News

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…

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…

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…

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…

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…