Topic
Insurance
What’s New: In brief (May 09, 2006)
May 9, 2006 by Canadian UnderwriterMFX recently entered into a three-year contract to manage all IT infrastructure and operations for the Matlen Silver Group, an integrated business and technology solutions provider headquartered in Somerset, New Jersey. Under the terms of the contract, Matlen Silver’s IT…
Severe 2006 hurricanes anticipated
May 8, 2006 by Canadian UnderwriterCanadian and U.S. forecasters are warning the 2006 hurricane season, beginning June 1, will once again result in major storms including around five major hurricanes with winds of 180 km/h or greater. To date, the 2005 hurricane season is the…
SOX too costly
May 8, 2006 by Canadian UnderwriterThe cost for public companies to comply with Sarbanes-Oxley is higher than expected, according to a recent Government Accountability Office report.The report, released by republican Senators Olympia Snowe and Michael Enzi, indicates that companies are choosing to go private in…
CCIR endorses disclosure principles
May 8, 2006 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has accepted, subject to agreement from the Canadian Insurance Services Regulatory Organizations (CISRO), the recommendations made in a Feb. 13, 2006, joint CCIR and CISRO paper entitled Managing Conflicts of Interest: A Consultation…
CertifiedFirst partners with Rollit Management Consulting
May 8, 2006 by Canadian UnderwriterThe CertifiedFirst Network of PPG Canada and Rollit Management Consulting, Inc. have entered into a strategic relationship to provide Rollit’s services to members of the CertifiedFirst ? Network of collision repair shops across Canada. Rollit Management Consulting provides a wide…
Aon net income drops
May 5, 2006 by Canadian UnderwriterThe first quarter 2006 net income for broker Aon Corporation (NYSE: AOC) has dropped slightly to US$198 million (US$0.57 per share) from its reported 2005 net income of US$200 million (US$0.59 per share). The net income fell as a result…
Odyssey Re appoints Peter Bennett to board
May 5, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has elected Peter M. Bennett to serve on its board of directors. Mr. Bennett has more than 40 years of experience in the insurance industry. He was president of Canadian International Reinsurance Brokers from…
Social hosts don’t owe duty of care to public motorists: Supreme Court
May 5, 2006 by Canadian UnderwriterSocial hosts of parties where alcohol is served do not owe a duty of care to public users of highways, the Supreme Court of Canada has ruled in Childs v. Desormeaux.Insurers were watching the case with interest because of its…
Willis reports US$671 million Q1 2006 results
May 4, 2006 by Canadian UnderwriterWillis Group Holdings Ltd (NYSE: WSH) first quarter 2006 revenues increased slightly to US$671 million from the US$669 million for the same in 2005. Willis Group says the effect of foreign currency translation decreased reported revenues by 5% and net…
Saskatchewan’s suspended drivers license program efficient
May 4, 2006 by Canadian UnderwriterMotorists with previous impaired driving convictions are still a problem on Saskatchewan’s roads. Although convicted, many will drive without a proper license and insurance. Mothers Against Drunk Driving (MADD Canada) says these types of drivers are more likely to get…
RenaissanceRe reports 1Q net premiums up
May 4, 2006 by Canadian UnderwriterRenaissanceRe Holdings Ltd. (NYSE: RNR) today reported US$195.7 million in 2006 first-quarter operating income, compared to US$54.5 million in the first quarter of 2005.Net premiums earned for the first quarter of 2006 were US$351.7 million, compared to US$301.5 million for…
Kingsway sets own Q1 record for underwriting profit
May 4, 2006 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) reported its net operating income in 2006 1Q increased 11% to US$30 million, compared to US$27 million in 2005 Q1.Underwriting profit during this year’s first quarter set a Q1 record of US$16.4 million, Kingsway…