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What’s New: In Brief (April 24, 2007)

April 24, 2007 by Canadian Underwriter

Policy Works Inc. has announced the launch of its Certified Data-Exchange Partner Program, designed to recognize insurers who have worked in partnership with Policy Works Inc. to ensure accurate transfer of commercial lines information. The program focuses on three key…

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IIHS report finds declining average number of driver deaths

April 23, 2007 by Canadian Underwriter

In a recent Insurance Institute for Highway Safety (IIHS) study examining the rates of driver deaths in collisions, Chevrolet models hold both the top spot for highest and lowest death rates.The lowest death rate among more than 200 vehicles is…

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Chubb reports 2007 Q1 income increase

April 23, 2007 by Canadian Underwriter

The Chubb Corporation [NYSE: CB] reported 2007 Q1 income of US$710 million, compared to a 2006 Q1 income of US$672 million.Net written premiums for 2007 Q1 declined 2%, to US$2.9 billion. Premiums for the insurance business increased 1%; they decreased…

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Aviva shuffles executive, Canadian CEO joins Norwich Union

April 23, 2007 by Canadian Underwriter

Aviva plc has announced a major shuffle of its executive team that will see Igal Mayer, currently chief executive of Aviva Canada, become chief executive of Norwich Union General Insurance.Andrew Moss, currently the group finance officer, has been promoted to…

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S&P’s raises Lloyd’s financial strength rating to ‘A+’

April 23, 2007 by Canadian Underwriter

Standard & Poor’s Ratings Services increased its financial strength rating on the U.K.-based Lloyd’s insurance market (Lloyd’s or the Market) to ‘A+’ from ‘A.’ At the same time, Standard & Poor’s raised its counterparty credit rating on The Society of…

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What’s New: In Brief (April 20, 2007)

April 20, 2007 by Canadian Underwriter

Canadian Western Trust (CWT), the parent company of Canadian Direct Insurance Incorporated, is celebrating its 20th anniversary, with the last decade marking a tenfold growth and $3.6 billion total. It is truly gratifying to have earned the recognition and confidence…

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Tritech launches Web portal for improving document storage

April 20, 2007 by Canadian Underwriter

Tritech has just enhanced its enterprise wide solution, GIMS (General Insurance Management System), to include a Web Reporting Portal. Insurers ability to generate data and report on it is increasing by the week, announced Tritech, a Toronto-based firm that has…

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Brokerage stocks soar amidst takeover rumours

April 20, 2007 by Canadian Underwriter

Brokerage stocks for the week ending April 19 climbed by more than 4% on A.M. Best’s Global Insurance Composite, to close the period as the biggest gainer among the sector specific and regional indexes. Closing the week up 1.15%, this…

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What’s New: In Brief (April 20, 2007)

April 20, 2007 by Canadian Underwriter

The Women in Cancer Crusade (WICC) Alberta chapter is rallying around its Fifth Annual WICC Day, to be held May 1, 2007.Your generosity in supporting WICC has resulted in contributions of more than Cdn$525,000 to the Alberta division of the…

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Manitoba car thieves to be fitted with GPS tracking devices

April 19, 2007 by Canadian Underwriter

Twenty Manitoba car thieves will be fitted with GPS tracking devices in the fall as part of a one-year pilot project to fight auto theft, the CBC reported on its Web site.Under the program, the highest-risk repeat offenders will wear…

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Canadian reinsurance market sees drop in cession rates

April 19, 2007 by Canadian Underwriter

The Canadian reinsurance market has been impacted by a decrease in cession rates, and now there is a need for sustainability to combat the volatile underwriting results, Jean-Jacques Henchoz, president and CEO of Swiss Reinsurance Company of Canada, told attendants…

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Canadian insurance insolvencies on the rise

April 19, 2007 by Canadian Underwriter

The costs of insurance insolvency in Canada have been substantially lower than most countries, but the insolvency of insurance companies in this country has been on the rise over the past few decades, according to a report by the Property…