Topic
Insurance
Peel Maryborough Mutual Insurance Company selects Custom Softwares I-Company Solution
November 9, 2009 Custom Software Solutions Inc.Virden, MB November 6, 2009 Custom Software Solutions Inc. (CSSI), a leading supplier of insurance industry software, is pleased to announce that Peel Maryborough Mutual Insurance Company (Peel Maryborough) has selected its I-Company broker integration product. I-Company includes CSSIs industry…
AIG turns a US$455-million profit in 2009 Q3
November 6, 2009 by Canadian UnderwriterAmerican International Group, Inc. (AIG) reported a 2009 Q3 profit of US$455 million, compared with a net loss of US$24.5 billion in 2008 Q3.“Our results reflect continued stabilization in performance and market trends,” AIG president and CEO Robert H. Benmosche…
Kingsway reports a 2009 Q3 loss, but says it has turned a corner financially
November 6, 2009 by Canadian UnderwriterKingsway Financial Services Inc. believes it has turned a corner despite reporting a 2009 Q3 net loss of US$118.1 million.The 2009 Q3 loss represents a loss of US$128.8 million from run-off and discontinued businesses, including a loss of US$95.5 million…
Hannover Re reports improved Q3 non-life results
November 6, 2009 by Canadian UnderwriterHannover Re’s non-life reinsurance group reported a net underwriting profit of EUR98.1 million (about Cdn$156.7 million) in 2009 Q3, marking an improvement from 2008 Q3’s net underwriting loss of EUR131.2 million (about Cdn$209.2 million).The non-life group reported a net income…
What’s New: In Brief (November 06, 2009)
November 6, 2009 by Canadian UnderwriterThe financial strength ratings (FSR) and issuer credit ratings (ICR) of the domestic and international property/casualty and life/health subsidiaries of Berkshire Hathaway Inc. are under review with negative implications by A.M. Best Co. “These ratings actions follow the recent announcement…
What’s New: In Brief (November 05, 2009)
November 5, 2009 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO), the self-regulating body for Ontario brokers, opened 113 new complaint files in 2008-09, comparable to the 92 new files it opened in 2007-08.Of those new complaint files opened in 2008-09, more came from…
Canada’s P&C industry behind other sectors in establishment of CROs
November 5, 2009 by Canadian UnderwriterCanada’s property and casualty industry has been lagging in the establishment of the Chief Risk Officer position, and the processes that accompany it, Julie Dickson, the superintendent of financial institutions, said.Dickson spoke at OSFI’s first risk management seminar for the…
U.S. gaining ground in competition for captive domiciles
November 5, 2009 by Canadian UnderwriterBermuda and the Cayman Islands are still the top two places to domicile insurance captives, but the United States is supplying some stiff competition — to the point where some say Bermuda is losing its status as a growth centre…
Zurich reports 490% increase in Q3 net income
November 5, 2009 by Canadian UnderwriterZurich Financial Services has posted a discrete Q3 net income of US$909 million, a 490% increase over 2008 Q3. The company reported a net income of US$2.2 billion for the first nine months of 2009. Net earned premiums and policy…
What’s New: In Brief (November 04, 2009)
November 4, 2009 by Canadian UnderwriterCarstar Automotive Canada Inc. has opened two new locations — one in Montreal-North, Que. and one in Kelowna, B.C.Carstar Montréal Avenue Lausanne, located at 9934 Lausanne, is operated by Andrew Almeida and his business partner Angelo Ventola. CARSTAR Kelowna, located…
Swiss Re reports dramatic improvement in Q3 results
November 4, 2009 by Canadian UnderwriterSwiss Re reported net income of CHF 334 million (about Cdn$349.2 million) for 2009 Q3, marking an improvement from 2008 Q3’s net loss of CHF 304 million (about Cdn$301 million). The reinsurer’s property and casualty businesses combined ratio improved to…
Insurance industry responds favourably to Ontario auto reforms
November 3, 2009 by Canadian UnderwriterCanadian insurers and insurance brokers have responded favourably to the auto insurance reform package introduced by the Ontario government on Nov. 2, 2009.Insurance Bureau of Canada (IBC) said the government’s reforms to the Ontario auto insurance system “address affordability of…