Topic
Insurance
Will CCIR require insurers to oversee their brokers’ market conduct?
February 27, 2007 by Canadian UnderwriterCanadas insurance regulators are contemplating market conduct surveys in the spring of 2007 that may ask insurance companies what they are doing to oversee the market behaviour of the brokers and sales intermediaries acting on their behalf.This is a development…
Converium rejects SCOR’s offer of acquisition
February 26, 2007 by Canadian UnderwriterConverium has rejected an offer by SCOR for the whole of the share capital of the company.In a press release, Converium representatives said that the board of directors of Converium continues to be unanimous in its rejection of the offer.The…
Hannover Re securitizes reinsurance recoverables
February 26, 2007 by Canadian UnderwriterFollowing successful securitizations in property/casualty and life/health reinsurance business, Hannover Re has now for the first time transferred the risks deriving from so-called “reinsurance recoverables” to the capital market.Reinsurance recoverables the outstanding claims held by reinsurers against their retrocessionaires traditionally…
Hub to be acquired by Apax Partners and Morgan Stanley Principal Investments
February 26, 2007 by Canadian UnderwriterHub International Limited (TSX: HBG) announced that it has entered into an agreement to be acquired by funds advised by Apax Partners and Morgan Stanley Principal Investments, through an arrangement agreement and related plan of arrangement. Under the terms of…
World Bank to offer catastrophe risk insurance to Caribbean countries
February 26, 2007 by Canadian UnderwriterThanks to donor countries such as Canada, the World Bank is expected to be able to offer catastrophe risk insurance to 18 Caribbean countries in time for the 2007 hurricane season.Associated Press has reported officials from Caribbean nations are meeting…
Fairfax Financial announces profits of Cdn$264 million
February 23, 2007 by Canadian UnderwriterFairfax Financial Holdings (TSX: FFH) announced profits of US$159 million [approximately Cdn$184 million] for 2006 Q4, and US$227.5 million [approximately Cdn$264 million] for the year.The combined ratios of Fairfaxs insurance and reinsurance operations were 88.4% and 95.5% for the Q4…
What’s New: In Brief (February 23, 2007)
February 23, 2007 by Canadian UnderwriterWoodhouse Contracting Ltd. has joined a strategic partnership with Edenvale Restoration, uniting two of the largest independent companies in the Canadian disaster restoration industry.Edenvale, with headquarters in Abbotsford, B.C., operates in the British Columbia Lower Mainland with operation branches in…
AXA reports 20% increase in profit to Cdn$6.1 billion
February 23, 2007 by Canadian UnderwriterAXA reported a profit of 4 billion [approximately Cdn$6.1 billion] throughout 2006, an increase of 20% over 2005. Property and casualty earnings increased 7% to 1.5 billion [approximately Cdn$2.3 million], driven by a 4% increase in revenues together with a…
Celent study cites miscommunication between IT vendors, insurers
February 23, 2007 by Canadian UnderwriterA new report by Celent research services, Dont Sell Unicorns, suggests there is often a failure to communicate during the technology purchasing process between the insurance software vendors and insurance IT buyers.The study presents a set of key principles drawn…
What’s New: In Brief (February 22, 2007)
February 22, 2007 by Canadian UnderwriterPortage la Prairie Mutual Insurance Company has increased its investment in the 2007 Broker Identity Program (BIP), established in 1989 by the Insurance Brokers Association of Canada (IBAC).The BIP program is a branding campaign for over 30,000 insurance brokers. Twenty…
Allianz reports 60% increase in profits through 2006
February 22, 2007 by Canadian UnderwriterAllianz reported a 60% increase in net profits throughout 2006 from just under 4.4 billion [approximately Cdn$6.7 billion]. For property and casualty business, 2006 saw a 1.4% improvement in the combined ratio, from 94.3% in 2005 to 92.9% in 2006.Once…
EGI Financial Holdings reports 2006 Q4 profit up 70%
February 22, 2007 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX:EFH) announced a 2006 Q4 profit of $5.2 million an increase of 70% over its 2005 Q4 profit of $3.1 million.The improvement was primarily attributable to the year-over-year improvement in the combined ratio, as well as…