What’s New: In brief (July 06, 2006)

Co-operators General Insurance is among a handful of Guelph-based firms appearing in the Globe and Mail’s Report on Business magazine annual ranking by dollar profit. The insurance firm ranked 111 for the 2005 years profit of just over CD$132 million. This position represents a 5% drop from last years ranking of 104. The Co-operators slight drop in the annual ranking of Canada’s 1,000 top performing firms however, is in part due to the CD$55 million in claims the Co-operators incurred as a result of unprecedented storms that struck last summer and fall. In addition to these cat costs, the insurer was reducing its automobile insurance premiums a drop in revenue that was partially offset by an influx of clients. The overall revenues for 2005 increased by 3% to reach over CD$1.9 billion for full year earnings.

The Hanover Insurance Group, Inc. (NYSE: THG) has introduced a Business Owner’s Policy (BOP) class comparison look-up tool. The tool intends to assist The Hanover’s agent partners categorize a small business owner’s industry classification and obtain a quote for the company’s Avenues(TM) BOP in a timely manner. The Hanover says its BOP class comparison look-up tool simplifies the process, allowing agents to search for an accurate small business classification using keywords, Standard Industrial Classification (SIC) codes or North American Industry Classification System (NAIC) codes. The BOP class comparison look-up tool was launched to complement The
Hanover’s fully automated, user-friendly, small commercial platform, which helps agents quote, issue, and endorse BOP, commercial auto, umbrella, and workers’ compensation policies online. The Hanover also provides this service to Small Commercial Sales Managers, who can write and bind small commercial business up to US$25,000. Theclass comparison look-up tool is available to agent partners on The Hanover’s agent resource site, The Agency Place (TAP).