News
Alberta auto insurance reduced
August 1, 2006 by Canadian UnderwriterAlberta’s mandatory auto insurance premiums are set to drop by 3% as of Nov. 1, 2006. The reduction will become effective when Alberta drivers renew their mandatory coverage.Total reductions to Alberta auto insurance premiums have now reduced 18% since the…
MFX to manage Munich Re’s corporate processing system
July 31, 2006 by Canadian UnderwriterMFX, a provider of technology and IT outsourcing solutions, has signed an exclusive deal with Toronto-based Munich Reinsurance Company of Canada (MROC) to implement, manage, and enhance MROC’s current corporate primary insurance processing system used by MROC and insurers in…
The Co-operators reports increased net income in 2006 Q2
July 31, 2006 by Canadian UnderwriterCo-operators General Insurance Company has reported a 2006 Q2 consolidated after-tax net income of CD$49.6 million, compared to the CD$32.4 million profit for the same period in 2005.Gross written premium in the second quarter increased 4.3%, to CD$602.8 million, compared…
What’s New: In Brief (July 28, 2006)
July 28, 2006 by Canadian UnderwriterStrong internal growth, acquisition revenue and operational discipline combined to drive a 32% increase in 2006 Q2 revenue and a 286% increase in net earnings from continuing operations for Hub International Limited (NYSE:HBG) (TSX:HBG), the company announced.Second quarter revenue increased…
Fairfax announces 2006 Q2 earnings of US$223 million
July 28, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE:FFH) announced 2006 Q2 earnings of US$223.6 million, and has decided on the commutation of its Swiss Re cover worth US$1 billion.In a press release, the company also said it will issue a restatement…
Property policies may not cover toy motor scooters: IBAO
July 27, 2006 by Canadian UnderwriterIs your toy motor scooter covered under your property insurance? Don’t count on it, warns the Insurance Brokers Association of Ontario (IBAO).The IBAO has posted a warning on its Web site that many insurers don’t cover motorized toys under property…
LCBO helps raise money for traffic injury research
July 27, 2006 by Canadian UnderwriterStarting Aug. 1, the public can make donations to the Traffic Injury Research Foundation (TIRF) at all 600 LCBO stores throughout Ontario. Donation boxes for TIRF will be displayed at LCBO checkout counters until Aug. 31.“We thank the LCBO, its…
CGI increases 2006 quarterly net earnings after restructuring
July 26, 2006 by Canadian UnderwriterCGI Group Inc. (CGI) reported 2006 Q3 net earnings from continuing operations, before restructuring costs, of $46.4 million, compared $34.8 million in the previous quarter. Included in CGI’s 3Q results are pre-tax restructuring costs related to specific items of $15…
Suspended Saskatchewan drivers driving without licenses/insurance
July 26, 2006 by Canadian UnderwriterSaskatchewan drivers who have had their licences suspended for the first time due to a Criminal Code conviction continue to drive without their licences and without insurance, according to a study conducted by Synectics Transportation Consultants Inc. (Synectics).SGI cooperated fully…
A.M. Best lists its 2006 top reinsurers
July 25, 2006 by Canadian UnderwriterMunich Re, Swiss Re Group, Berkshire Hathaway Group, Hannover Re and Lloyd’s of London are A.M. Best’s Top 5 reinsurers in 2006, based on consolidated gross premium written in 2005, according to the ratings agency.“Ranked by 2005 gross written premium…
RIMS calls post-TRIA terrorism cover a “national security” issue
July 25, 2006 by Canadian UnderwriterRisk managers in the United States are worried about their potential inability to purchase terrorism insurance in the event that the Terrorism Risk Insurance Act (TRIA) is allowed to sunset on Dec. 31, 2007.“Without coverage, many companies will be vulnerable…
Implementing IFRS leads to ambiguous statements
July 24, 2006 by Canadian UnderwriterMajor global insurers are adapting well to new International Financial Reporting Standards (IFRS) but a PricewaterhouseCoopers survey says many of the financial statements are less clear and harder to follow than before.The survey titled ‘Reporting under the new regime: A…