News
Kingsway’s Q1 net income tumbles 276%
May 8, 2008 by Canadian UnderwriterKingsway 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…
IBC shuffles its executive staff
May 7, 2008 by Canadian UnderwriterInsurance 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…
Aon sees small growth in Q1 revenue
May 7, 2008 by Canadian UnderwriterAon 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…
AXA reports increased P&C revenues in 2008 Q1
May 7, 2008 by Canadian UnderwriterAXA 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…
What’s New: In Brief (May 07, 2008)
May 7, 2008 by Canadian UnderwriterTerrie-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…
Swiss Re’s Q1 profit dips
May 6, 2008 by Canadian UnderwriterSwiss 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…
What’s New: In Brief (May 06, 2008)
May 6, 2008 by Canadian UnderwriterEchelon General Insurance Co. is underwriting a new insurance program for sheep farmers to better manage risk in case of an outbreak of blue tongue, an insect-borne viral disease of sheep.The Canadian Sheep Federation (CSF) and federal government teamed up…
McDougall Insurance acquires George A. Grant Insurance Brokers
May 6, 2008 by Canadian UnderwriterMcDougall Insurance and Financial, billed as the largest independent insurance broker in eastern Ontario, just got bigger, purchasing Napanee’s largest independent brokerage firm, George A. Grant Insurance Brokers Ltd.“This deal is especially gratifying, because it keeps independent insurance brokers like…
What’s New: In Brief (May 06, 2008)
May 6, 2008 by Canadian UnderwriterThe Standard Insurance Brokers Ltd. intends to acquire Canada Brokerlink’s northwestern Ontario offices in Kenora, Sioux Lookout, Red Lake and Dryden’s Skillen-Squire, as per a letter of intent. The acquisition is subject to certain conditions and the terms of the…
Crawford reports highest quarterly earnings since 2001
May 5, 2008 by Canadian UnderwriterCrawford & Company (NYSE: CRDA and CRDB) reported a 2008 Q1 net income of US$9.1 million, an increase of US$5.8 million over the same period of last year.The company’s U.S. property and casualty operations reported revenues of US$49.5 million in…
Co-Operators reports increase in profit, loss ratio and combined ratio
May 5, 2008 by Canadian UnderwriterCo-Operators General Insurance Company reported a 2008 Q1 net income of Cdn$10.5 million, an increase of Cdn$2.3 million over the same period of last year.Net earned premium for 2008 Q1 was Cdn$484.2 million, an increase from 2007 Q1’s Cdn$462.4 million,…
New Brunswick launches emergency recovery program for non-insured flood losses
May 5, 2008 by Canadian UnderwriterThe Government of New Brunswick has launched a detailed recovery program for victims of recent flooding along the St. John River system.“This comprehensive program will help New Brunswickers recover from flood damage and return to their way of life as…