Risk

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

1 min read

Risk

What’s New: In brief (June 24, 2005)

Clarification: On June 22nd Cowan announced the future site of its Waterloo Region operations located at Fountain Street North and the 401. This will become the head office of Cowan Insurance Group and house two of its three operating companies, Cowan Insurance Brokers and Cowan Wright Beauchamp. Cowan Insurance Brokers will be keeping a branch […]

By Canadian Underwriter | June 24, 2005

2 min read

Risk

ING Canada Group’s issuer credit ratings and financial outlook

ING Canada Group (ING Canada) has recently been assigned issuer credit ratings (ICR) of “aa-” while ING Canada Inc. (TSX: IIC.LV) has been assigned an ICR of “a-” from A.M. Best. These ratings, according to A.M. Best, reflect ING Canada’s risk-based capitalization and the financial flexibility offered by ING Canada Inc.’s Dec. 2004 offering. In […]

By Canadian Underwriter | June 21, 2005

1 min read

Risk

U.S. reinsurers affected by IRS revenue ruling

The Internal Revenue Service (IRS) recently ruled that an organization that is the sole purchaser of coverage from an insurer cannot take a tax deduction for the premiums.In the Revenue Ruling 2005-40, the IRS states that insurance must involve risk distribution involving numerous parties, so that one insured is not “in significant part paying for […]

By Canadian Underwriter | June 20, 2005

1 min read

Bait Car program may save insurers money

Insurers may soon see a decrease in auto theft claims as recent initiatives by B.C. police take flight, right along with criminals in the act. According to media reports, lower mainland B.C. police have implemented a fleet of ‘bait cars,’ which were employed about a year ago to fight the auto theft epidemic.According to reports, […]

2 min read

Insurance management learn good business strategy

Increasingly, the onus is on management level executives in the insurance industry to learn how to use groundbreaking insurance tools to maintain and control company risk and, according to consensus at Standard & Poor’s recent conference “Insurance 2005: Under the Microscope” they are doing just that. “To survive, companies need robust and dynamic risk-management processes,” […]

1 min read

Survey shows large agencies increasingly hiring risk managers

According to a recent compensation and benefits survey, conducted by the Business management Group Inc. (BMG), larger insurance agencies are more likely than not to employ a director of risk management, a claim specialist and a loss control specialist. BMG’s ‘2005-2006 Non-Producer Compensation & Benefits Survey’ reports signs of an evolution in risk management with […]

2 min read

Alea subpoenaed regarding finite investigations

Alea Group Holdings Ltd. recently received a subpoena from the U.S. Securities and Exchange Commission (SEC) requesting its insurance documents relating to certain non- traditional, or loss mitigation, insurance products, according to a news statement made by the Company. “Alea intends to fully cooperate in responding” with the subpoena, which was received on June 9,” […]

1 min read

Insurance concerns cause cancellation of Ontario bike competition

The Ontario Cup downhill mountain bike competition planned for July has been cancelled, according to Alvin Weatherall, director of risk management at Blue Mountain an Intrawest resort where the event was to be held.Plans to terminate the event were finalized because of a $1.1 million lawsuit a 28-year-old competitor is charging Blue Mountain with as […]

1 min read

Prudential subpoenaed by Blumenthal

Prudential Financial Inc. recently received a subpoena from Connecticut Attorney General Richard Blumenthal. The Company plans to cooperate with the subpoena, which is regarding information about the Company’s involvement in questionable reinsurance transactions.Prudential filed its 8-K with the Securities and Exchange Commission and stated in this filing that it has instigated an ongoing review of […]

1 min read