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AIG’s Q1 income hit by weak US housing market and credit market

May 9, 2008 by Canadian Underwriter

American International Group Inc. (AIG) incurred a net loss of US$7.81 billion for 2008 Q1, a dramatic decrease from 2007 Q1’s net income of US$4.13 billion. The company attributes the loss to the continuation of the weak U.S. housing market,…

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What’s New: In Brief (May 09, 2008)

May 9, 2008 by Canadian Underwriter

Western Financial Group (TSX: WES) reported a 12.1% decrease in its Q1 operating income, from Cdn$4.38 million in 2007 to Cdn$3.85 million in 2008.In a consolidated statement of income, it reported an increased in premium income from Cdn$6.25 million in…

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Injury constitutes an accident, Office of the Director of Arbitrations rules

May 9, 2008 by Canadian Underwriter

Ontario’s Office of the Director of Arbitrations has dismissed an appeal of an arbitrator’s decision that an injury incurred when stepping off of a public transit bus did constitute an “accident” as defined in s. 2(1) of the SABS-1996.In TTC…

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MMC’s Q1 profit takes US$478 million hit

May 9, 2008 by Canadian Underwriter

***CORRECTION: This news item contains a correction of a news item posted on May 8, 2008. Marsh & McLennan Companies Inc. (MMC) has reported a US$210 million loss in Q1, a dramatic drop from 2007 Q1’s profit of US$268 million.“In…

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ICBC sees slight decrease in Q1 income

May 8, 2008 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) has reported a net income for 2008 Q1 of Cdn$102 million, down slightly from Cdn$111 million for 2007 Q1.“ICBC’s strong financial results this quarter are the result of better-than-expected investment income and continued…

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (May 08, 2008)

May 8, 2008 by Canadian Underwriter

More than 700 collision shops have made the transition to Envirobase High Performance and Aquabase Plus waterborne basecoats in anticipation of new air quality regulations in Canada and California. To help assure shops make the conversion smoothly, PPG initiated a…

News InsuranceMergers and Aqcuisitions

Kingsway’s Q1 net income tumbles 276%

May 8, 2008 by Canadian Underwriter

Kingsway Financial Services Inc. has reported a US$34.4 million loss for 2008 Q1, marking a 276% drop over 2007 Q1’s profit of US$19.6 million.The company also saw a 234% increase in its underwriting losses quarter-over-quarter, from a loss of US$20.7…

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IBC shuffles its executive staff

May 7, 2008 by Canadian Underwriter

Insurance Bureau of Canada (IBC) has appointed Don Forgeron as vice-president, Ontario and Barb Sulzenko-Laurie as its new vice-president of policy.Jane Voll, the IBC’s immediate past vice-president of policy, becomes special advisor to the president in order to complete the…

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Aon sees small growth in Q1 revenue

May 7, 2008 by Canadian Underwriter

Aon Corporation (NYSE: AOC) reported a 2008 Q1 profit of US$218 million, marking a 2% increase over the same period of last year.The company’s Risk and Insurance Brokerage Services revenue increased 9% compared to the prior-year quarter, according to a…

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AXA reports increased P&C revenues in 2008 Q1

May 7, 2008 by Canadian Underwriter

AXA reported its 2008 Q1 property and casualty revenues increased by 2% to EUR8.885 million (Cdn$13.74 billion), up from EUR8.625 billion (Cdn$13.33 billion) in 2007 Q1.“This solid performance resulted from positive new business volumes with personal motor and household net…

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What’s New: In Brief (May 07, 2008)

May 7, 2008 by Canadian Underwriter

Terrie-Lynne Devonish, chief counsel for Aon Canada, was recognized as one of Canada’s Top 40 Under 40. The program, managed by The Caldwell Partners, recognizes Canada’s best and brightest through the prestigious national award. The program honours 40 Canadians in…

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Swiss Re’s Q1 profit dips

May 6, 2008 by Canadian Underwriter

Swiss Re reported a net income of CHF624 million (approx. Cdn$594 million) for 2008 Q1, a decrease of 53% over last year’s first quarter.“The reduction was attributable to the continuing turmoil in the financial markets and the resulting additional market-to-market…