News
Aviva reports insurance sales improvement in Canada, continues search for chief executive
November 8, 2012 by Canadian UnderwriterAviva Plc released Nov. 8 an interim management statement, reporting a 5% year-over-year increase in general insurance sales in Canada for the first nine months of 2012, as it continues to interview candidates for the role of chief executive officer.…
CARSTAR appoints new regional manager in Alberta
November 8, 2012 by Canadian UnderwriterAuto repair company CARSTAR has appointed a new regional manager for Alberta. In his new role, Darren Lumsden will head up business development efforts in the provinces and will act as the first point of contact for the company’s Alberta-based…
No limit to liability for environmental cleanup costs in Ontario: Lawyer
November 7, 2012 by Greg Meckbach, Associate EditorProperty owners may be asking their insurers to increase the limits on insurance policies covering environmental cleanup costs in the wake of some recent rulings in Ontario, one lawyer says. Rosalind Cooper, a partner with Fasken Martineau, delivered a presentation…
Munich Re reports increased profit for Q3, raises profit forecast for 2012
November 7, 2012 by Canadian UnderwriterGlobal reinsurer Munich Re has posted a consolidated profit of €1.1 billion for the third quarter of 2012, a rise from the €290 million it reported for the same period last year. The company has also raised its profit forecast…
Western Financial Group teams with Applied Systems to support growth strategy
November 7, 2012 by Canadian UnderwriterWestern Financial Group has partnered with Applied Systems to integrate more than 120 network locations throughout Canada’s western provinces and position the company for continued growth. Western Financial Group, owner of the largest property and casualty distribution network in western…
Swiss Re issues $200 million in cat bonds covering hurricane, extreme mortality
November 7, 2012 by Canadian UnderwriterThe Swiss Re Group announced that on Nov. 5 it closed the private placement of US$200 million worth of bonds, intended to cover risks including hurricanes in the North Atlantic. The bonds were placed through SPRV Mythen Re Ltd. Swiss…
Intact’s net income falls, underwriting income rises in Q3
November 7, 2012 by Canadian UnderwriterIntact Financial Corp. has reported a third quarter net income of $96 million, down from $101 million in the same period last year. Net income for the first nine months ended Sept. 30 was $406 million compared to $381 million…
ACE Canada appoints new assistant vice president for eastern region
November 7, 2012 by Canadian UnderwriterInsurer ACE Canada, the Canadian-based operation of ACE Group, has appointed Andre Vukadin as assistant vice president and branch manager for Quebec and Eastern Canada. In his new role, Vukadin will be responsible for growing the commercial and national risk…
Most P&C claims executives expect no additional mobile computing spending: Survey
November 6, 2012 by Canadian UnderwriterMost property and casualty insurance claims executives responding to a recent survey say they are not satisfied with their organization’s capability of supporting for mobile computing devices but only a minority of respondents said their organizations have budgeted for increases…
IBC puts support behind insurance education during Financial Literacy Month
November 6, 2012 by Canadian UnderwriterThe Insurance Bureau of Canada has thrown its support behind Financial Literacy Month, which runs during November, offering resources to help consumers better understand personal, home and auto insurance. IBC is supporting the event with “community events, partnerships with key…
XL Group reports boosted net income in Q3 2012 over same period last year
November 6, 2012 by Canadian UnderwriterDublin-based global insurer XL Group has reported a net income of $171.9 million for the third quarter of the year, up significantly from the same period in 2011. The company had reported a net income of just over $42 million…
Large-loss years from extreme weather no longer rarities: ICLR
November 6, 2012 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) reports that large insured losses from extreme weather appear to be “the new normal” for the Canadian insurance industry, expecting that large-loss years will no longer be rarities. As insured losses from extreme…