Canadian Underwriter

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Insurance


News Insurance

Allianz and Nordic complete amalgamation

April 5, 2006 by Canadian Underwriter

The amalgamation of Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada has recently been finalized under the name of The Nordic Insurance Company of Canada. Allianz and Nordic, insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), announced

News Insurance

Stocks fall from record levels; insurers’ stocks lose ground

April 4, 2006 by Canadian Underwriter

Canadian stocks fell from record values, Bloomberg’s news agency reported April 4, as expectations of higher interest rates undercut financial companies such as the Royal Bank of Canada and reduced the value of a guage of insurers’ stocks. “Concern the

News Insurance

Hub acquires Citizens Financial Group insurance brokers

April 4, 2006 by Canadian Underwriter

Hub International Limited (NYSE:HBG)(TSX:HBG) has closed its acquisition of three insurance brokerages of Citizens Financial Group, Inc. (“CFG”). Hub also entered into a previously announced strategic alliance with CFG as part of the transaction. As a result of the alliance,

News Insurance

Sophistication in practice required for good risk managment

April 4, 2006 by Canadian Underwriter

In light of today’s demanding global economy corporate risk managers must begin implementing more sophisticated loss prevention policies and processes, according to a presentation at the recent 2006 Industrial Fire World Conference in Baton Rouge.The speaker, chemical technical specialist for

News Insurance

Fairfax ratings off watch negative

April 4, 2006 by Canadian Underwriter

The 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

News Insurance

Pethealth sees record revenue in 2005

April 3, 2006 by Canadian Underwriter

Pethealth 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

News Insurance

ING Canada acquires Grey Power (April 03, 2006)

April 3, 2006 by Canadian Underwriter

ING 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

News Climate ChangeInsuranceMergers and Aqcuisitions

Lloyd’s in talks to insure “tourist” space flights

April 3, 2006 by Canadian Underwriter

Lloyd’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

News InsuranceMergers and Aqcuisitions

RBC Insurance launches online insurance purchasing

April 3, 2006 by Canadian Underwriter

Claiming “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

News Insurance

TD Bank wants to provide insurance information, referrals

March 31, 2006 by Canadian Underwriter

TD 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

News Insurance

Commercial identity theft now covered in Canada

March 31, 2006 by Canadian Underwriter

St. 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,

News Insurance

What’s New: In brief (March 31, 2006)

March 31, 2006 by Canadian Underwriter

The 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,