A.M. Best Co.’s expectation that significant price increases are mainly limited to business lines affected by the U.S. hurricanes, whereas European treaties (which account for approximately two-thirds of the renewable portfolio) saw relatively stable premium rates, has been confirmed by…
Willis Group Holdings Ltd. recently hired Derek A. Smyth as chief financial officer of the brokerage’s North American operations.Smyth has 13-years experience at General Electric Co., during which time he served as vice-president securitization, strategic pricing and financial planning and…
Standard & Poor’s Ratings Services is keeping Swiss Reinsurance on CreditWatch with negative implications — and GE Insurance Solutions Corporation on CreditWatch with a positive outlook — pending Swiss Re’s completed acquisition of GE Insurance, expected in mid-2006.S&P recently placed…
Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada, both insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), have announced their intention to amalgamate under the name The Nordic Insurance Company of Canada. The transaction is subject to…
A.M. Best has extended its negative outlook for the 2006 U.S. commercial insurance market. “A.M. Best anticipates there will be few rating upgrades or positive rating outlooks assigned in 2006 due to pricing deterioration in 2005, the expectation of continued…
ICBC presented a $10,000 cheque recently to a search and rescue team in Hope, B.C. to help replace the community’s Jaws of Life, the Hope Standard reported recently. According to the newspaper, a thief had stolen the team’s search and…
Kingsway Financial Services Inc. (TSX:KFS) has entered into a new Cdn$150 million, 364 day revolving credit facility with a syndicate of banks. This credit facility replaces the existing Cdn$150 million, 364 day revolving credit facility that is slated to mature…
Co-operators General Insurance Company (TSX:CCS.PR.A.) has gained a consolidated after-tax net income of $39.1 million for the fourth quarter ended Dec. 31, 2005, compared to the $38.8 million profit for the same period in 2004.Gross written premium in the Q4…
Zurich Financial Services profits for 2005 increased by 30% to reach a net income of $3.2 billion (27.11 Swiss francs per share), as compared to a net income of $2.47 billion (20.83 Swiss francs) in 2004, according to the Switzerland-based…
A.M. Best Co. has extended its negative outlook for the US and Bermuda reinsurance markets to 2006 as the ratings agency says it anticipates there will be few, if any, rating upgrades or positive rating outlooks assigned throughout the year.…
The International Association of Insurance Supervisors (IAIS) established in 1994 to develop international principles and standards for insurance supervision has issued a paper that outlines a work plan and timetable for the development of international supervisory standards on insurance solvency…
ING Canada Inc. (TSX: IIC.LV) reported net income of Cdn$196.9 million for the quarter ended Dec. 31, 2005 up 13.7% from Cdn$173.1 million in the same period of the preceding year. Revenues for the fourth quarter also increased to Cdn$1.1…