News
PartnerRe increases profit in 2007 Q2, but non-life net premiums written “flat”
July 23, 2007 by Canadian UnderwriterPartnerRe Ltd. has reported a 2007 Q2 profit of US$105 million, up from a profit of US$77.5 million in 2006 Q2.The global reinsurers 2007 Q2 combined operating ratio was 85.7%, down from the 90.3% it reported in 2006 Q2.Net premiums…
Edmonton fire causes massive property damage
July 23, 2007 by Canadian UnderwriterA fire that ripped through a south Edmonton neighbourhood early Sunday morning could prove to be the largest property loss due to fire in Albertas history, industry experts at the Insurance Bureau of Canada (IBC) estimate.Michael Debolt, IBCs manager of…
What’s New: In Brief (July 20, 2007)
July 20, 2007 by Canadian UnderwriterSwiss Res Industrial Risk Insurer has organized its team to better serve customers property and casualty insurance requirements. The reorganization stems from an announcement made by the organization in April stating its intent to enhance its ability to meet the…
What’s New: In Brief (July 20, 2007)
July 20, 2007 by Canadian UnderwriterThe Autorite des marches financiers (AMF) is launching a penal proceeding in the Court of Quebec in the district of Montreal against Kingsway General Insurance Company.As a licensed insurer, the company faces 12 charges for failing to provide the Groupement…
IBC president and CEO announces retirement
July 19, 2007 by Canadian UnderwriterAfter serving the Canadian property and casualty insurance industry for 32 years, Stanley I. Griffin, president and CEO of the Insurance Bureau of Canada (IBC), has announced he will retire at the end of this year.Griffin joined the IBC in…
Manitoba Public Insurance reports solid Q1
July 19, 2007 by Canadian UnderwriterManitoba Public Insurance has reported a net income of Cdn$64.8 million for 2007 Q1, spurred by a growing vehicle fleet and solid investment income. Earned revenues increased by Cdn$10.5 million over 2006 Q1, due to an increase in number and…
Anti-terrorism legislation puts charity D&Os at risk
July 18, 2007 by Canadian UnderwriterGovernment anti-terrorism regulation targeting purportedly charitable financial transactions which may support terrorist activities subject Canadian charities to stringent regulatory requirements and potentially expose charities directors to personal liability, an Aon Canadian advisory report warns.Potential consequences of anti-terrorism act violations could…
What’s New: In Brief (July 18, 2007)
July 18, 2007 by Canadian UnderwriterZurich has created a mergers and acquisitions (M&A) unit designed to offer customized products and services to help companies manage M&A transaction-related risks. The unit is part of Zurichs Global Corporate business division and currently fully operational in the U.S.worldwide…
What’s New: In Brief (July 17, 2007)
July 17, 2007 by Canadian UnderwriterKroll, a risk consulting company, is combining forces with Direct Marketing Centre Inc. (DMC) to provide Identity Theft Restoration services in Canada. Kroll announced that as part of the strategic alliance, DMC a third-party administrator and solution provider to credit…
What’s New: In Brief (July 17, 2007)
July 17, 2007 by Canadian UnderwriterKroll has announced it is combining forces with Direct Marketing Centre Inc. (DMC) to provide Identity Theft Restoration services in Canada. Kroll (a risk consulting company) announced that as part of the strategic alliance, DMC (a third party administrator and…
What’s New: In Brief (July 17, 2007)
July 17, 2007 by Canadian UnderwriterTransportation Property & Casualty Co., Inc. (TPCC) has been assigned a financial strength rating of A- (Excellent) by A.M. Best & Co.These ratings are the first to be assigned to a Canadian captive insurance company domiciled in Burnaby, British Columbia.…
What’s New: In Brief (July 16, 2007)
July 16, 2007 by Canadian UnderwriterCanada’s first online brokerage EasyInsure.ca launched in April, according to a release. Direct insurance has been sold online quite successfully over the last few years, but the benefits of a brokerage, including the ability to pull rates from several sources,…