News
What’s New: In brief (April 06, 2006)
April 6, 2006 by Canadian UnderwriterMembers of the TU Group of Companies recently participated in a signature head shave event in order to support the Canadian Cancer Society Tour de Coast. The signature event, which helps raise funds for children living with cancer, kicks off…
Insurance cheaper on the Internet: study
April 5, 2006 by Canadian UnderwriterCanadian Direct Insurance, a company in B.C. and Alberta that sells insurance by telephone, says it has conducted a market survey that suggests Alberta drivers could reduce their auto insurance premiums by up to 40% a year by buying over…
ICBC anti-fraud efforts lead to 175 criminal charges in 2005
April 5, 2006 by Canadian UnderwriterICBC says its anti-fraud programs saved B.C. motorists more than CD$73 million in 2005.The figure is based on the estimated value of fraudulent claims that were denied, money recovered, and savings generated through fraud prevention.ICBC’s anti-fraud efforts led to 175…
Global reinsurance outlook stable
April 5, 2006 by Canadian UnderwriterThe global reinsurance industry’s outlook has been revised from negative to stable indicating little near-term movement in ratings or outlooks, according to two reports recently published by Standard & Poor’s Rating Services.The reports “Strong Industry Fundamentals And Resolution Of Hurricane…
Allianz and Nordic complete amalgamation
April 5, 2006 by Canadian UnderwriterThe amalgamation of Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada has recently been finalized under the name of The Nordic Insurance Company of Canada. Allianz and Nordic, insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), announced…
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…