News
ING Canada reports 2006 Q4 earnings of $109.4 million
February 15, 2007 by Canadian UnderwriterING Canada Inc. reported net income of Cdn$109.4 million for the quarter ended Dec. 31, 2006, down from Cdn$196.9 million reported in the same quarter last year.The company says the drop in net income was driven by lower underwriting income,…
State Farm Insurance will stop writing new policies for Mississippi
February 15, 2007 by Canadian UnderwriterCiting uncertainties in the Mississippi legal and business environments, State Farm Senior Vice President Bob Trippel recently told Mississippi’s Commissioner of Insurance George Dale that State Farm Fire and Casualty Company will suspend writing new homeowners and commercial property insurance…
What’s New: In Brief (February 14, 2007)
February 14, 2007 by Canadian UnderwriterNancy Ng has been appointed manager of insurance services at PPG Canada Inc.PPG Industries is a diversified manufacturer that supplies vehicle-related products and services around the world. In addition, PPG’s Lynx Services provides claims management solutions and handles more than…
Manulife reports 2006 Q4 earnings of $3.9 billion
February 14, 2007 by Canadian UnderwriterManulife Financial Corporation reported shareholders’ net income of $3.9 billion for 2006, an increase of 21% over the full year 2005. “The strong organic growth across all of our operations is encouraging and contributed to another year of record earnings,”…
Marsh & McLennan report 500% increase in profit
February 14, 2007 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported a hefty 2006 Q4 profit of US$226 million, an increase of more than 500% over 2005’s final quarter.Full-year consolidated net income was US$990 million, compared with US$404 million in 2005.Risk and insurance services…
Hub to acquire large Lousisiana-based insurance agency
February 14, 2007 by Canadian UnderwriterHub International Limited has agreed to acquire substantially all of the assets of one of the largest Louisiana-based insurance brokers, Hibernia Insurance Agency, L.L.C., according to a press release.Hibernia Insurance, an $18 million revenue brokerage firm, will become a new…
Quantify risk first, before considering captives
February 13, 2007 by Canadian UnderwriterInsureds need to quantify their catastrophe risks as accurately as possible first, before considering whether a captive is an appropriate financial tool for managing those risks, according to Kate Westover, the vice president of the Vermont-based alternative risk financing organization,…
Swiss Re’s non-life insurance portfolio swells as result of acquisition
February 13, 2007 by Canadian UnderwriterSwiss Re’s non-life insurance portfolio has grown by 14% as a result of renewals of business acquired through the purchase of Insurance Solutions. The increase works out to CHF1.3 billion [approximately CDN$1.215 billion].The January renewal season accounts for 67% of…
What’s new: In brief (February 13, 2007)
February 13, 2007 by Canadian UnderwriterIBC’s unique driver distraction simulator, D.U.M.B.Car (Distractions Undermining Motorist Behaviour) will provide a reality check for Canadian at Canadian International AutoShow.Driver distraction has become one of the most serious road safety issues in Canada today. According to a recent poll…
Willis draws on earth simulator to better handle catastrophes
February 13, 2007 by Canadian UnderwriterIn order to help insurers understand the frequency and severity of natural catastrophes, Willis Research Network has joined forces with internationally renowned universities in a research program on climate simulations at the NEC Earth Simulator in Yokohama, Japan. The research…
A.M. Best warns that 2007 may be ‘Year of the Regulator’
February 12, 2007 by Canadian UnderwriterIn an analysis piece, A.M. Best says it’s possible “the global insurance market will one day come to recognize 2007 as the ‘Year of the Regulator.'”A.M. Best says recent political events in the United Kingdom and the United States are…
Crawford reports Q4 results
February 12, 2007 by Canadian UnderwriterCrawford & Company has reported a 2006 Q4 loss of US$1.3 million, compared with a profit of US$6.0 million in 2005 Q4.Net income for the 2006 year was US$15 million, compared with US$12.9 million reported in 2005. The net loss…