Topic
Insurance
Chubb declares increase in quarterly dividend
March 6, 2006 by Canadian UnderwriterChubb Corp. said has increased its quarterly dividend by 16.3 % and recently declared a 2-for-1 stock split.Chubb has raised it’s dividend up $0.07 from the last quarter’s dividend of $0.43 per share to reach a current quarterly dividend of…
What’s New: In Brief (March 06, 2006)
March 6, 2006 by Canadian UnderwriterRBC Insurance, with support from Hockey Canada and the Hockey Hall of Fame, is recognizing Canada’s most dedicated hockey volunteers as part of its third annual RBC Local Hockey Leaders program.Thirteen RBC Local Hockey Leaders – one from each regional…
AXA Re writes first humanitarian disaster insurance policy
March 6, 2006 by Canadian UnderwriterThe United Nations World Food Program (WFP) has taken out the first humanitarianism insurance policy with reinsurer AXA Re.AXA Re will provide contingency funding of up to US$7 million of insurance coverage in case of extreme drought that may occur…
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…