News

Desjardins Financial Security posted a net income of CD$69.2 million for the second quarter 2006 compared with CD$74.2 million for continuing operations in 2005, when results benefited from a reversal of allowance for impaired loans. In the Q2, the net…

The Spencer Educational Foundation, Inc. recently introduced a new scholarship fund totaling US$100,000. The Risk and Insurance Management Society, Inc. (RIMS)’s Atlanta Chapter donated the funds for the new scholarship, called the “RIMS Atlanta Chapter Scholarship.” RIMS says that all…

BB&T Corporation (NYSE: BBT), a principal subsidiary of Branch Banking and Trust Company, has agreed to buy insurance premium finance company AFCO Credit Corporation and its Canadian affiliate, CAFO Inc., from Mellon Financial Corporation (NYSE: MEL).Terms of the transaction were…

Under a new agreement made with New York Attorney General Eliot Spitzer and New York Superintendent of Insurance Howard Mills, broker Marsh Inc. is legally viable to accept contingent commissions on arrangements where it serves as either the managing general…

A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of “aa” of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its rated subsidiaries, following the company’s completed acquisition of GE Insurance…

The total U.S. premium ceded to alien reinsurers was US$62.1 billion and ceded recoverables totaled US$123.9 billion in 2005, which represents a 16.9% increase in premiums and 16.2% growth in recoverables since 2004, according to a recent report from the…

Crawford & Company, an independent provider of claims management solutions, has been busy in August, acquiring Broadspire Services, a third-party administrator of casualty claims and medical management services, from Platinum Equity, as well as SLS, a liability adjusting and claims…

Kingsway Financial Services Inc. recently contracted with the ChoicePoint company Insurity in order to deploy a new suite of products and services for insurance processing called Insurance Decisions. This new product will provide rating, quoting, underwriting, issuance, billing, reinsurance, claims…

The U.S. property and casualty industry reported a US$5-billion underwriting loss and a combined ratio of 100.9% in 2005, according to a recent study by rating agency A.M. Best.The result represents a US$10.5-billion reversal from 2004’s underwriting profit, and a…

Lockton, Inc. today announced has reached a definitive agreement to purchase Alexander Forbes International Risk Services, which is the international brokerage operation of Alexander Forbes Ltd., the world’s ninth largest insurance broker.The $170 million (GBP 90.2 million) transaction will make…

Saskatchewan motorists are now required by law to slow down not only for emergency vehicles and road crew workers, but also for tow trucks.Effective last month, Saskatchewan’s provincial government required motorists to slow to 60 km-h when passing tow trucks…

Increasingly, over the past eight to 10 years, thieves have been breaking into cars for their airbags, according to Robert Tremblay, manager of industry issues at the Insurance Bureau of Canada (IBC).Depending on the type and make of a car…