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Fairfax reports 2006 Q3 net loss of US$359.2 million

November 3, 2006 by Canadian Underwriter

Fairfax Financial Holdings Limited (TSX and NYSE: FFH) has announced a net loss of US$359.2 million for 2006 Q3, and net earnings of US$68.4 million for the first nine months of 2006. The combined ratios of the company’s insurance and…

News Insurance

Kingsway’s Q3 profits increase 19%

November 2, 2006 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) announced that its third-quarter net income has increased 19% over the past year — from US$31.3 million in 2005 Q3 to US$37.4 million in 2006 Q3.In addition, the company’s combined ratio improved to 97.2%,…

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Pricing discipline must be priority for insurers’ risk managers

November 2, 2006 by Canadian Underwriter

Achieving price discipline and not preparing for catastrophes should be the primary focus for insurers and reinsurers when considering their own risk management practices, Aon Re Services president Bryon G. Ehrhart told the Aon Re Canada’s Rendezvous 2006 in Mississauga.Ehrhart…

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S&P’s assigns ‘BBB+’ rating to PartnerRe stock issuance

November 2, 2006 by Canadian Underwriter

Standard & Poor’s Ratings Services assigned its ‘BBB+’ preferred stock rating to PartnerRe Ltd.’s (NYSE:PRE) issuance of US$250 million in junior subordinated capital efficient notes due in 2066.At the same time, Standard & Poor’s affirmed its ‘A’ counterparty credit rating…

News InsuranceMergers and Aqcuisitions

Aon 2006 Q3 profit down; organic revenue growth up

November 2, 2006 by Canadian Underwriter

Aon Corporation (NYSE: AOC) has reported a 2006 Q3 net income of US$106 million, compared to $122 million during the same period last year.The company’s risk and insurance brokerage services revenue increased 5%, to US$1.3 billion, with organic revenue growth…

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Lloyd’s warns: Don’t sacrifice underwriting discipline for diversity

November 1, 2006 by Canadian Underwriter

Lloyd’s franchise performance director, Rolf Tolle, has warned underwriters not to sacrifice underwriting discipline in the drive for portfolio diversity.Tolle was interviewed prior to his appearance at an annual meeting. His remarks were posted on Lloyd’s Web site.In his posted…

News Insurance

Marsh 2006 Q3 profits skyrocket

November 1, 2006 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) has reported its 2006 Q3 consolidated net income more than doubled, from US$69 million last year to US$176 million in 2006. In addition, consolidated revenues for 2006 Q3 stood at US$2.9 billion, an increase…

News InsuranceMergers and Aqcuisitions

New Brunswick seeks changes to auto insurance; appoints negotiator

November 1, 2006 by Canadian Underwriter

The Government of New Brunswick is negotiating with the province’s insurance industry to seek “the elimination of existing [auto insurance-related] territories and the elimination of discrimination based on gender when evaluating consumer risk,” according to a recent press release.The government…

News InsuranceMergers and Aqcuisitions

Crawford & Company buys Broadspire Services for US$150 million

November 1, 2006 by Canadian Underwriter

Crawford & Company (NYSE: CRDA; CRDB) has finalized its US$150-million acquisition of Platinum Equity’s portfolio company, Broadspire Services Inc., a third-party administrator offering an integrated platform of casualty claim and medical management services.The acquisition is anticipated to more than double…

News Climate ChangeInsuranceMergers and Aqcuisitions

Manitoba Public Insurance prepares children for Hallowe’en

October 31, 2006 by Canadian Underwriter

Manitoba Public Insurance (MPI) is helping trick-or-treaters stay visible by distributing 120,000 light-up devices to schools across the province.The safety flashers/whistles can be hung around the necks of children, or easily attached to jackets or backpacks, so children can “light…

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s New: In Brief (October 31, 2006)

October 31, 2006 by Canadian Underwriter

The SCOR group has received the approval of the China Insurance Regulatory Commission (CIRC) for a reinsurance licence in China.The license will enable SCOR to open a branch in Beijing for the purpose of conducting property & casualty reinsurance transactions.The…

News InsuranceMergers and Aqcuisitions

Western Financial acquires part ownership in Manitoba broker HED

October 31, 2006 by Canadian Underwriter

Western Financial Group has acquired a 25% initial interest in Hayhurst Elias Dudek Inc. (HED), the largest independent insurance broker/administrator in Manitoba.HED is one of the largest independently owned insurance brokers in Canada, with approximately 190 employees nationwide. HED’s head…