News
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…
CNA Financial Corp. reports 2006 profit of US$329 million.
February 12, 2007 by Canadian UnderwriterCNA Financial Corporation (NYSE:CNA) announced a 2006 Q4 profit of US$329 million and a net income of US$1.1 billion throughout 2006.The Q4 income marks an increase of US$546 million as compared with the same period in 2005. Net income for…
Scor Reinsurance reports 10% increase in global premium income
February 12, 2007 by Canadian UnderwriterScor records an increase of around 10% in worldwide premium income for non-life reinsurance renewed at 1 January 2007, according to a press release.Property and casualty reinsurance renewals at 1 January 2007 were conducted in full accordance with the underwriting…
FSCO to review industry’s adoption of CCIR principles
February 9, 2007 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has served notice of its intention in 2007 to “review the use” by insurers, agents and brokers of CCIR [Canadian Council of Insurance Regulators] principles related to the disclosure of potential conflicts of…
AON releases 2006 financial results
February 9, 2007 by Canadian UnderwriterAON Corporation (NYSE: AOC) has reported a 2006 Q4 profit of US$224 million, compared with a 2005 Q4 net income of US$224 million.Throughout all of 2006, AON reported a net income of US$721 million, compared to a reported net income…
What’s new: In brief (February 09, 2007)
February 9, 2007 by Canadian UnderwriterWillis Group Holdings shared its experience of transparency at a public hearing in Brussels recently on business insurance that was hosted by the European Commission (EC).At the public panel discussions, the EC presented the preliminary findings of a Europe-wide Sector…
What’s New: In Brief (February 09, 2007)
February 9, 2007 by Canadian UnderwriterInsurers have handled more than 1,000 claims with property/casualty losses estimated at US$68 million in the week following a string of 7 tornadoes that struck Florida last week, reported A.M. Best.Michal Connolly, a spokesperson for State Farm Florida Insurance Co.,…
BC adopts home warranty insurance product procedures
February 8, 2007 by Canadian UnderwriterThe Insurance Council of British Columbia (Council) decided to proceed with the implementation of recommendations for the distribution of home warranty insurance products as they were originally published.In 2006 the Council requested industry feedback on the proposed changes.Five issues were…
Kingsway net income for 2006
February 8, 2007 by Canadian UnderwriterKingsway Financial Services recently announced a US$123.3 million net income for 2006.Net income in the quarter was $16.8 million (C$19.2 million), compared to $35.9 million (C$42.1 million) in the fourth quarter of last year. Net income for 2006 was $123.3…
Lack of cats lead to dramatic drop in demand for independent adjusters
February 8, 2007 by Canadian UnderwriterThe quiet 2006 hurricane season in the United States has lead to a plummeting demand for independent adjusters, reports A.M. Best.December’s nonfarm payroll report released by The Bureau of Labor Statistics showed a 6.9% decrease in claims adjusting jobs in…
Willis Group Holdings posts 2006 profit of US$449 million
February 8, 2007 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings Limited (NYSE: WSH) has reported a 2006 Q4 net income of US$148 million, compared with a 2005 Q4 net income of US$55 million.Throughout all of 2006, Willis reported a net income of US$449 million,…
IBC provides $500,000 for research into building safer homes
February 7, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is providing Cdn$500,000 to support a unique facility at the University of Western Ontario called The Insurance Research Lab for Better Homes.Formerly known as the Three Little Pigs project, the facility is a typical…