News
IBC launches public education workshops in Atlantic Canada
May 2, 2006 by Canadian UnderwriterCanada’s home, car and business insurers are launching a series of half-day educational workshops across Atlantic Canada to help commercial businesses and non-profit organizations get the most for their insurance dollar.“The workshops are one of several activities underway to help…
OARBIC releases new transactional insurance portal
May 2, 2006 by Canadian UnderwriterOARBIC, a specialized IT consulting firm for the property and casualty insurance industry, has just released a new transactional insurance portal called the OARBIC Software Enterprise Application (OSEA). OSEA provides a customizable ‘front end’ and dynamic link to one or…
Odyssey Re reports 2006 1Q earnings
May 1, 2006 by Canadian UnderwriterOdyssey Re Holdings Corp. (NYSE: ORH) has reported investment and net income increases for 2006 1Q, as well as a significant improvement in its combined operating ratio (COR) over the same period last year.Odyssey Re reported net income available to…
ICBC launches motorcycle awareness campaign
May 1, 2006 by Canadian UnderwriterICBC is starting a public awareness campaign in May 2006 to raise awareness of collisions involving motorcycles.According to the ICBC, in 2004, about 1,250 people were injured and 43 were killed in motorcycle-related crashes. Many fatalities are the result of…
Fairfax reports 2006 1Q earnings of US$172.1 million
May 1, 2006 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH.SV) (NYSE:FFH) had net earnings of US$172.1 million during the first quarter of 2006, compared to US$35.2 million in 2005, the company has announced. “Despite some softening in market conditions, the combined ratio of the company’s…
Loyalist reports decreasing revenues
May 1, 2006 by Canadian UnderwriterThe Loyalist Insurance Group Limited (TSX Venture Exchange symbol: LOY), which operates in three Ontario locations as well as Charlotte, North Carolina, has reported decreasing revenues for the year ending 2005 from $2.43 million in 2004 to $2.011 million in…
Arch reports 2006 1Q net income increase
April 28, 2006 by Canadian UnderwriterArch Capital Group Ltd. (NASDAQ: ACGL) reports that net income available to common shareholders for the 2006 first quarter was US$129.6 million, or $1.71 per share, compared to $115.9 million, or $1.57 per share, for the 2005 first quarter.Gross and…
The Co-operators reports increased premium in 1Q 2006
April 28, 2006 by Canadian UnderwriterCo-operators General Insurance Company has reported a consolidated after-tax net income of CD$31.9 million for 2006 1Q, compared to the CD$36.5-million profit for the same period in 2005.Gross written premium during the first quarter increased 5.3% to CD$428 million, the…
Family reception for late Arthur Despard moved to June 21
April 28, 2006 by Canadian UnderwriterThe family of the late Arthur Despard has decided to postpone a previously-announced reception to celebrate his life. The family originally planned to hold a reception on Saturday, May 20 (what would have been Despard’s 73rd birthday). However, since this…
Hub credits acquistions, Canadian dollar for revenue growth
April 28, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG) (TSX:HBG) is crediting its acquisitions strategy in part for 2006 1Q revenue growth of 12% – from US$119.2 million to US$134.1 million.“We are off to a solid start in 2006, with measurable progress on all fronts,”…
Police arrest eight in auto insurance fraud investigation
April 27, 2006 by Canadian UnderwriterEight Greater Toronto Area residents face 97 charges after the Toronto Police Fraud Squad, the Toronto Strategic Partnership, members of 33 Division and various insurance industry members concluded a four-and-a-half month investigation into the alleged production and sale of illegal…
ACE settles with investigators, reports 2006 1Q results
April 27, 2006 by Canadian UnderwriterBermuda-based reinsurer ACE Limited (NYSE: ACE) has reported a record net income for the first quarter ended Mar. 31, 2006, of US$489 million.The net income figure includes, the company reported, “a US$80-million pre-tax charge pertaining to the imminent settlement with…