Topic
Insurance
RSA Canada reports improvement in underwriting profit in 2010 H1
August 5, 2010 by Canadian UnderwriterRSA Canada reported a $71-million underwriting profit in the first half of 2010, marking a $14-million improvement from the same period of 2009.The insurer’s combined operating ratio for the first six months of 2010 was 91.7%, a slight improvement from…
Aviva Canada increases operating profit in 2010 H1 about one-third
August 5, 2010 by Canadian Underwriter***CORRECTION*** This item initially appeared with a headline suggesting Aviva Canada had “nearly doubled” its operating profit, when in actual fact the profit increased by roughly one-third. Canadian Underwriter apologizes for the error. Aviva Canada Inc.’s general insurance unit…
Deepwater Horizon event predicted to cost insurers between $4 billion and $6 billion
August 4, 2010 by Canadian UnderwriterTowers Watson estimates the net insured losses arising from the Deepwater Horizon oil spill will be between $4 billion and $6 billion – not a major event for the property and casualty insurance industry.The total of the coverage limits of…
Fairfax reports improvement in 2010 Q2 net income
August 4, 2010 by Canadian UnderwriterFairfax Financial Holdings (TSX: FFH and FFH.U) reported a net income of $325.2 million in 2010 Q2, marking an improvement from 2009 Q2’s net income of $275.4 million.The company attributes the improvement primarily to a $388.7-million gain in investment income…
Sovereign General sponsors hiker raising funds for children’s cancer foundation
August 4, 2010 by Canadian UnderwriterThe Sovereign General Insurance Company sponsored Pierre-Marc Brunet of MP2B in his recent quest to climb Mount Kilimanjaro to raise funds for children’s cancer research and treatment.Brunet completed the quest of climbing the highest mountain in Africa in April 2010.…
Ontario and IBC to roll out electronic vehicle insurance verification system
August 4, 2010 by Canadian UnderwriterStarting in November 2010, a new electronic verification system developed by the province and the Insurance Bureau of Canada will provide on-the-spot confirmation of valid insurance coverage during the licence plate renewal process. “The ability to check for insurance in…
Western Financial Group doubles ownership interest in Falkins Insurance Group
August 4, 2010 by Canadian UnderwriterWestern Financial Group has increased its ownership of Falkins Insurance Group Limited from 20% to 40%. In addition, all parties have agreed upon a pathway to provide Western with the ability to acquire full ownership of Falkins by Jan. 1,…
Police action, legislation required to combat insurance fraud: RBC Insurance roundtable
August 3, 2010 by Canadian UnderwriterPolice action and legislative changes are required to effect stronger penalties for insurance fraud, an RBC Insurance media roundtable concluded on July 28.Insurance fraud cost the Ontario auto insurance industry about $1.3 billion (out of about $9 billion in collected…
TorQuest makes “significant” equity investment in SCM Insurance Services
August 3, 2010 by Canadian UnderwriterTorQuest Partners, a Canadian-based manager of private equity funds, has made what it calls a “significant equity investment” in SCM Insurance Services (SCM).The exact amount of the investment was not disclosed.TorQuest Partners has more than $700 million of equity capital…
Marsh announces five Canadian appointments to managing director status
August 3, 2010 by Canadian UnderwriterMarsh announced the appointment of 59 new managing directors in North America, five of which are Canadian.The 2010 ‘Class of Managing Directors’ work within a number of different risk practice and industry groups within Marsh and are located across both…
EGI Financial Holdings’ CEO announces resignation
August 3, 2010 by Canadian UnderwriterMark Sylvia has tendered his resignation as CEO of EGI Financial Holdings (TSX: EFH) and as director of Echelon General Insurance, EGI’s subsidiary.Sylvia has been with EGI since 2001. He resigned “to pursue other interests,” a company release says.“I would…
iter8 Consulting Services (a division of iter8 Inc.) Plays Pivotal Role in DAS Canada Company Launch
August 3, 2010 Iter8July 2010, Toronto: iter8 Inc., an insurance solutions software developer is pleased to announce that DAS Legal Protection Insurance Company Limited (DAS Canada) has rolled out specialty legal expense insurance in Ontario as the first step in a country wide…