Topic Mergers and Aqcuisitions
Auto Insurance Rates confuse 59% of Ontario clients
May 25, 2005 by Canadian UnderwriterIn Ontario, 59 per cent of individuals with auto insurance are unsure how insurers are calculating their rates and may therefore be unintentionally paying higher premiums, according to a recent President’s Choice Financial/Ispos Reid Survey.In addition, 64 per cent with…
Desjardins Financial Security announces first quarter results
May 24, 2005 by Canadian UnderwriterDesjardins Financial Security (DFS) has posted net earnings of $40.6 million for the first quarter ending on March 31, 2005. This is an increase of 55.2% compared to 2004 Q1 results 2004, which had reached $26.2 million. The portion of…
ING launches "accident forgiveness" option for auto covers
May 15, 2005 by Canadian UnderwriterING Canada Inc. (TSX: IIC.LV) will offer its policyholders the option of an "accident forgiveness" clause on their auto insurance as from July of this year, a company statement says. The Ontario government is believed to be aggressively pushing for…
R&S Canada 1-Q’s underwriting jumps on personal lines (May 15, 2005)
May 15, 2005 by Canadian UnderwriterRoyal & SunAlliance Canada produced an underwriting profit of $14 million for the first quarter of this year, signaling a significant turnaround in overall profitability from 2004’s first quarter underwriting gain of $1 million. The insurer saw its underwriting on…
ING posts strong 1-Q performance (May 12, 2005)
May 12, 2005 by Canadian UnderwriterING Canada Inc. (TSX: IIC.LV) notched up a return on equity of 28.9% for the first quarter of this year with net income soaring by 38% to $158.5 million compared with the $115.1 million disclosed for the same period in…
Optimum General sees 1-Q earnings boon (May 12, 2005)
May 12, 2005 by Canadian UnderwriterQuebec-based Optimum General Inc. (TSX: OGI.SV.A) lifted net income for the first quarter of this year by more than four times to $1.1 million compared with $259,000 reported for the same period in 2004. This equates to earnings for the…
What’s new: In brief (May 12, 2005)
May 12, 2005 by Canadian UnderwriterStudents Against Impaired Driving (OSAID) has announced a major sponsorship from Aviva Canada and that Aviva is the first corporate sponsor since OSAID’s inception in 1987 to provide core funding to OSAID Inc. According to OSAID, this funding will allow…
FSCO confirms 1-Q auto rate declines
May 4, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) says that auto insurer rate filings at the end of the first quarter of this year show an average year-on-year price drop of 7.5%. In comparison, approved auto insurance rates for the first…
What’s new: In brief (April 28, 2005)
April 28, 2005 by Canadian UnderwriterWith the release of its first-quarter 2005 results, brokerage Willis Group says has laid off 500 staff members and put aside a further US$20 million to deal with litigation relating to contingent commissions. Earlier this month, Willis announced settlements totaling…
What’s new: In brief (April 26, 2005)
April 26, 2005 by Canadian UnderwriterHannover Re saw its insurer financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service on the back of continued strong results. Despite the company’s “aggressive financial profile”, it has shown discipline in underwriting and strong market acceptance…
CAC, brokers react to Quebec regulator’s report on practices
April 26, 2005 by Canadian UnderwriterThe Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector…
Busy week for Ontario regulator
April 25, 2005 by Canadian UnderwriterOntario’s insurance regulator had its hands full last week, issuing several “cease and desist orders”.The first came on Wednesday, when insurers Security National and TD General both Meloche Monnex companies – were cited for charging rates for coverages of categories…