What’s New: In Brief (May 04, 2007)

Northbridge Financial Corporation (TSX:NB), a Canadian commercial property and casualty insurance group, has announced net earnings of Cdn$45 million for 2007 Q1, compared to net earnings of Cdn$61.8 million for 2006 Q1.
Underwriting profit was Cdn$18.1 million for 2007 Q1, a decline from underwriting profit of Cdn$26.3 million for 2006 Q1.
The company attributed in the decline in underwriting profit to an increase in the combined ratio to 93.5% in 2007 Q1 from 91% for the same period in 2006.
Total investment income was Cdn$51 million for 2007 Q1, compared to Cdn$68.2 million for 2006 Q1. This included net gains on portfolio investments of Cdn$18.5 million compared to Cdn$44 million for the first quarter of 2006, the company announced in a press release.

Aon Corporation (NYSE: AOC) reported an 8% profit increase in 2007 Q1, with profits rising to US$213 million compared to US$198 million in 2006 Q1.
“Our first quarter results reflect a strong start to the year highlighted by organic revenue growth of 8% in Brokerage Americas, excluding contingent commissions, despite soft market conditions, said Aon Corporation president and CEO Greg Case.
AON noted its risk and insurance brokerage service revenue grew 6%, with organic revenue growth of 3%.
Reinsurance organic revenue increased in Canada and Latin America, offset by soft market conditions and higher cedant retentions, the company announced in a press release.