News
Stocks fall from record levels; insurers’ stocks lose ground
April 4, 2006 by Canadian UnderwriterCanadian stocks fell from record values, Bloomberg’s news agency reported April 4, as expectations of higher interest rates undercut financial companies such as the Royal Bank of Canada and reduced the value of a guage of insurers’ stocks. “Concern the…
Hub acquires Citizens Financial Group insurance brokers
April 4, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG)(TSX:HBG) has closed its acquisition of three insurance brokerages of Citizens Financial Group, Inc. (“CFG”). Hub also entered into a previously announced strategic alliance with CFG as part of the transaction. As a result of the alliance,…
Sophistication in practice required for good risk managment
April 4, 2006 by Canadian UnderwriterIn light of today’s demanding global economy corporate risk managers must begin implementing more sophisticated loss prevention policies and processes, according to a presentation at the recent 2006 Industrial Fire World Conference in Baton Rouge.The speaker, chemical technical specialist for…
Fairfax ratings off watch negative
April 4, 2006 by Canadian UnderwriterThe negative CreditWatch credit rating of ‘BB’ on Fairfax Financial Holdings Ltd. (FFH) and Crum & Forster Holdings Corp. has been removed and Standard & Poor’s Ratings Services affirmed the ratings of both company’s. S&P’s also removed its ‘BB-‘ counterparty…
Pethealth sees record revenue in 2005
April 3, 2006 by Canadian UnderwriterPethealth Inc. (TSX :PTZ) saw record revenues for both the full 2005 year at CDN$14.4 million, a 28% increase over 2004, and for the fourth quarter at CDN$3.9 million, a 37% increase over 2004.The Company also saw a net loss…
ING Canada acquires Grey Power (April 03, 2006)
April 3, 2006 by Canadian UnderwriterING Canada (TSX:IIC.LV) recently acquired Grey Power Insurance Brokers Inc. (GPIBI) of Stouffville, ON.With its acquisition of GPIBI, ING Canada now owns four of the eight Grey Power brokerages.The transaction is not expected to immediately impact the staff or operations…
Lloyd’s in talks to insure “tourist” space flights
April 3, 2006 by Canadian UnderwriterLloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the…
RBC Insurance launches online insurance purchasing
April 3, 2006 by Canadian UnderwriterClaiming “a new era in online insurance has begun,” RBC Insurance has announced it is the first insurance company in Canada to offer nationwide the ability to get a quote and purchase personal property and auto insurance completely online. “Client…
TD Bank wants to provide insurance information, referrals
March 31, 2006 by Canadian UnderwriterTD Bank Financial Group has joined a chorus of voices in the banking industry seeking changes to the Bank Act.In a recent address to TD Bank Financial group’s annual meeting in Vancouver, TD Bank Financial Group president and CEO Ed…
Commercial identity theft now covered in Canada
March 31, 2006 by Canadian UnderwriterSt. Paul Travelers (NYSE:STA) announced it’s the first insurance company to offer identity theft coverage for commercial businesses in Canada. The Identity Fraud Expense Coverage Master Policy is available to financial institutions, commercial businesses and business associations and their customers,…
What’s New: In brief (March 31, 2006)
March 31, 2006 by Canadian UnderwriterThe board of directors of Transatlantic Reinsurance Company, a subsidiary of Transatlantic Holdings, Inc. (NYSE: TRH), recently elected four new officers. Timothy O’Connor will become the vice president in Chicago, John Byrne will become the assistant vice president in Sydney,…
CGI to cut 1,000 jobs
March 31, 2006 by Canadian UnderwriterApproximately 1,000 CGI employees primarily from the Company’s Montral and Toronto locations, will lose their jobs this year as a result of the lower than expected business from Bell Canada.CGI reports that more than half of the job cuts are…