News
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…
In memorium: Dr. Rolf Robert Kern
April 27, 2006 by Canadian UnderwriterOn Friday, Apr. 21, Dr. Rolf Robert Kern, a key figure in the rise of the Gerling Global General and Reinsurance companies, succumbed to heart failure and passed away peacefully at St. Michael’s Hospital in Toronto.Born on Aug. 5, 1927…
Zycomp partners with Brovada to provide SEMCI solution
April 27, 2006 by Canadian UnderwriterZycomp Systems Limited, a B.C.-based developer of computer management systems for Canadian insurance brokerages, has formed a partnership with Brovada Technologies Inc. to make Nexisys available to all Power Broker users. Zycomp’s Power Broker product is currently installed in 1,250…
Online pledging now available for ING Marathon
April 26, 2006 by Canadian UnderwriterOnline pledging and registration for this year’s ING Ottawa Marathon is now available.The marathon challenges brokers, employees and industry members to form teams and run or walk in an event and collect pledges for cancer research.Events include a 2K, 5K,…
CGI reports 2006 2Q earnings and future growth strategy
April 26, 2006 by Canadian UnderwriterCGI Group Inc., an IT and business process service firm, has reported second quarter net earnings of US$14.1 million, or 4 cents a share on revenues of US$866.8 million.Included in the quarter’s results were pre-tax restructuring costs related to specific…
FSCO launches new Web site to potect against scams
April 26, 2006 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has created a new Web portal to help consumers identify and protect themselves against insurance and other financial scams.The new, ‘Beware of Potential Consumer Scams’ pages on the FSCO Web site alerts consumers…
Suncor settles business interruption claims for CD$980 million
April 26, 2006 by Canadian UnderwriterSuncor Energy Inc. has settled business interruption insurance claims related to a January 2005 fire at the company’s oil sands facilities for a total amount of CD$980 million (US$830), the company has announced in a press release.Of this total, approximately…
What’s New: In Brief (April 26, 2006)
April 26, 2006 by Canadian UnderwriterIt’s official: The European Commission has cleared Swiss Re’s acquisition of GE Insurance Solutions.In a statement, the commission “concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.”Swiss…
Chubb 2006 1Q results “most profitable in history”
April 25, 2006 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] has reported a 2006 1Q net income of US$672 million, compared to US$470 million in IQ 2005.The 2006 1Q combined loss and expense ratio improved to 82.9% in 2006 from 89.4% in 2005. “This was…