News
What’s New: In Brief (November 20, 2007)
November 20, 2007 by Canadian UnderwriterGore Mutual Insurance Companys Gore Mutual Foundation donated in late October a total of more than Cdn$100,000 to 12 local charities.The charities included: United Way of Cambridge & North Dumfries; KidsAbility Foundation; Cambridge Shelter Corporation; Cambridge and District Humane Society;…
XL Insurance purchases Global Asset Protection Services (GAPS)
November 20, 2007 by Canadian UnderwriterXL Insurance, the global insurance operation of XL Capital Ltd (NYSE: XL), has reached an agreement with Swiss Re to purchase Global Asset Protection Services LLC (GAPS), a loss prevention consulting service provider. The transaction is expected to be completed…
Swiss Re reports CHF$1.2-billion hit arising from subprime fallout
November 19, 2007 by Canadian UnderwriterSwiss Re has reported a CHF1.2-billion, pre-tax, mark-to-market loss (about Cdn$1.058 billion) resulting from the U.S. subprime mortgage fallout.The reinsurer made its announcement following completion of its 2007 Q3 performance report.Swiss Re reported the loss came as a result of…
A.M. Best seeks comment on plans to rate Takaful insurers
November 19, 2007 by Canadian UnderwriterA.M. Best is seeking public comment on its plans to rate and assess Takaful insurance companies, which operate in compliance with Islamic Sharia principles.In its report, Draft: Takaful (Sharia Compliant) Insurance Companies, A.M. Best notes that Takaful insuranceis clearly on…
Insurers predicted to increase outsourcing of the management of investment assets
November 19, 2007 by Canadian UnderwriterExpect more insurance companies to join the global wave of outsourcing of the management of general account investment assets, up to the tune of US$1.9 trillion by 2011, according to the asset management firm State Street.According to a study cited…
What’s New: In Brief (November 19, 2007)
November 19, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) is supplying 4,000 magenta blankets featuring the BIP logo to patrols across Canada, part of a new partnership with the Canadian Ski Patrol System (CSPS). The BIP logo – or the logo promoting…
What’s New: In Brief (November 16, 2007)
November 16, 2007 by Canadian UnderwriterBUS Systems Inc. announced today the departure of Daniel Fauteux, vice president, business development of the company.As the founder and a major shareholder of the Company, Daniel remains committed to BUS’s success, and we wish him all the best in…
Zurich reports net income of US$4.2 billion (November 16, 2007)
November 16, 2007 by Canadian UnderwriterZurich Financial Services Group has reported a net income of US$4.2 billion for the first nine months of 2007, marking an increase of 25% over the same period of 2006. The company reported and an annualized return on equity of…
Municipal critical infrastructure assurance plan places focus on services
November 16, 2007 by Canadian UnderwriterThe City of Hamilton and the Niagara Region are proposing a joint Critical Infrastructure Assurance Program (CIAP) that, if approved by city officials, would be the first of its kind in Canada, Richard Kinchlea, emergency management coordinator, City of Hamilton,…
AMF levies fine against Richard Langevin Assurances Ltee.
November 16, 2007 by Canadian UnderwriterThe Autorit des marches financiers (AMF) handed a $5,000 fine against Richard Langevin Assurances Lte under section 115 of the Act respecting the distribution of financial products and services.The firm is also required to produce, to the AMFs satisfaction, details…
Desjardins General Insurance Group reports 2007 Q3 gains
November 15, 2007 by Canadian UnderwriterDespite reporting gains in its general insurance operations, Desjardins Group, an integrated cooperative financial group, recorded combined surplus earnings in 2007 Q3 of Cdn$248 million, down Cdn$80 million or 24.4% from the same quarter of 2006. This decrease was primarily…
E-L Financial reports 74% decrease in 2007 Q3 profits
November 15, 2007 by Canadian UnderwriterE-L Financial Corporation Limited, parent company of the Dominion of Canada General Insurance Company, has reported a 74% decrease in 2007 Q3 profits over the same period last year.The company posted a net income of Cdn$20.3 million for 2007 Q3,…