News
Zurich reports 76% increase in 2010 Q1 net income
May 6, 2010 by Canadian UnderwriterZurich Financial Services Group reported a profit of $935 million for 2010 Q1, an increase of 76%. The company reported a return on equity of 13.2% for the first quarter. The general insurance segment posted gross written premiums and policies…
PPG launches Web-based marketing portal
May 6, 2010 by Canadian UnderwriterPPG has launched a Web-based marketing portal for its PPG collision repair shop customers. The portal, developed in conjunction with Infogroup Inc., will provide MVP collision centers and CertifiedFirst Network participants access to Canadian and U.S. business data, as well…
Canadian results buoy RSA group results in 2010 Q1
May 6, 2010 by Canadian UnderwriterRSA’s group results in 2010 Q1 have been buoyed by RSA Canada’s results, according to an RSA ‘Interim Management Statement’ posted on its Web site.Also, RSA stated its losses due to the Chilean earthquake were estimated to cost about £30…
Nancy McKinstry appointed as ICBC board chairwoman
May 6, 2010 by Canadian UnderwriterNancy McKinstry has been appointed chair of the board of directors of the Insurance Corporation of British Columbia (ICBC).McKinstry received the Order of Canada in 2005. She has served on corporate, university and non-profit boards in recent years, and spent…
Swiss Re anticipates $200-million loss resulting from oil rig explosion
May 6, 2010 by Canadian UnderwriterSwiss Re anticipates $200-million worth of pre-tax losses arising from the explosion of the Deepwater Horizon oil rig in the Gulf of Mexico. In its 2010 Q1 financial statements, the reinsurer said it expects the total insured market loss from…
New Brunswick releases discussion paper on credit scoring, suggests wiggle room in proposed ban on residential property lines
May 6, 2010 by Canadian UnderwriterNew Brunswick’s superintendent of insurance has issued a discussion paper on credit scoring, in which the regulator says the use of credit scoring for underwriting auto insurance should be banned, but it is willing to discuss the appropriateness of applying…
ICLR unveils wildfire resilient home in Alberta
May 5, 2010 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has retrofitted a home in Jasper, Alberta to be wildfire resistant. The Jasper home retrofit includes:• cedar roof shingles replaced with asphalt shingles;• cedar siding replaced by stucco;• coniferous bushes replaced with deciduous…
Aviva Canada puts up $1 million for second round of Aviva Community Fund
May 5, 2010 by Canadian UnderwriterThe Aviva Community Fund competition will return again this year, with Aviva Canada offering $1 million to support community initiatives across Canada. This doubles the company’s $500,000 pledge in 2009.The second installment of the competition will begin in the fall.…
Canada re-introduces auto theft legislation
May 5, 2010 by Canadian UnderwriterCanada’s Department of Justice has re-introduced a bill in the Senate that seeks to create a separate offence for motor vehicle theft and stop the trafficking of property obtained by crime.“Our government is taking action to protect Canadians, their property…
The Co-operators reduces carbon footprint by 12%
May 5, 2010 by Canadian UnderwriterThe Co-operators reduced its carbon footprint by 12% in 2009, compared to 2007 baseline measurements, according to The Co-operators Sustainability Report 2009.After energy assessments at nine of its corporate offices, The Co-Operators implemented a number of energy efficiency improvements. For…
Mild winter boosts Intact’s 2010 Q1 results
May 5, 2010 by Canadian UnderwriterA mild winter and improving market conditions have boosted Intact Financial Corporation’s 2010 Q1 results.The company’s 2010 Q1 profit was $119.7 million, compared to a $36.3-million loss during the same period last year. The company’s combined ratio improved six percentage…
FM Global launches “Risk Improvement” endorsements
May 5, 2010 by Canadian UnderwriterFM Global has introduced Sustainability Select, a two-part coverage endorsement to its all-risk FM Global Advantage Policy.The Risk Improvement Coverage Endorsement allows clients to improve the “risk quality” at the location where the loss occurred, an FM Global release says.…