Topic
Insurance
Desjardins General Insurance Group reports 2007 Q3 gains
November 15, 2007 by Canadian UnderwriterDespite reporting gains in its general insurance operations, Desjardins Group, an integrated cooperative financial group, recorded combined surplus earnings in 2007 Q3 of Cdn$248 million, down Cdn$80 million or 24.4% from the same quarter of 2006. This decrease was primarily…
E-L Financial reports 74% decrease in 2007 Q3 profits
November 15, 2007 by Canadian UnderwriterE-L Financial Corporation Limited, parent company of the Dominion of Canada General Insurance Company, has reported a 74% decrease in 2007 Q3 profits over the same period last year.The company posted a net income of Cdn$20.3 million for 2007 Q3,…
Optimum Group Inc acquires Optimum General Inc.
November 15, 2007 by Canadian UnderwriterOptimum Group Inc., a privately owned international financial group, and Optimum General Inc., a Canadian property and casualty underwriter, have announced an acquisition by way of an amalgamation. Optimum General will be a wholly-owned subsidiary of Optimum Group and the…
Only 10% of North American companies have integrated ERM into practices: Aon survey
November 15, 2007 by Canadian UnderwriterEven though government regulators and corporate stakeholders are demanding that companies do more to address and mitigate enterprise-wide risks, only 10% of companies in the Americas and Europe have fully integrated an enterprise risk management (ERM) strategy into their practices,…
IBC asks governments to upgrade city infrastructures, adapt to climate change
November 14, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is calling on Canadian municipal, provincial and federal governments to improve urban infrastructure so as to mitigate property damage caused by storms in an age of climate change.The Insurance Bureau of Canada will insist…
Dominion, Aviva cancel broker contracts with Thomson Jemmett Vogelzang
November 14, 2007 by Canadian UnderwriterShortly after Johnson Inc. announced its acquisition of Kingston, Ont.-based brokerage Thomson Jemmett Vogelzang (TJV), both the Dominion of Canada General Insurance Company and Aviva Canada Inc. have cancelled all broker contracts with the company.George Cooke, president and CEO of…
Insurers call for more flexible means of setting auto insurance rates
November 14, 2007 by Canadian UnderwriterCanadian insurers are asking industry regulators to consider switching from a system of filing auto insurance rate changes and then waiting for regulatory approval to a more flexible system that would allow insurers to charge their proposed rate changes immediately…
What’s New: In Brief (November 14, 2007)
November 14, 2007 by Canadian UnderwriterOperation Red Nose, a free service that keeps impaired drivers off the road, will be available in three Nova Scotia communities this year: Sydney, Truro and Halifax. This service, which allows holiday revelers to opportunity to make a call and…
AIR launches new terrorism model
November 13, 2007 by Canadian UnderwriterAs TRIA teeters on the brink of expiration at years end, AIR Worldwide Corporation has launched its updated U.S. terrorism model.The release of the new model incorporates the results of two years of research into the effects of a conventional…
MMC reports 2007 Q3 profits up, but insurance broking results “unacceptable”
November 13, 2007 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) reported a 2007 Q3 profit of US$1.9 billion, compared to US$176 million during the same period last year.Marsh reported being happy with revenues generated by its consulting businesses. MMC’s consulting segment revenue grew 14%…
British Columbia winter storm season underway
November 13, 2007 by Canadian UnderwriterA post-remembrance day windstorm has served as a reminder that the British Columbia winter storm season is underway, and residents should be prepared for future severe storms, the Insurance Bureau of Canada (IBC) warns. Roughly 90,000 B.C. Hydro customers were…
Benfield buys insurance business from Beaufort Group in Canada
November 13, 2007 by Canadian UnderwriterBenfield Corporate Risk has acquired the businesses of Beaufort International Insurance Inc. (BIII) and Beaufort Insurance Services Inc. (BISI), from Beaufort Group in Canada. The terms of the acquisition were not disclosed.Based in Calgary, Alberta, BIII and BISI provide specialist…