Latest Canada Headlines
All the headlines from our Canada Topic Page, ordered by recency.
Best Affirms Intact Insurance (former ING Canada) ‘A+’ Ratings
Jun 5 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Toronto-based Intact Insurance Group, the former ING Canada Group. It...
Canada’s Auto Insurers Call for Effecftive Cost Control for Consumers
May 26 2009 // The Insurance Bureau of Canada, which represents 95 percent of the Country’s P/C carriers, has reacted strongly to charges that they oppose reforms in the auto sector. The IBC stated: “An alliance of medical/...
Ratings Recap: Endurance, CRC Re
May 1 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Endurance Specialty Insurance Ltd. and its affiliates. Best also affirmed...
Marsh Reports Captives Maintain Position Despite Economic Crisis
Apr 28 2009 // A study, published by Marsh, finds businesses continue the trend to self-insure through captives. “Despite the global economic recession and continued soft commercial insurance market, businesses in all parts of the...
EU to Launch Canada Trade Pact Talks
Apr 27 2009 // European Union foreign ministers agreed on Monday to launch talks on a trade pact with Canada worth over $27 billion per year, EU diplomats said. “The ministers gave the green light,” one diplomat told Reuters....
Freberg, ZCL Target Florida with Underground Storage Tank Insurance
Apr 23 2009 // ZCL Composites Inc., an underground fiberglass tank manufacturer, has partnered with Freberg Environmental Insurance of Denver to offer Prezerver, a non-cancellable, 10-year underground storage tank insurance policy for...
S&P Revises Outlook on ACE Canada to Positive; Affirms ‘A’ Ratings
Mar 25 2009 // Standard & Poor’s Ratings Services has revised its outlook on Toronto-based property and casualty insurer ACE INA Insurance (ACE Canada) to positive from stable. S&P also affirmed the long-term...
People
Mar 23 2009 // Richard G. “Dick” Clarke, senior vice president of J. Smith Lanier & Co. in West Point, Ga., has been elected 2009 president of RiskProNet International, a network of 25 independent insurance brokers in...
Kingsway Financial Loss Worse Than Forecast
Feb 23 2009 // Toronto-based Kingsway Financial Services Inc. said Friday its quarterly loss came in even deeper than it had estimated a week ago, leading the company to chop its dividend and sending its shares 15 percent lower. The loss...
How Food Safety Officials Cracked the Peanut Poison Case
Feb 11 2009 // A century ago, at the dawn of food safety laws, inspection amounted to little more than opening a bin of flour and looking for something wiggly. It’s a different story now. Solving the case of the poison processed...
Kingsway Insurance Warns of Loss; Vows to Restructure
Feb 9 2009 // Property and casualty insurer Kingsway Financial Services Inc. in Toronto warned on Monday that it expects to report a “material” quarterly loss and that it will try to shore up its finances by selling non-core...
Best Comments on ING Canada Sale
Feb 5 2009 // A.M. Best Co. has commented that the financial strength rating of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of ING Canada Group (the Group) are unchanged following the announcement by...
ING to Sell Part of ING Canada
Feb 4 2009 // A unit of European financial services giant ING Groep NV is selling a C$1.75 billion (US $1.41 billion) chunk of its ownership stake in ING Canada, the companies said Tuesday. The ING Groep subsidiary will sell C$850...
Ratings: Swiss Re (Canada), New India, Transsib Re, HDI, Willow Re (Notes), Euro Arab
Feb 3 2009 // A.M. Best Co. has withdrawn the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa-” of Swiss Reinsurance Company Canada and has assigned a category NR-5 (Not...
Ratings Recap I: Coachman/SGI, Ceska, Indus. Alliance, Polish Re, Jasindo
Jan 30 2009 // A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘B++’ (Good) from ‘B’ (Fair) and issuer credit rating (ICR) to “bbb” from “bb+” of Canada’s Coachman...
BMO Financial Agrees to Buy AIG Life of Canada for $308 Million
Jan 13 2009 // American International Group, Inc. (AIG) announced today an agreement to sell AIG Life Insurance Co. of Canada to BMO Financial Group. Under the terms of the transaction, BMO will acquire AIG Life of Canada for...
Huebel Named Catlin Canada Chief Underwriter
Jan 7 2009 // Catlin Canada Inc., the Canadian operating unit of the Bermuda-based Catlin Group Limited, announced that David Huebel joined the company on January 5, 2009, as Chief Underwriting Officer. He will be based in the Toronto...
Ratings Roundup: Starr Insurance, Temple
Dec 29 2008 // A.M. Best Co. has assigned a financial strength rating of ‘A’ (Excellent) and an issuer credit rating of “a” to Bermuda-based Starr Insurance & Reinsurance Limited (SIRL), an indirect wholly...
Scottsdale Launches Canada Partnership with Co-operators
Dec 23 2008 // Scottsdale Insurance Company has announced the launch of a partnership with “The Co-operators, the leading Canadian-owned, mutli-product insurer, to assist them in expanding their commercial lines portfolio and to...
Canada’s Maple Leaf Reaches Deal to Settle Listeria Lawsuits
Dec 19 2008 // Maple Leaf Foods said Thursday it has agreed to settle class-action lawsuits related to an outbreak of listeriosis food poisoning caused by contaminated deli meats processed at its Toronto plant. The settlement, which...
