Topic
Insurance
Fairfax reports Q3 profits of $253.2 million
November 2, 2007 by Canadian UnderwriterFairfax Financial Holdings Ltd. has reported profits of Cdn$253.2 million for 2007 Q3, a dramatic increase from 2006s Q3 loss of Cdn$359.2 million. In the first nine months of 2007, net earnings increased to Cdn$532.2 million, compared to a reported…
Johnson Inc. acquires Kingston-area insurance brokerage
November 1, 2007 by Canadian UnderwriterJohnson Inc. whose parent company, The Johnson Corporation, is an autonomous member of Royal & SunAlliance has acquired Kingston-based brokerage Thomson Jemmet Vogelzang (The Insurance Centre Inc.).Thomson Jemmet Vogelzang (The Insurance Centre Inc.) is the result of an amalgamation in…
B.C. driver training school surrenders license, faces RCMP investigation
November 1, 2007 by Canadian UnderwriterA British Columbia driver training school has surrendered its licence after an Insurance Corporation of British Columbia (ICBC) and RCMP investigation uncovered an alleged scheme of fabricated commercial driver experience letters.According to an ICBC press release, Southwest Driving Academy provided…
Markel International opens new offices in spite of challenging market conditions
November 1, 2007 by Canadian UnderwriterMarkel Corporation, parent company of MINT Canadian Specialty, has reported a drop of US$14 million in its gross written premiums for 2007 Q3 over the same period of 2006.The company reported its gross written premium was US$162 million in 2007…
Aon announces restructuring plan
November 1, 2007 by Canadian UnderwriterAon Corporation has announced a global restructuring plan with projected savings of US$240 million by 2010 that includes the elimination of 2,700 positions and the outsourcing of 1,100 positions.The announcement came on the heels of the companys 2007 Q3 results,…
Uninsured motorist protection limited to $1 million
October 31, 2007 by Canadian UnderwriterThe limit of Underinsured Motorist Protection (UMP) coverage under governing legislation in British Columbia is limited to Cdn$1 million for all or each of the dependents of a passenger killed in a motor vehicle accident, the Court of Appeal for…
Insurers better at underwriting and claims than policy administration, Willis finds
October 31, 2007 by Canadian UnderwriterInsurers performed best in underwriting and claims, while the poorest performance was in the area of policy administration, according to a Willis Group Holdings Limited survey.The survey of more than 2,700 Willis employees also found that specialist carriers are perceived…
North American commercial lines stable, depsite downturn: Moody’s
October 31, 2007 by Canadian UnderwriterNorth Americas property and casualty commercial lines sector remains stable, although a market downturn is already underway, according to an annual report by Moodys Investor Services.Subject to the level of catastrophe activity, the number of rating actions over the next…
What’s New: In Brief (October 31, 2007)
October 31, 2007 by Canadian UnderwriterThe severity of the insured losses from the 2007 California wildfires will not likely have a significant impact on the earnings of U.S. property and casualty insurers rated by Moodys.These wildfires have the potential to be the costliest wildfires in…
CGI and VIN I.Q. to provide instant access to vehicle information for CMVD and law enforcement professionals
October 30, 2007 by Canadian UnderwriterCGI Group Inc. and VIN I.Q. Inc. is giving Canadian Motor Vehicle Departments (CMVD) and law enforcement professionals instant access to a comprehensive, integrated source of information about any vehicle through the use of handheld decoders.The decoders will enable CMVDs…
Cunningham Lindsey Group signs agreement with private equity firm
October 30, 2007 by Canadian UnderwriterCunningham Lindsey Group has signed a definitive agreement regarding substantial investment from Stone Point Capital, a private equity firm, and the buy-out of Cunningham Lindsey Groups minority shareholders. Under the agreement, Stone Point will acquire a 51% interest in the…
Most insurers have sufficient SABS-related policies, controls: FSCO review
October 30, 2007 by Canadian UnderwriterMost Ontario auto insurance companies have sufficient SABS-related governance and internal controls, the provinces financial regulator reported in its Statutory Accident Benefits Schedule (SABS) Risk-Based Market Conduct Assessment Report.The Financial Services Commission of Ontario (FSCO) recently posted the aggregate results…