Segment
P&C Companies
Five insurers dominate U.K. non-life market, A.M. Best finds
May 4, 2007 by Canadian UnderwriterThe United Kingdom non-life insurance market is dominated by Aviva, Royal Bank of Scotland (RBS), Royal & SunAlliance, AXA and Zurich, an A.M. Best special report finds.The U.K. is the third largest non-life market in the world. In highly commoditized…
B.C. case affirms claimants must provide complete information
May 4, 2007 by Canadian UnderwriterA recent B.C. Supreme Court jury decision in Rallahan v. Siu and Litt reinforces the need for claimants to provide complete and accurate information when making a claim with auto insurers.The court ruled Balwinder Singh Rallahan failed to provide medical…
What’s New: In Brief (May 04, 2007)
May 4, 2007 by Canadian UnderwriterNorthbridge Financial Corporation (TSX:NB), a Canadian commercial property and casualty insurance group, has announced net earnings of Cdn$45 million for 2007 Q1, compared to net earnings of Cdn$61.8 million for 2006 Q1.Underwriting profit was Cdn$18.1 million for 2007 Q1, a…
Standard and Poor’s boosts Arch’s financial strength ratings
May 4, 2007 by Canadian UnderwriterStandard & Poor’s Ratings Services has raised its counterparty credit and senior debt ratings on Arch Capital Group Ltd. (NASDAQ:ACGL) to ‘BBB+’ from ‘BBB’. At the same time, Standard & Poor’s raised its counterparty credit and financial strength ratings on…
Manulife Financial’s reinsurance finances in 2007 Q1 still show effects of earlier hurricanes
May 3, 2007 by Canadian UnderwriterManulife Financial Corporation has reported 2007 Q1 earnings of US$986 million, including a one-time charge of US$69 million related to an asset realignment undertaken to more appropriately position Manulife Financials assest under the new financial accounting standards that became effective…
SGI now a full partner in brokers’ BIPPER prgram
May 3, 2007 by Canadian UnderwriterSGI Canada (SGI) is now a full partner of the Broker Identity Program, according to Insurance Brokers Association of Canada (IBAC). The program has been in effect since 1989 and serves as a branding campaign for insurance brokers. We are…
What’s New: In Brief (May 03, 2007)
May 3, 2007 by Canadian UnderwriterRisk managers are accustomed to taking steps to protect their businesses from fires and floods, but are beginning to consider other, less tangible risks, A.M. Best reportsIn addition to traditional risks, risk managers are focusing on their companys economic, social…
Potentially largest auto theft ring in Canada uncovered
May 3, 2007 by Canadian UnderwriterLaval, Quebec police have broken up an alleged auto theft ring that may prove to be the biggest ever uncovered in Canada.Police estimate there are more than 700 fully assembled vehicles, plus 200 with parts removed on the 1,000-square foot…
Industrial Alliance reports 2007 Q1 profit increase of 20%
May 2, 2007 by Canadian UnderwriterIndustrial Alliance Insurance and Financial Services Inc. has reported an increase in net income of 20% for 2007 Q1, rising above its 2006 Q1 profit of Cdn$57.9 million.The company notes the increase is mainly attributed to an increase in growth…
What’s New: In Brief (May 02, 2007)
May 2, 2007 by Canadian UnderwriterThose who travel globally will be better covered thanks to a new comprehensive risk management package introduced by XN Financial. The new program can be customized to meet the needs of the traveller or travelers and is not limited to…
Kingsway ‘disappointed’ with Lincoln General results
May 2, 2007 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) has reported a 2007 Q1 profit of US$19.6 million, compared to US$28.9 million in 2006 Q1.The company’s combined ratio was 105% in 2007 Q1, compared to 96.2% in 2006 Q1.Changes in estimated unpaid claims…
Crawford & Company 2007 Q1 results buoyed by international segment
May 2, 2007 by Canadian UnderwriterCrawford & Company (NYSE: CRDA; CRDB), an independent provider of claims management solutions to insurance companies and self-insured entities, announced a 2007 Q1 profit of US$3.3 million compared to net income of US$5.8 million for the 2006 first quarter. The…