News

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…

Allianz Group increased its operating profit in 2006 Q2 by 19%, to EUR2.8 billion, and its net income increased by 64%, to EUR2.3 billion.“Allianz Group has continued to proceed its course of profitable growth during the second quarter of 2006,…

Commercial insurance premiums either remained flat or decreased slightly in the second quarter of this year compared to the prior year, according to the RIMS Benchmark Survey. In the second quarter, Directors and Officers (D&O) premiums dropped 3.5%, the largest…

In an effort to raise money for its cause, Women in Insurance Cancer Crusade (WICC) once again teamed up with ING at the ING Ottawa Marathon and collected CD$48,884.This figure represents an increase of 141% from the amount raised last…

ISO, a provider of risk management products, has acquired the assets of Xactware, Inc., a provider of estimation software and services for the property insurance, remodeling and restoration industries. Terms of the deal were not disclosed.ISO is a privately held…

Property casualty insurers are expected to experience overall industry underwriting profit in 2006, matching the results of 2004, according a recent report from Conning Research and Consulting, Inc. The Conning Research says its forecast report, entitled “Property-Casualty Forecast & Analysis…

The U.S. property/casualty insurance industry “exceeded all expectations in 2005,” Fitch Ratings says in a recent report, “demonstrating considerable resiliency by reporting record net income for the second consecutive year despite enduring the highest insured catastrophe losses in recorded history.”…

The global reinsurance industry is still struggling to manage its catastrophe exposure even almost a year after hurricanes Katrina, Rita and Wilma struck, according to a recent report from A.M. Best Co.The 2006 global reinsurance report called “Reinsurers Humbled, But…