Archive for September, 2010

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Fairfax Financial increases its offering to 10 million shares on strong demand

By on Sep 30, 2010 in Canadian Insurance

Fairfax Financial Holdings Ltd. quickly increased its preferred share offering to 10 million shares Monday after investors responded enthusiastically to a smaller offering earlier in the day. The big Toronto-based insurance company said it now expects proceeds of $250 million from the offering in which the preferreds are priced at $25 each. That’s an increase [...]

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Canadians own five homes in their lifetime

By on Sep 30, 2010 in Real Estate, Trends

There is no place like home, but for many Canadians, buying a home doesn’t mean they plan to stay for long. In fact, one-in-five repeat buyers have owned more than five homes. Twenty-three per cent of those surveyed plan to move again within six years according to the TD Canada Trust Repeat Home Buyers Report, [...]

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Report Impaired Drivers program starts in Regina

By on Sep 30, 2010 in Road Safety

The public is being asked to help make Regina streets safer with a road safety program called Report Impaired Drivers (RID). RID encourages Regina residents to call 911 and report suspected impaired drivers to the police. “Drinking and driving is the number one contributing factor in fatal collisions in Saskatchewan,” Minister Responsible for SGI Tim [...]

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Foresters to acquire New York-based First Investors Consolidated Corporation

By on Sep 30, 2010 in Sales, Mergers & Acquisitions

Life insure Foresters and First Investors Consolidated Corporation (FICC) announced that they have entered into a definitive agreement under which Foresters will acquire a 100% ownership interest in FICC and its U.S. asset management and life insurance operations. The value of the transaction is not being disclosed at this time. Founded in 1930, FICC is [...]

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XN Financial launches of XN Special Risks

By on Sep 30, 2010 in Company News

XN Financial today has launched XN Special Risks, a virtual storefront providing insurance agents and brokers online access to a broad range of domestic and international specialty product lines. XN Special Risks’ online systems enable agents and brokers to submit insurance applications in a one-step, real-time process, expediting the paperless management of insurance programs. “XN [...]

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CDRG two years later

By on Sep 30, 2010 in Featured, Profiles, Restoration

View the video here on your mobile device. In 2008, ILSTV featured the fledgling Canadian Disaster Restoration Group, or CDRG. We caught up with Simon Frigon, President and Founding Member of CDRG to see how the organization was doing. Simon Frigon: I think what happened in the last two years is the fact that we’ve [...]

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Being debt free is top financial goal, Manulife Bank survey finds

By on Sep 29, 2010 in Canadian Economy, Financial Planning

More than two-thirds of Canadians in a national survey rank being debt-free among their top financial priorities, yet close to half feel they lost ground or only held steady in the past year in their struggle to reach their goal, according to an online poll of 1,000 Canadians. “Becoming debt-free is a goal that most [...]

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Kingsway Financial is switching auditors, replacing KPMG with BDO

By on Sep 29, 2010 in Canadian Insurance

Kingsway Financial Services Inc. says it has decided to change external audit firms, replacing KPMG LLP with BDO USA. It didn’t give a reason for the switch. Kingsway said KPMG had made no reservations on the Kingsway financial statements for the two most recently completed financial years. Also, there were no “reportable events” between Kingsway [...]

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New Managing Director at Societe Generale in Canada

By on Sep 29, 2010 in Company News

Societe Generale Corporate & Investment Banking has appointed John Usborne as Managing Director, Head of Financial Institutions and Governments for its Coverage & Investment Banking division in Canada. Mr. John Usborne will lead Societe Generale’s Financial Institutions and Governments team in Canada, advising Canadian banks, insurance companies, pension funds, asset managers, federal and provincial governments [...]

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Saskatchewan OKs claims for damages from plow winds from storm in early July

By on Sep 29, 2010 in Canadian Insurance, Natural Disasters

Saskatchewan is expanding the type of damage that residents can claim for as a result of a storm that ripped through central Saskatchewan on July 2. It now will include damage caused by a plow wind, which had been previously excluded by the government. People who had claimed for damages caused by the plow wind, [...]

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Alberta judge refuses to declare missing man dead; wife cannot claim life insurance policy

By on Sep 29, 2010 in Legal Issues

An Edmonton judge has ruled that Robyn Comey has not proved that her husband, Mark Comey, is dead, so she cannot settle the estate or get benefits from a $2 million Manulife life insurance policy. Justice Denny Thomas’ judgment says: This is a decision on an application by Robyn Comey (“Robyn”) for a declaration of [...]

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Year two of the Aviva Community Fund starts

By on Sep 28, 2010 in Canadian Insurance

After 2009’s innovative campaign, the Aviva Community Fund is back. This year’s campaign officially launched on September 27, and dozens of community-contributed ideas have already been submitted. This year, the insurer is doubling its 2009 pledge of $500,000 by offering $1 million to community initiatives across Canada. First launched in October 2009, the inaugural Aviva [...]

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Scotiabank to support rebuilding efforts in Newfoundland and Labrador after Hurricane Igor

By on Sep 28, 2010 in Company News, Natural Disasters

Scotiabank announced initiatives to support rebuilding efforts in Newfoundland and Labrador in the wake of Hurricane Igor. “Our roots in Atlantic Canada are deep ones and our thoughts are with our customers and our communities in Newfoundland and Labrador as they rebuild in the wake of Hurricane Igor’s destruction,” said Rick Waugh, Scotiabank President and [...]

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Hurricane Karl caused $100-200 million in insured losses

By on Sep 28, 2010 in Natural Disasters

Hurricane Karl hit Mexico’s east coast on September 17, causing widespread damage. AIR Worldwide said that while economic losses from Hurricane Karl are likely to be significant, insurance take-up rates in Mexico are relatively low, so insured damage is expected to be much lower. As Karl was a small storm with hurricane force winds extending [...]

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Canadians living from paycheque to paycheque

By on Sep 28, 2010 in Canadian Economy, Financial Planning

A major national survey of working Canadians shows that employees continue to live paycheque to paycheque. They are concerned about how interest rates and the economy will affect their personal finances and retirement. The 2nd annual National Payroll Week Employee Survey, conducted by the Canadian Payroll Association (CPA), found that: -   The majority of Canadian [...]

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Canadians overwhelmingly call for financial education in schools: task force

By on Sep 28, 2010 in Canadian Economy

Canadians are calling for more financial education in the school system, according to findings from the Task Force on Financial Literacy. Many Canadians say they lack the skills, knowledge and confidence in financial matters and want personal finance classes to be a permanent part of school curricula, suggests the findings of the report entitled “What [...]

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Gore Mutual launches new online claims portal

By on Sep 28, 2010 in Company News

Gore Mutual Insurance Company recently launched an online claims portal that provides an enhanced claims communication process. The new portal offers brokers quick access to claim status updates and instant reports. “We are constantly striving to make it easier for our brokers to provide superior service to their clients,” said Heidi Sevcik, Vice‐President Claims, Gore [...]

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Are you prepared to deal with an emergency?

By on Sep 27, 2010 in Post Script

After hearing stories about hurricane-ravaged areas of Newfoundland in the last few days, I’ve taken stock of my own emergency plans, and sadly, I’m woefully ill-prepared. I have been fairly lucky when it comes to enduring disasters and other emergencies. The last “disaster” I was really involved in was the Northeast Blackout of 2003. At [...]

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Newfoundland assesses damage from Hurricane Igor

By on Sep 27, 2010 in Canadian Insurance, Natural Disasters

Residents of Newfoundland are cleaning up in the wake of Hurricane Igor which devastated the area on September 21. Tom Hedderson, Minister of Transportation and Works, Acting Minister for Municipal Affairs and Minister Responsible for Emergency Preparedness, provided details of the extent of damage caused by Hurricane Igor to the province: At the height of [...]

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