News

Weighing in on the Bank Act review debate, the C.D. Howe Institute has just released a study that questions the current prohibition on banks selling most kinds of insurance in their branches.“A few years ago, the case for the prohibition…

The Toronto Insurance Women’s Association (TIWA) has announced it will be hosting its February 2007 Wine and Cheese event at the Metro Toronto Convention Centre in Toronto.The event will take place on Feb. 15, 2007, from 5 p.m. to 8…

RenaissanceRe Holdings Ltd. (NYSE: RNR) has reported a 2006 Q3 profit of US$251.1 million, compared to a net loss in 2005 Q3 of US$287.3 million.“We are very pleased to report another strong quarter with record results,” RenaissanceRe CEO Neill A.…

In compliance with a recent ruling by the Registered Insurance Brokers of Ontario (RIBO), ING Canada is eliminating wording in its Aeroplan marketing materials that RIBO has determined to be an “inducement.” ING Canada recently introduced an Aeroplan program that…

ICBC has reported net income of Cdn$175 million for the first nine months of 2006, compared to Cdn$195 million reported for the same period last year. “Overall, ICBC is in a good financial position,” B.C.’s public insurance body said in…

Echoing a similar trend in Canada, commercial insurance premiums in the United States are declining in 2006 Q3, continuing a phenomenon over the past two quarters, according the quarterly RIMS Benchmark Survey, prepared by the industry analyst Advisen.In the United…

Belfor Holdings Inc. has purchased 100% of Belfor International GmbH, the world’s largest insurance restoration company, from the Haniel Group of Duisburg, Germany.Haniel will retain an interest in the business through its 25% ownership of Belfor Holdings. As part of…

One year after sustaining enormous catastrophe losses, The Allstate Corporation posted a net profit in 2006 Q3 of about US$1.2 billion.That’s compared to a $US1.5-billion loss registered during 2005 Q3, in the wake of Hurricane Katrina’s destruction in New Orleans…

Allianz Group has reported its overall 2006 Q3 net income rose by 100.4%, to EUR1.6 billion (CD$2.29 billion).“Based on preliminary figures, total revenues at EUR22.6 billion (CD$32.39 billion) were slightly down compared to the equivalent previous year’s quarter, but the…

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…

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%,…

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…