property prices have contributed to rising mortgage delinquencies among high-risk or subprime borrowers, a Marsh statement says.This, coupled with increased relaxation […]

By Canadian Underwriter | August 23, 2007

2 min read

OSFI issues letter clarifying amendments related to foreign insurers

Pending changes to the way the Canadian Office of the Superintendent of Financial Institutions (OSFI) oversees foreign property and casualty (P&C) insurers, OSFI will presume that as of Jan. 1, 2009, unless otherwise established, all risks reported on the books of Canadian branches of foreign insurers will be considered to have been insured in Canada.Changes […]

2 min read

A.M. Best releases methodology for rating securities

Criteria for rating securities collateralized by reinsurance recoverables has been described in a methodology released by A.M. Best Co., Securitization of Reinsurance Recoverables. This methodology outlines A.M. Bests criteria in rating securities that are backed by reinsurance recoverables. A large part outlines the conditions under which insurers or reinsurers will be unable to fulfill their […]

1 min read

EGI Financial Holdings reports strongth growth in premiums

EGI Financial Holdings Inc., reported an increase of 15.5% from Cdn$36.6 million in 2006 Q2 to Cdn$42.3 million in 2007 Q2, in direct written and assumed premiums, according to results for 2007 Q2 and six-months ended June 30. The increase is attributed to a growth in motorcycle premiums in Ontario, new reinsurance treaties with AssuranceAmerica […]

1 min read

Ontario government to put brakes on street racing

The Ontario government has expanded its crackdown on street racing by increasing the maximum fine to $10,000 and widening the definition of the crime in an effort to curb dangerous driving.The definition of a stunt will include driving at 50 km-h or more above the posted speed limit, a press release from the Ministry of […]

1 min read

What’s New: In Brief (August 15, 2007)

Pembridge Insurance Company is maintaining its investment as a Full Partner of the Broker Identity Program(BIP) for 2007, according to the Insurance Brokers Association of Canada (IBAC). We are pleased to support brokers across Canada in their successful bid to communicate to consumers, legislators and regulators the value they bring, Bob Tisdale, President and Chief […]

1 min read

U.S. execs cite competition as top risk

Competition was viewed as the number one risk ranked by a survey of 150 U.S. executives in Protivitis 2007 U.S. Risk Barometer.Customer satisfaction, the regulatory environment, information systems and IT security, and changing markets make up the first five of the top 10 risks as determined by the study, says a Protiviti release. Carmen Rossiter, […]

1 min read