News
Strong growth forecast for Aviva
October 26, 2006 by Canadian UnderwriterAviva plc has achieved strong growth in its new business while sustaining the profitability of its sales, according to group chief executive Richard Harvey. “This result proves the competitive advantage we’re building through our worldwide business model and demonstrates Aviva’s…
Bermuda reinsurers Q3 results up
October 26, 2006 by Canadian UnderwriterBermuda-based reinsurers Montpelier Re Holdings Ltd. And Endurance Specialty Holdings Inc. have both experienced increases in their net income for the third quarter of 2006.Montpelier Re’s net income for Q3 of 2006 is US$180.7 compared to a net loss of…
SCM acquires adjusting firm
October 25, 2006 by Canadian UnderwriterSCM Adjusters Canada Ltd. recently concluded an acquisition agreement with Pritchard, Woodall & Associates.The acquisition became effective as of October 1, 2006.Pritchard, Woodall & Associates has a “solid reputation” within the adjusting industry and SCM says the Company is well…
Auto Theft ring busted by joint IBC, government project
October 25, 2006 by Canadian UnderwriterThe Ontario Provincial Auto Theft Team received congratulations from the Insurance Bureau of Canada (IBC) on its involvement in Project Eastbound and the resulting bust of an inter-provincial auto theft ring that recovered CD$6million in high end vehicles.“Auto theft is…
Canadian law association supports insurance and risk management industry
October 25, 2006 by Canadian UnderwriterThe firm of Hughes Amys LLP has joined seven law firms from coast to coast to form the ARC Group Canada Inc.The ARC Group is a network of independent law firms across Canada focusing on the areas of insurance law…
York Fire & Casualty branded by IBAC
October 25, 2006 by Canadian UnderwriterThe York Fire & Casualty Insurance Company recently joined the Insurance Brokers Association of Canada (IBAC)’s branding campaign, which demonstrate the company’s commitment to Canadian insurance brokers, according to IBAC.As a Full Partner in IBAC’s branding campaign, IBAC CEO Dan…
Ontario auto rate decreases tapering off in 2006 Q3
October 24, 2006 by Canadian UnderwriterOntario has approved an average rate decrease of 0.46% for private passenger auto insurance during the third quarter of 2006, the Financial Services Commission of Ontario (FSCO) has reported.Almost 80% of the Ontario market had rate changes approved during the…
Could a ’98 Ice Storm event happen in this El Nino year?
October 24, 2006 by Canadian UnderwriterHeading into an El Nino year, Canadian insurers and reinsurers should be reminded that the 1998 Ice Storm which caused more than $CD1 billion in damage losses in eastern Ontario and Quebec also happened during an El Nino year, panelists…
Better financial results for Bermuda reinsurers
October 24, 2006 by Canadian UnderwriterEverest Re Group Ltd. recently reported a net income of US$634.5 million for the third quarter of 2006, a distinct improvement from the net loss of US$56.5 million reported for the same period in 2005. These results indicate a trend…
What’s New: In brief (October 24, 2006)
October 24, 2006 by Canadian UnderwriterARI Financial Services Inc., a leading fleet management company, has partnered with the CertifiedFirst Network . CertifiedFirst will serve as ARI’s collision repair service provider. Operated by PPG Industries, CertifiedFirst says it offers the breadth of coverage and service excellence…
PartnerRe reports solid 2006 3Q income
October 23, 2006 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has reported net income of US$235.8 million for 2006 3Q. In comparison, the reinsurer reported an after-tax net loss of US$288.7 million in 2005 3Q, reflecting the record catastrophe activity in that period. The company reported…
Climate change redefines cat modelling
October 23, 2006 by Canadian UnderwriterCatastrophe modeling has been revamped as a direct result of 2004 and 2005’s catastrophic weather events, speakers told an audience at a symposium sponsored by XL Re Europe Ltd. Insurers and reinsurers are not as confident about cat models and…