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P&C Companies
Janice Ochenkowski to become RIMS president in September 2007
May 1, 2007 by Canadian UnderwriterJanice Ochenkowski will be the new president of The Risk and Insurance Management Society Inc., beginning Sept. 1, 2007.RIMS made the announcement at the opening session of its annual conference exhibition, currently being held in New Orleans, L.A.Ochenkowski is the…
What’s New: In Brief (May 01, 2007)
May 1, 2007 by Canadian UnderwriterCommercial insurance pricing trends in 2007 Q1 seem to be in line with 2006 Q1, according to the RIMS Benchmark Survey in 2007.Directors and Officers (D&O) and workers compensation are both decreasing, proving to remain highly competitive, the survey notes.…
Hub reports profit growth despite environment of declining rates
May 1, 2007 by Canadian UnderwriterHub International Limited (NYSE: HBG) (TSX: HBG) reported strong growth in revenue and profits for 2007 Q1 despite an environment of falling rates.Overall, Hubs 2007 Q1 revenue of US$171.8 million represented a US$37.7 million (or 28%) increase over its 2006…
Swiss Re notes disconnect between risk and mitigation
May 1, 2007 by Canadian UnderwriterTheres a growing disconnect between risk and mitigation, and bold action must be taken to address it, a Swiss Re executive member told a panel discussion at RIMS 2007 in New Orleans.Agostino Galvagni, a member of Swiss Res executive board…
Atlantic insurance marketplace improves, task force finds
April 30, 2007 by Canadian UnderwriterInsurers have improved their communications with the public and forged better relationships with consumers and governments, according to the Progress Report on Commercial Insurance in Atlantic Canada.In general, the insurance marketplace has improved over the past 16 months, the report…
The Cooperators faces financial “challenges” in 2007 Q1
April 30, 2007 by Canadian UnderwriterThe Cooperators General Insurance Company faced some financial challenges early this year, reporting a profit of Cdn$8.2 million in 2007 Q1 compared to a 2006 Q1 profit of Cdn$31.9 million.The first quarter of 2007 posed significant challenges, Kathy Bardswick, president…
Marsh wages campaign to promote the “upside” of risk
April 30, 2007 by Canadian UnderwriterMarsh Inc., a risk and insurance services firm, has launched a new branding campaign, encouraging businesses to focus on the upside of risk.The campaign, created by the New York office of Ogilvy, seeks to disrupt the traditional view of risk…
European bank, insurer team up to create new financial company, reinsurer
April 30, 2007 by Canadian UnderwriterIn a European marriage between banking and insurance, NATIXIS, an investments and projects bank, has partnered with the White Mountains Insurance Group, Ltd., to create Pentelia Capital Management (PCM), an asset management company based in Bermuda.In addition, the two companies…
SGI in 2006 posts second-best year on record
April 27, 2007 by Canadian UnderwriterThe Saskatchewan Auto Fund in 2006 enjoyed its second-strongest year on record, posting a Cdn$101-million surplus and contributing to a record-level Cdn$206-million balance in the Rate Stabilization Reserve (RSR). The Saskatchewan Auto Fund is a self-sustaining, compulsory auto program administered…
What’s New: In Brief (April 27, 2007)
April 27, 2007 by Canadian UnderwriterLoyalist Insurance Group reported revenue of Cdn$2.1 million in 2006, an increase from Cdn$2 million for the year ended Dec. 31, 2005. The company also reported a smaller operating loss of Cdn$50,399 in 2006, compared to the Cdn$266,040 loss it…
Risk managers and senior company executives at odds over risks
April 27, 2007 by Canadian UnderwriterTop-level company executives and risk managers may not always see eye-to-eye when it comes to the risks associated with international expansion, according to the 2007 Chubb International Risk Survey. The survey was conducted jointly in March 2007 by Opinion Research…
Mooney Insurance and Rogers Insurance team up
April 27, 2007 by Canadian UnderwriterMooney Insurance Ltd. and Rogers Insurance Ltd. have teamed up to allow both firms to better service existing clients and to realize new business opportunities.The strategic alliance involves a minority equity investment in Red Deer, Alberta-based Mooney by Calgary-based Rogers…