News

While the Canadian economy remains “fundamentally sound” entering into 2006, Swiss Re Economic Research’s “Canadian Economic Outlook” reports somewhat mixed results as November’s strength moderated and December revealed job losses and a decline in the trade surplus. According to Swiss…

Zurich Financial Services Group’s wholly owned Universal Underwriters Group (Universal Underwriters) will not be sold to an investor group led by the private equity investment firm Hellman & Friedman LLC (H&F), according to a recent agreement made between Zurich and…

The insurance industry must “face up to the growth in weather-related losses over the past four decades,” and lead debate about whether future weather-related catastrophes will be insurable, Lloyd’s chairman Lord Levene says.He made his remarks in a Jan. 11…

RIBO past president Art Despard has passed away at the age of 72. He served on RIBO Council from 1994 to 2000 and contributed thereafter as a chairperson of RIBO’s discipline committee. Despard had more than 50 years of insurance…

In response to the collision repair industry’s reported problem of finding qualified staff/apprentices that are both affordable and familiar with their type of work, a new pilot program has been introduced.The Hamilton District Autobody Repair Association (HARA) in conjunction with…

The Insurance Brokers Association of Canada (IBAC) has voiced its support of the Conservative Party’s recent platform announcement, which outlined a decision to maintain current regulations regarding banks and insurance. IBAC says it is urging other party leaders to follow…

The board of directors of the French reinsurer SCOR recently announced that premium income linked to non-life and credit & surety treaties, up for renewal on January 1, 2006, is up 25 %.These renewals relate to around 80% of the…

Many insurance companies were ill-equipped in their response to Hurricane Katrina, exhibiting patterns of callousness, unfairness, and generally inept performance, according to a report recently released by the Americans for Insurance Reform (AIR), which is a coalition of public interest…

CGI Group Inc. (TSX: GIB.SV.A; NYSE: GIB) and BCE Inc. (TSX, NYSE: BCE) have finalized a transaction previously announced on Dec. 16, 2005 in which CGI agreed to purchase for cancellation 100 million shares currently held by BCE at a…

Despite unprecedented industry losses in 2004 and 2005, Benfield Group Limited is forecasting a more encouraging financial outlook for 2006 than previously expected.“The full impact of the unprecedented losses of 2004 and 2005, like that of previous major losses, will…

RiskProNet International, a network of 29 leading independent insurance brokers throughout the United States and Canada, recently announced that the president for 2006 will be Scott Drew, vice president of Associated Financial Group in Minnetonka, Minn.Drew was previously vice president…

The Financial Services Commission of Ontario (FSCO) is reminding insurers that any changes to rates and risk classification systems, including territory definitions, must be filed with and approved by FSCO, notwithstanding recent postal code changes made by Canada Post.“To reflect…