Segment
P&C Companies
AXA receives offer for reinsurance sector
April 7, 2006 by Canadian UnderwriterStone Point Capital LLC recently placed a binding offer through the new company Paris Re Holdings Ltd. to acquire AXA Re from AXA SA. AXA received the offer of US$14.2 million from Stone Capital for the entire share capital of…
Manitoba Public Insurance offers free immobolizers
April 7, 2006 by Canadian UnderwriterManitoba Public Insurance [MPI] is offering immobilizers at no cost to 78,000 Winnipeg and commuter customers whose vehicles are most likely to be targeted by thieves provided the installations are completed within the next six months.According to MPI, the unprecedented…
Homeowners’ premiums down in New Brunswick
April 6, 2006 by Canadian UnderwriterInsurance Bureau of Canada data shows a decline in homeowner’s premiums in New Brunswick between 2004 and 2005.In 2005, the average premium was $340, whereas in 2004 it was $358. Homeowner’s pricing is looked at in terms of premium per…
Lloyd’s reports net US$180 million loss after hurricanes
April 6, 2006 by Canadian UnderwriterCiting net claims of 3.309 billion (US$5.79 billion) as a result of the “most severe hurricane season on record,” Lloyd’s of London reported a net loss of 103 million (US$180 million) in 2005, compared to a profit in 2004 of…
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…
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,…
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…