Topic
Insurance
Fairfax ratings off watch negative
April 4, 2006 by Canadian UnderwriterThe negative CreditWatch credit rating of ‘BB’ on Fairfax Financial Holdings Ltd. (FFH) and Crum & Forster Holdings Corp. has been removed and Standard & Poor’s Ratings Services affirmed the ratings of both company’s. S&P’s also removed its ‘BB-‘ counterparty…
Pethealth sees record revenue in 2005
April 3, 2006 by Canadian UnderwriterPethealth Inc. (TSX :PTZ) saw record revenues for both the full 2005 year at CDN$14.4 million, a 28% increase over 2004, and for the fourth quarter at CDN$3.9 million, a 37% increase over 2004.The Company also saw a net loss…
ING Canada acquires Grey Power (April 03, 2006)
April 3, 2006 by Canadian UnderwriterING Canada (TSX:IIC.LV) recently acquired Grey Power Insurance Brokers Inc. (GPIBI) of Stouffville, ON.With its acquisition of GPIBI, ING Canada now owns four of the eight Grey Power brokerages.The transaction is not expected to immediately impact the staff or operations…
Lloyd’s in talks to insure “tourist” space flights
April 3, 2006 by Canadian UnderwriterLloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the…
RBC Insurance launches online insurance purchasing
April 3, 2006 by Canadian UnderwriterClaiming “a new era in online insurance has begun,” RBC Insurance has announced it is the first insurance company in Canada to offer nationwide the ability to get a quote and purchase personal property and auto insurance completely online. “Client…
TD Bank wants to provide insurance information, referrals
March 31, 2006 by Canadian UnderwriterTD Bank Financial Group has joined a chorus of voices in the banking industry seeking changes to the Bank Act.In a recent address to TD Bank Financial group’s annual meeting in Vancouver, TD Bank Financial Group president and CEO Ed…
Commercial identity theft now covered in Canada
March 31, 2006 by Canadian UnderwriterSt. Paul Travelers (NYSE:STA) announced it’s the first insurance company to offer identity theft coverage for commercial businesses in Canada. The Identity Fraud Expense Coverage Master Policy is available to financial institutions, commercial businesses and business associations and their customers,…
What’s New: In brief (March 31, 2006)
March 31, 2006 by Canadian UnderwriterThe board of directors of Transatlantic Reinsurance Company, a subsidiary of Transatlantic Holdings, Inc. (NYSE: TRH), recently elected four new officers. Timothy O’Connor will become the vice president in Chicago, John Byrne will become the assistant vice president in Sydney,…
CGI to cut 1,000 jobs
March 31, 2006 by Canadian UnderwriterApproximately 1,000 CGI employees primarily from the Company’s Montral and Toronto locations, will lose their jobs this year as a result of the lower than expected business from Bell Canada.CGI reports that more than half of the job cuts are…
Swiss Re promotes new “economic combined ratio”
March 30, 2006 by Canadian UnderwriterSwiss Re has introduced a new dimension to the conventional combined ratio, called the “economic combined ratio” [ECR].According to Swiss Re, the ECR presents the following advantages when compared to the conventional combined ratio: The ECR isolates the underwriting results…
Profitability of U.S. P&C industry will decline in 2005: Fitch
March 30, 2006 by Canadian UnderwriterThe U.S. property and casualty insurance industry will report a deterioration in profitability for 2005, Fitch rating agency predicts.“While operating performance was on a record-setting pace in the first half of the year, insurers encountered unfavorable surprises in the form…
Driver behaviour main cause truck crashes
March 30, 2006 by Canadian UnderwriterCommercial vehicle crashes are most commonly caused by the behavior of drivers, according to the Large Truck Crash Causation Study.The study, commissioned by the Federal Motor Carrier Safety Administration and conducted with the National Highway Safety Administration, indicates that drivers…