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U.S. gaining ground in competition for captive domiciles

November 5, 2009 by Canadian Underwriter

Bermuda and the Cayman Islands are still the top two places to domicile insurance captives, but the United States is supplying some stiff competition — to the point where some say Bermuda is losing its status as a growth centre…

News Insurance

Zurich reports 490% increase in Q3 net income

November 5, 2009 by Canadian Underwriter

Zurich Financial Services has posted a discrete Q3 net income of US$909 million, a 490% increase over 2008 Q3. The company reported a net income of US$2.2 billion for the first nine months of 2009. Net earned premiums and policy…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (November 04, 2009)

November 4, 2009 by Canadian Underwriter

Carstar Automotive Canada Inc. has opened two new locations — one in Montreal-North, Que. and one in Kelowna, B.C.Carstar Montréal Avenue Lausanne, located at 9934 Lausanne, is operated by Andrew Almeida and his business partner Angelo Ventola. CARSTAR Kelowna, located…

News Insurance

Swiss Re reports dramatic improvement in Q3 results

November 4, 2009 by Canadian Underwriter

Swiss Re reported net income of CHF 334 million (about Cdn$349.2 million) for 2009 Q3, marking an improvement from 2008 Q3’s net loss of CHF 304 million (about Cdn$301 million). The reinsurer’s property and casualty businesses combined ratio improved to…

News AssociationsInsuranceMergers and Aqcuisitions

Insurance industry responds favourably to Ontario auto reforms

November 3, 2009 by Canadian Underwriter

Canadian insurers and insurance brokers have responded favourably to the auto insurance reform package introduced by the Ontario government on Nov. 2, 2009.Insurance Bureau of Canada (IBC) said the government’s reforms to the Ontario auto insurance system “address affordability of…

News Insurance

What’s New: In Brief (November 03, 2009)

November 3, 2009 by Canadian Underwriter

Nineteen insurance companies representing the majority (55%) of market share currently use credit-based insurance scores, according to a 2009 survey completed for the Canadian Council of Insurance Regulators (CCIR).  The survey also found that six companies, representing a further 6%…

News InsuranceMergers and Aqcuisitions

Bad driving could be in the genes

November 3, 2009 by Canadian Underwriter

Genetics might be to blame for poor driving, according to a new study from the University of California Irvine. People with a gene variant performed 20% worse on a driving test than those without the variant, neuroscientists at the University…

News AssociationsInsuranceMergers and Aqcuisitions

What’s New: In Brief (November 03, 2009)

November 3, 2009 by Canadian Underwriter

No processing issues have arisen after five weeks of active participation in the Health Claims for Auto Insurance (HCAI) pilot phase.Two insurers, Gore Mutual and State Farm Mutual Auto, and nine health care facilities began their participation in this voluntary…

News InsuranceMergers and Aqcuisitions

Ontario follows FSCO’s lead on auto reform, waters down proposed cap on non-catastrophic injuries

November 2, 2009 by Canadian Underwriter

Ontario’s long-awaited reforms to the auto insurance product follow closely along the lines of what the Financial Services Commission of Ontario (FSCO) recommended in March 2009, except on one major point important to insurers — FSCO’s proposed cap on medical/rehab…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (November 02, 2009)

November 2, 2009 by Canadian Underwriter

Aon reported a net income attributable to stockholders of US$120 million for 2009 Q3 as compared to US$117 million for 2008 Q3. Total operating expenses for the third quarter were similar to the same quarter in 2008 at US$1.6 billion,…

News Climate ChangeInsurance

Swiss Re calls for country risk officers to coordinate international responses to risk

November 2, 2009 by Canadian Underwriter

In response to risks that span across geo-political boundaries — climate change, global economic recession, political risks, etc. — Swiss Re is calling for the establishment of ‘country risk managers’ to help prioritize and co-ordinate holistic risk management approaches.Country risk…

News InsuranceMergers and Aqcuisitions

Co-Operators cite increase in claims costs for dramatic drop in Q3 net income

November 2, 2009 by Canadian Underwriter

Co-Operators General Insurance Company announced a net loss of Cdn$16.1 million for 2009 Q3, compared to a net profit of Cdn$22.2 million for the same quarter in 2008.The combined ratio for the quarter was 113.2%, compared to 103.5% in 2008…