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Goldman Sachs to enter p&c market

November 8, 2007 by Canadian Underwriter

Goldman Sachs, a full-service global investment banking and securities firm, is entering into the global property and casualty insurance business.Arrow Syndicate 1910 is to enter the Lloyds insurance market in January 2008, according to its managing agency Whittington Group. Arrow

News Insurance

Munich Re posts profits exceeding Cdn$4.5 billion

November 8, 2007 by Canadian Underwriter

Munich Re Group has posted profit exceeding 3.3 billion (roughly Cdn$4.5 billion) in the first nine months of 2007. In the third quarter, we again posted excellent results, and are now harvesting the fruits of our strict profit orientation, John

News Insurance

Munich Re posts profits exceeding CDn$4.5 billion

November 8, 2007 by Canadian Underwriter

Munich Re Group has posted profit exceeding 3.3 billion (roughly Cdn$4.5 billion) in the first nine months of 2007. In the third quarter, we again posted excellent results, and are now harvesting the fruits of our strict profit orientation, John

News InsuranceMergers and Aqcuisitions

EGI Financial Q3 results down 18.7%

November 8, 2007 by Canadian Underwriter

EGI Financial Holdings Inc. (TSX: EFH) has reported a profit of Cdn$4.5 million for 2007 Q3, marking an 18.7% decrease over last years Q3.The company reported a combined ratio of 88.5% and Cnd$42.3 million in direct written premiums, a 45.1%

News Climate ChangeInsurance

Experts warn changing climate will intensify forest fires

November 7, 2007 by Canadian Underwriter

Climatologists are warning that the recent wildfires in California may be a result of climate change and a taste of things to come, reports Lloyds.Models are suggesting the North American west coast is experiencing longer-term precipitation patterns several wet years

News InsuranceMergers and Aqcuisitions

ING Canada reports 40% slip in profits

November 7, 2007 by Canadian Underwriter

ING Canada has reported a Cdn$64-million decrease in its 2007 Q3 profits. This year, the company reported a 2007 Q3 net income of Cdn$92 million, down from Cdn$156.8 million over the same period last year. For the first nine months

News InsuranceMergers and Aqcuisitions

Resolve Corp. to provide transcription services for HCAI

November 7, 2007 by Canadian Underwriter

Resolve Corporation, a Mississauga-based business processing outsourcing firm, and Health Claims for Auto Insurance (HCAI) Processing have entered into a three-year partnership that will see Resolve manage the transcription of paper forms for Ontarios new electronic system for processing auto

News Insurance

CNA Financial restructures P&C operations

November 7, 2007 by Canadian Underwriter

CNA Financial Corporation has restructured its property and casualty operations so that field operations will be led from two regional centres Field Operations East and Field Operations West. Steve Stonehouse will lead the West and Dennis Barger will lead the

News Insurance

Swiss Re to reduce its amount of capital

November 6, 2007 by Canadian Underwriter

Swiss Reinsurance Company has reported a 5% decrease in its 2007 Q3 profits over last year and has announced its plan to reduce its capacity.Swiss Re is prepared to reallocate capital across business lines or return it to shareholders through

News Insurance

Five years after SOX, business as usual for auditors

November 6, 2007 by Canadian Underwriter

For the first time since the U.S. Sarbanes-Oxley Act [SOX] went into effect in 2002, a growing number of internal audit departments are returning to business as usual, according to a new survey by Protiviti Inc.Protiviti is a provider of

News Insurance

U.S. insurance industry payroll increasing

November 5, 2007 by Canadian Underwriter

Insurance industry payrolls in the United States increased by 1,500 in the month of October, to a new high of 2.367 million, reports A.M. Best Company.Citing research from the U.S. Bureau of Labour Statistics, A.M. Best reported that average weekly

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (November 05, 2007)

November 5, 2007 by Canadian Underwriter

Echelon General Insurance Company has renovated its place in cyberspace and launched a newly redesigned Web site.Key features of the new site include easy navigation tools, information about the companys latest personal lines offerings (for example, new product offerings in