News
U.S. property/casualty industry records net profit in 2005
May 15, 2006 by Canadian UnderwriterThanks largely to solid investment returns and strong underwriting results, the U.S. property and casualty industry was able to absorb record-high catastrophe losses and report an overall operating profit in 2005, A.M. Best reports. The U.S. property and casualty industry’s…
Policy okay’s private vehicles for school trips
May 12, 2006 by Canadian UnderwriterSchool board volunteer driver procedures in Victoria, British Columbia have been revamped to comply with changes made this April by Greater Victoria School District (School District 61). Under the District’s changed policy it is the responsibility of the Principal to…
Hannover Re’s Q1 profits rise
May 12, 2006 by Canadian UnderwriterAn increase in premiums during the first quarter 2006 caused net profit’s for reinsurer Hannover Re to spike 7% reaching US$134 million (105 million).However, forecasts had quoted a greater profit of around US$149.3 million (117 million).Hannover Re’s gross written premiums…
Hub International offers common shares in US
May 12, 2006 by Canadian UnderwriterHub International Limited (TSX:HBG) will offer 4,000,000 common shares in a public offering in the United States. Hub International will also grant the underwriters an over-allotment option to purchase up to 600,000 additional common shares. Stephens Inc. and Wachovia Securities…
Swiss Re raises funds for GE reinsurance acquisition
May 11, 2006 by Canadian UnderwriterSwiss Reinsurance Co. has raised over $1 billion in a capital market transaction to finance its bid to take over General Electric Co.’s (GE) reinsurance arm. Swiss Re placed 13.9 million new shares at CHF92.25 apiece with shareholders and investors.…
RBCI gets ‘A’ rating (May 11, 2006)
May 11, 2006 by Canadian UnderwriterRoyal Bank of Canada Insurance Company Ltd. (RBCI) has received a financial strength rating of A (Excellent) and the issuer credit rating of “a+” from A.M. Best Co.The rating’s agency reports that these ratings, which have stable outlooks, reflect RBCI’s…
RBCI gets ‘A’ rating (May 11, 2006)
May 11, 2006 by Canadian UnderwriterRoyal Bank of Canada Insurance Company Ltd. (RBCI) has received a financial strength rating of A (Excellent) and the issuer credit rating of “a+” from A.M. Best Co.The rating’s agency reports that these ratings, which have stable outlooks, reflect RBCI’s…
Strong Q1 results at ING Canada
May 11, 2006 by Canadian UnderwriterThe first quarter of 2006 brought strong results for ING Canada Inc. (TSX: IIC.LV) with a net income to $185.9 million, representing a 17.3% increase from $158.5 million the first quarter of 2005. Revenue also increased to $1,133.8 million, up…
Royal & SunAlliance reports strong results
May 11, 2006 by Canadian UnderwriterRoyal & SunAlliance started the 2006 year off strong with a combined operating ratio (COR) for the core Group of 91.6% and 95.8% for the Canadian operation, which represents almost a three-point improvement over Q1 2005.In addition Royal & SunAlliance…
Sun Life supports current Bank Act legislation
May 10, 2006 by Canadian UnderwriterThe existing legislation limiting Canada’s banks marketing of insurance products should be upheld by the federal government, according to chief executive of Sun Life Financial Inc. Donald Stewart.During Sun Life Financial’s recent annual meeting, Stewart commended the new Conservative government’s…
Flu pandemic little threat P&C insurers
May 10, 2006 by Canadian UnderwriterThe property/casualty insurance industry will only encounter a limited amount of exposure if there is an outbreak of H5N1 ‘avian’ flu, according to Standard & Poor’s Corp.The report recently released by S&P’s says a pandemic would be interpreted by P&C…
Pethealth posts record revenues
May 10, 2006 by Canadian UnderwriterTotal revenue for the first quarter 2006 for Pethealth Inc. (TSX:PTZ) drastically increased 41% from Q1 2005 reaching $4.53 million. The Company also recorded a significant decrease in net loss for Q1 2006, which was reported at $150,855, compared to…