News
Optimum General increases net income in 2005
March 1, 2006 by Canadian UnderwriterOptimum General Inc. (TSX: OGI.SV.A) is reporting a net income of CDN$5.5 million for the fiscal year ended Dec. 31, 2005, compared to a net income of CDN$3.6 million for the previous year.For the fourth quarter, net income was CDN$1.7…
Hub International announces Q4 results, strategic alliance
March 1, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG)(TSX:HBG) is reporting a fourth-quarter revenue of US$114.1 million up 12% from US$101.5 million in the same period of 2004. For the year, net earnings from continuing operations were flat on a 25% increase in revenue. Results…
What’s New: In brief (March 01, 2006)
March 1, 2006 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) is holding a Friday Forum workshop on March 24, 2006 from 1:30pm to 3:00 pm at the Insurance Bureau of Canada, which will feature Staff Sergeant Robert Cousineau of the Ontario Provincial Police.…
Business insurance quotes now available online
February 28, 2006 by Canadian UnderwriterAn online insurance marketplace, kanetix, is expanding its online quote service to include Ontario business insurance, the company has announced.“Before we added business insurance to the quote service, insurance shoppers coming to kanetix could get quotes for their personal auto,…
AXA SA reports P&C earnings growth in 2005
February 28, 2006 by Canadian UnderwriterAXA SA is reporting a growth in underlying earnings of up to 22% in its global property and casualty division, as well as a 24% increase in its overall underlying earnings, for the 2005 fiscal year.“Property and casualty revenues were…
US storms cause “unprecedented” market activity, Guy Carpenter
February 28, 2006 by Canadian UnderwriterGuy Carpenter & Company, Inc., a global risk and reinsurance specialist and a part of the Marsh & McLennan Companies (NYSE: MMC), and affiliate of Guy Carpenter MMC Securities Corp., recently published their fourth annual joint study of natural catastrophe…
What’s New: In Brief (February 28, 2006)
February 28, 2006 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX:ACL) has appointed Robert M. Sadleir to the Corporation’s board of directors. Sadleir is a chartered accountant and vice-president finance for Cal-Gas Inc. Sadleir offers knowledge and experience in the areas of finance, corporate…
Swiss Re shareholders approve capital to buy GE Insurance
February 27, 2006 by Canadian UnderwriterShareholders of Swiss Reinsurance Co. (RUKN.VVX) recently approved the creation of up to $7.8 billion in fresh equity capital that will be used to finance the acquisition of GE Insurance Solutions, the reinsurance unit of General Electric Co (GE). Chairman…
Sceintists called on to counter bioterrorism risk
February 27, 2006 by Canadian UnderwriterIn a report released Feb. 27, “DNA for Peace: Reconciling Biodevelopment and Biosecurity,” experts at the Canadian Program on Genomics and Global Health (CPGGH), part of the University of Toronto’s Joint Centre for Bioethics (JCB), calls for a global network…
Guy Carpenter launches i-aXs platform
February 27, 2006 by Canadian UnderwriterGuy Carpenter & Company, Inc., a global risk and reinsurance specialist, has announced the development of a new online risk management platform, i-aXs, that is designed to reduce risk management analysis and reporting times from weeks to mere minutes.The new…
What’s New: In brief (February 27, 2006)
February 27, 2006 by Canadian UnderwriterThe Co-operators, have provided financial support to the Infant and Toddler Safety Association’s (ITSA) volunteer telephone hotline so that the Kitchener, ON-based, volunteer-run charity can, starting this month, offer expert child safety advice through their toll-free service. The Co-operators financial…
Replenishing reserves still a question mark
February 24, 2006 by Canadian UnderwriterEven though underwriting results for property and casualty companies globally have improved markedly over the past few years, the ongoing challenge of attaining ultimately adequate reserves remains, according to a recent report by Standard & Poor’s.“Insurers and reinsurers appear no…