News
Aon amalgamates risk and insurance brokerage operations
February 8, 2008 by Canadian UnderwriterAon Corporation is integrating its worldwide risk and insurance brokerage operations into a single global business, Aon Risk Services, with more than 26,000 colleagues in 120 countries and more than US$5 billion in revenues.“Everything we do is based on helping…
Financial forecasting off by average of 13%, KPMG finds
February 8, 2008 by Canadian UnderwriterIn a study that might be of interest to D&O insurers, KPMG and the Economist Intelligence Unit have co-authored a report, ‘Forecasting with Confidence,’ which notes that “although organizations invest significant time and effort in this important task [of financial…
Study shows jurors believe terrorist attacks foreseeable
February 8, 2008 by Canadian UnderwriterStudies on potential jurors have revealed some predisposition to the belief that all terror attacks in certain high-risk venues are predictable, regardless of the preventative measures taken or the lack of specific information available in advance of the attack, reports…
Winmar joins forces with LM Group of Companies
February 7, 2008 by Canadian UnderwriterWinmar Corporate has announced the sale of Winmar Toronto to Luis Salazar, president of LM Group of Companies (LMGP), David Machado, president of Winmar Brampton, and Jad Stammers and Mario Muscat.This strategic alliance brings Winmar together with LMGP, a supplier…
RenaissanceRe showing decreased profits in 2007 Q4
February 7, 2008 by Canadian UnderwriterRenaissanceRe Holdings Ltd. has reported US$62.2 million in 2007 Q4 net income, compared to of US$201.1 million in 2006 Q4.The company generated an operating return on average common equity of 26.1% for 2007 Q4, compared to 33.3% in 2006 Q4.…
Willis reports drop in 2007 profit
February 7, 2008 by Canadian UnderwriterWillis Group Holdings Ltd. reported a profit of US$409 million for 2007, compared to US$449 million over the prior year.The net income for 2007 Q4 was US$95 million, a decrease from 2006 Q4, in which the company reported a net…
What’s New: In Brief (February 07, 2008)
February 7, 2008 by Canadian UnderwriterThe Toronto Insurance Women’s Association (TIWA) will be adding an extra splash of red and white to this year’s Valentine’s Day celebrations when it hosts its annual wine and cheese reception on Feb. 14, 2008. Guests will indulge in fine…
All quiet on D&O, E&O fronts despite subprime storm
February 6, 2008 by Canadian UnderwriterThe crisis in the subprime mortgage market has had little impact on availability, cost or policy conditions of directors’ and officers’ liability (D&O) and errors and omissions (E&O) policies, according to research by Advisen Ltd.Based on a survey of 110…
XL Capital reports net loss
February 6, 2008 by Canadian UnderwriterXL Capital Ltd has reported a net loss of US$1.06 billion for 2007 Q4. It reported a net income of US$471.1 million for 2006 Q4. Net income excluding net realized gains and losses 2007 Q4 was US$117.1 million, as compared…
UK floods impact higher than expected
February 6, 2008 by Canadian UnderwriterAviva plc has reported total sales growth of 25% in 2007 to 38.6 billion (approximately Cdn$56.7 billion). Damage losses arising from the floods in the United Kingdom during June and July were originally estimated to be 340 million (approximately Cdn$500…
Soft market could be around until 2010
February 6, 2008 by Canadian UnderwriterNorth American and Bermuda reinsurers have authorized substantially more capital for the insurance market in 2008 than in 2007, meaning the current soft market could continue well into 2010, Guy Carpenter & Company LLC predicts.Kevin Stokes, the global leader of…
Partner Re’s profit down slightly in 2007
February 5, 2008 by Canadian UnderwriterPartnerRe Ltd. has reported a net income of US$180.6 million for 2007 Q4, down from US$242.7 million in 2006 Q4.Over the entire year of 2007, the company reported a profit of US $717.8 million, which is down slightly from the…