Topic
Insurance
Hub to acquire large Lousisiana-based insurance agency
February 14, 2007 by Canadian UnderwriterHub International Limited has agreed to acquire substantially all of the assets of one of the largest Louisiana-based insurance brokers, Hibernia Insurance Agency, L.L.C., according to a press release.Hibernia Insurance, an $18 million revenue brokerage firm, will become a new…
Quantify risk first, before considering captives
February 13, 2007 by Canadian UnderwriterInsureds need to quantify their catastrophe risks as accurately as possible first, before considering whether a captive is an appropriate financial tool for managing those risks, according to Kate Westover, the vice president of the Vermont-based alternative risk financing organization,…
Swiss Re’s non-life insurance portfolio swells as result of acquisition
February 13, 2007 by Canadian UnderwriterSwiss Re’s non-life insurance portfolio has grown by 14% as a result of renewals of business acquired through the purchase of Insurance Solutions. The increase works out to CHF1.3 billion [approximately CDN$1.215 billion].The January renewal season accounts for 67% of…
What’s new: In brief (February 13, 2007)
February 13, 2007 by Canadian UnderwriterIBC’s unique driver distraction simulator, D.U.M.B.Car (Distractions Undermining Motorist Behaviour) will provide a reality check for Canadian at Canadian International AutoShow.Driver distraction has become one of the most serious road safety issues in Canada today. According to a recent poll…
Willis draws on earth simulator to better handle catastrophes
February 13, 2007 by Canadian UnderwriterIn order to help insurers understand the frequency and severity of natural catastrophes, Willis Research Network has joined forces with internationally renowned universities in a research program on climate simulations at the NEC Earth Simulator in Yokohama, Japan. The research…
A.M. Best warns that 2007 may be ‘Year of the Regulator’
February 12, 2007 by Canadian UnderwriterIn an analysis piece, A.M. Best says it’s possible “the global insurance market will one day come to recognize 2007 as the ‘Year of the Regulator.’”A.M. Best says recent political events in the United Kingdom and the United States are…
Crawford reports Q4 results
February 12, 2007 by Canadian UnderwriterCrawford & Company has reported a 2006 Q4 loss of US$1.3 million, compared with a profit of US$6.0 million in 2005 Q4.Net income for the 2006 year was US$15 million, compared with US$12.9 million reported in 2005. The net loss…
CNA Financial Corp. reports 2006 profit of US$329 million.
February 12, 2007 by Canadian UnderwriterCNA Financial Corporation (NYSE:CNA) announced a 2006 Q4 profit of US$329 million and a net income of US$1.1 billion throughout 2006.The Q4 income marks an increase of US$546 million as compared with the same period in 2005. Net income for…
Scor Reinsurance reports 10% increase in global premium income
February 12, 2007 by Canadian UnderwriterScor records an increase of around 10% in worldwide premium income for non-life reinsurance renewed at 1 January 2007, according to a press release.Property and casualty reinsurance renewals at 1 January 2007 were conducted in full accordance with the underwriting…
FSCO to review industry’s adoption of CCIR principles
February 9, 2007 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has served notice of its intention in 2007 to “review the use” by insurers, agents and brokers of CCIR [Canadian Council of Insurance Regulators] principles related to the disclosure of potential conflicts of…
AON releases 2006 financial results
February 9, 2007 by Canadian UnderwriterAON Corporation (NYSE: AOC) has reported a 2006 Q4 profit of US$224 million, compared with a 2005 Q4 net income of US$224 million.Throughout all of 2006, AON reported a net income of US$721 million, compared to a reported net income…
What’s new: In brief (February 09, 2007)
February 9, 2007 by Canadian UnderwriterWillis Group Holdings shared its experience of transparency at a public hearing in Brussels recently on business insurance that was hosted by the European Commission (EC).At the public panel discussions, the EC presented the preliminary findings of a Europe-wide Sector…