Topic
Insurance
Willis acquires Gueits, Adams & Company (March 03, 2006)
March 3, 2006 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH) has acquired New York-based Gueits, Adams & Company. Specializing in jewelers block insurance, Gueits, Adams reports annualized revenues of approximately US$4 million. The terms of the transaction, effective Feb. 1, 2006, have not been…
Bermuda 2005 start-ups face tough market conditions
March 3, 2006 by Canadian UnderwriterThe 2005 class of Bermuda reinsurance start-ups will face much tougher market conditions, is writing less diverse property risks, and is more reliant on short-term, high return investment money than their predecessor Bermuda start-ups in 2001, according to a special…
Quebec proposes public auto rate increases
March 3, 2006 by Canadian UnderwriterThe Socit de l’assurance automobile du Qubec (SAAQ) is holding public hearings on a proposal to increase its public auto insurance contributions as of 2007.“This document contains an analysis of the financial situation of the Fonds d’assurance automobile du Qubec…
What’s New: In brief (March 03, 2006)
March 3, 2006 by Canadian UnderwriterThe Quarter Century Club has set a date for its 47th Annual Reception. On Wed. May 3, 2006, the 47th annual event featuring “The Roasting of Bob Gouchy,” will be held at the Hilton International Toronto in the Governor Geneal…
Swiss Re’s net income drops in 2005
March 2, 2006 by Canadian UnderwriterSwiss Re reported a drop in net income to CHF1.5 billion (CDN$1.3 billion) in 2005 from CHF2.5 billion (CDN$2.17 billion) in 2004.In 2005, Swiss Re digested CHF3 billion (CDN$2.61 billion) in large natural catastrophe claims, up from CHF1.2 billion (CDN$1.04…
Royal & SunAlliance endorses Drive for Life
March 2, 2006 by Canadian UnderwriterCiting a disproportionate number of Ontario youths who are involved in fatal car collisions, Royal & SunAlliance is offering premium discounts for graduates of a program that uses a simulator to teach defensive driving techniques. Road safety statistics show 225…
GE Insurance Solutions reports solid renewals
March 2, 2006 by Canadian UnderwriterGE Insurance Solutions companies (NYSE: GE) secured nearly US$1.5 billion of property and casualty reinsurance business in the recently completed Jan. 1 renewal season. The GE Insurance Solutions team recently added 62 new reinsurance treaty clients and US$149 million in…
AXA Canada authorized to acquire the Citadel General Assurance Company
March 2, 2006 by Canadian UnderwriterHaving received Federal Government approval, AXA Canada recently closed the acquisition of The Citadel, General Assurance Company. The agreement, entered into with Winterthur Group, involves a consideration of approximately Cdn$310 million.The new entity will include more than 2,000 employees and…
New global reinsurance sector ratings to boost transparency
March 1, 2006 by Canadian UnderwriterFitch Ratings is implementing new ratings standards for the Global Reinsurance Sector that will add greater transparency to ratings. This new methodology released in the special report ‘Insurance Industry: Global Notching Methodology,’ is being implemented concurrently for the majority of…
Optimum General increases net income in 2005
March 1, 2006 by Canadian UnderwriterOptimum General Inc. (TSX: OGI.SV.A) is reporting a net income of CDN$5.5 million for the fiscal year ended Dec. 31, 2005, compared to a net income of CDN$3.6 million for the previous year.For the fourth quarter, net income was CDN$1.7…
Hub International announces Q4 results, strategic alliance
March 1, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG)(TSX:HBG) is reporting a fourth-quarter revenue of US$114.1 million up 12% from US$101.5 million in the same period of 2004. For the year, net earnings from continuing operations were flat on a 25% increase in revenue. Results…
What’s New: In brief (March 01, 2006)
March 1, 2006 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) is holding a Friday Forum workshop on March 24, 2006 from 1:30pm to 3:00 pm at the Insurance Bureau of Canada, which will feature Staff Sergeant Robert Cousineau of the Ontario Provincial Police.…