What’s New: In Brief (November 09, 2009)

SCOR recorded a net income of EUR 278 million (Cdn$440.3 million) in the first nine months of 2009, stable from EUR 280 million (Cdn$443.6 million) in last year’s published figures for the first nine months.
The reinsurer’s profit remained stable “despite a significant drop (27%) in investment income driven mainly by a cautious asset management strategy,” the company said in a release.
SCOR’s global property and casualty segment reported gross written premiums of EUR 2.5 billion (Cdn$3.96 billion) for the first nine months of 2009, compared to EUR 2.3 billion (Cdn$3.6 billion) in the first nine months of 2008, representing an increase of 6.7%.
The net combined ratio stands at 97.4% for the first nine months of 2009, a marginal improvement compared to the first half 2009 ratio.

Shonna Neil, senior manager of licensing at the Financial Services Commission of Ontario (FSCO), Ontario’s insurance regulator, has been elected chair of the Canadian Insurance Services Regulatory Organizations (CISRO).
CISRO is a national group with a mandate to promote harmonization among regulators across Canada.
Neil’s election marks the first time a FSCO staff member has served as CISRO chair.
Neil’s previous experience in the Ontario Public Service (OPS) — she joined the OPS in 1990 — includes the position of mediator at FSCO’s predecessor, the Ontario Insurance Commission.
She was later appointed manager of mediation services in 1998.