News
Zurich’s Q3 profit drops on investments
November 18, 2008 by Canadian Underwriter*** CLARIFICATION/CORRECTION*** This item clarifies and corrects information contained in an item posted on Nov. 14. Zurich Financial Services has posted a Q3 net income after tax of US$154 million, marking a dramatic drop from the profit of US$1.5 billion…
CCIR misses opportunity to license incidental sellers of insurance: IBAC
November 17, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) says the Canadian Council of Insurance Regulators (CCIR) has “missed an opportunity” to implement a new licensing regime for sellers of incidental insurance products.The national insurance market conduct regulator has just released its…
Brokers losing competition with directs in advertising spending
November 17, 2008 by Canadian UnderwriterIn terms of total revenue dollars, the amount independent brokers are investing in advertising is roughly half of that needed in order to compete with direct writers, said Randy Carroll, president and CEO of the Insurance Brokers Association of Ontario.…
Capital markets, bad weather bite into Desjardins’ 2008 Q3 profits
November 17, 2008 by Canadian UnderwriterDesjardins Group reported a 2008 Q3 profit of Cdn$149 million, down Cdn$99 million or 39.9% from the corresponding quarter last year. The company’s quarterly return on equity (ROE) fell to 6.2% compared to 11.0% in 2007 Q3.“These results reflect the…
‘Evaluative’ mediators may reach agreements quicker than traditional ‘facilitative’ mediators
November 14, 2008 by Canadian UnderwriterIn insurance mediation, there are two different styles of mediators: facilitative and evaluative, and choosing the proper style could affect the timeliness of an agreement, Michael T.J. McGoey, defence counsel, Hughes Amys, told delegates at The Arc Group Canada’s third…
Paris Re reports first quarterly loss in company’s history
November 14, 2008 by Canadian UnderwriterParis Re Holdings Limited reported a net operating loss of US$53.7 million for 2008 Q3, compared to a net operating income of US$90.0 million in 2007 Q3.The combined ratio was 135.1% for 2008 Q3, compared to 88.8% quarter-over-quarter.The combined ratio…
Most people fail in key negotiation technique; Arc delegates told
November 14, 2008 by Canadian UnderwriterListening is key in the art of negotiation and a technique most people fail to adhere to, Gordon Kirke, lawyer, principal KSR Sports Representatives Inc., told delegates at the third annual Arc Group Seminar in Toronto on Thursday. Kirke spoke…
ICBC sees dip in profits due to investment losses
November 13, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) reported a profit of Cdn$437 million for the first nine months of 2008, 15% lower than for the same period last year of Cdn$513 million.”This decrease is largely the result of a decline…
What’s New: In Brief (November 13, 2008)
November 13, 2008 by Canadian UnderwriterInsurance Bureau of Canada (IBC) is warning that the Canadian insurance industry may be the target of a national telephone fraud scam.The caller claims to be from the policyholder’s insurance company and demands the immediate payment, by credit card, of…
Kingsway minority shareholder seeks ouster of board members
November 13, 2008 by Canadian UnderwriterAfter buying up shares in Kingsway Financial Services, a New York-based money management firm, The Stilwell Group, has served a requisition for a special shareholders meeting to replace two of Kingsway’s current board of directors, president and CEO Shaun W.…
A.M. Best assigns negative outlook to AIG’s Canadian subsidiaries
November 13, 2008 by Canadian UnderwriterA.M. Best has affirmed the financial strength ratings of ‘A’ for the Canadian property and casualty subsidiaries of American International Group, although the ratings have still been assigned a negative outlook.This concludes a review with negative implications. “A.M. Best’s removal…
ING Canada in a good financial position to expand through acquisition: CEO
November 12, 2008 by Canadian UnderwriterING Canada Inc. appears ready to play ‘Let’s Make a Deal,’ telling Reuters’ news service that it is in a good financial position to expand its business through an acquisition.“From an operating point of view and an ability to integrate,…