Topic
Insurance
Swiss Re reports CHF4.6 billion profit in 2006
March 2, 2007 by Canadian UnderwriterSwiss Re delivered record earnings in 2006, announcing a 98% increase in profits to CHF4.6 billion [Cdn$4.4 billion].Swiss Re CEO Jacques Aigrain said in 2006 Swiss Re achieved a record result, based on disciplined underwriting in property and casualty, consistent…
FM Global announces ’06 profit of US$737 milion
March 1, 2007 by Canadian UnderwriterFM Global reported a profit of US$737 million [approximately Cdn$864 million] in 2006, an increase from 2005s profit of US$635 million [approximately Cdn$744 million].According to an FM Global press release, the companys combined ratio was 75.3% and the client retention…
Aviva announced 12% rise in profits
March 1, 2007 by Canadian UnderwriterAviva plc announced a 3.2 billion [approximately Cdn$7.3 billion] profit for the year 2006, marking a 12% increase over 2005.The company also reported a strong general insurance result with a combined operating ratio of 94% – ahead of the meet…
Australia’s Macquarie Group acquires Insurance Pay Canada
March 1, 2007 by Canadian UnderwriterAustralian financial services provider Macquarie Group (Macquarie) has acquired Insurance Pay Canada Inc. (Insurance Pay), a Canadian premium finance company.Insurance Pay works exclusively with independent brokers to provide insurance premium financing to commercial customers who prefer to pay their premiums…
2007 reinsurance outlook stable
March 1, 2007 by Canadian UnderwriterA.M. Best Co.s 2007 outlook for the global reinsurance sector is stable, changing from a negative outlook originally assigned nearly two years ago.This outlook revision implies that the majority of 2007 reinsurer rating actions are likely to be affirmations with…
Munich Re reports record profit in 2006 of EUR3.5 billion.
February 28, 2007 by Canadian UnderwriterMunich Re has reported posting a record profit totalling EUR3.5 billion [Cdn$5.4 billion].The company also reported reducing its combined ratios in reinsurance (92.6%) and primary insurance (90.8%) to new record lows.“A record profit for the third time in a row…
A.M. Best foresees stability on U.S. personal lines segment
February 28, 2007 by Canadian UnderwriterA.M. Best has maintained a stable outlook on the personal lines segment of the U.S. market, driven primarily by favourable frequency and severity trends, modest catastrophic activity and the maintenance of pricing and underwriting discipline, among other factors.Performance in the…
Willis supports permanent government terrorism insurance backstop
February 28, 2007 by Canadian UnderwriterWillis North America has urged the United States government to renew the Terrorism Risk Insurance Act (TRIA), due to expire at the end of 2007, and establish a permanent government terrorism insurance backstop.Don Bailey, CEO of Willis North America, a…
What’s New: In Brief (February 28, 2007)
February 28, 2007 by Canadian UnderwriterThe CIP Society will host its third annual industry symposium, An Industry in Change on April 24, at the Board of Trade in Toronto. The one-day forum will feature a keynote and seminar speakers addressing such topics as: contingency and…
The Co-operators donates Cdn$30,000 to medical research centre
February 27, 2007 by Canadian UnderwriterThe Co-operators has donated Cdn$30,000 for a new research centre launched by St. Joseph’s Health Care in London, Ontario. St. Josephs Aging, Rehabilitation & Geriatric Care Research Centre is dedicated to collecting and using research knowledge gained in the fields…
Sovereign forms alliance with OneBeacon
February 27, 2007 by Canadian UnderwriterThe Sovereign General Insurance Company and OneBeacon Insurance Company have formed a strategic alliance regarding the introduction of products to Canada for certain commercial segments.Policies will be written under Sovereigns name and the 2 companies will share equally in the…
Marsh appoints new global leader, consumer business
February 27, 2007 by Canadian UnderwriterMarsh Inc. announced the appointment of Henry S. Allen as global leader, consumer business, which includes the firms affinity and program management businesses, as well as its private client services division.Allen joined Marsh in 2002 as practice leader for the…