Segment
P&C Companies
AIG buys Travel Guard International
March 21, 2006 by Canadian UnderwriterNoel Group is selling Travel Guard International and several affiliated companies to American International Group, Inc. (AIG). Travel Guard International provides travel insurance, emergency medical assistance and travel assistance programs. It markets its products through a network of more than…
Fitch comments on potential Aviva-Prudential merger
March 21, 2006 by Canadian UnderwriterFitch Ratings predicts any merger between Aviva and Prudential would result in “downward pressure” on Prudential’s current ‘AA’ rating and a “potentially positive” effect on Aviva’s current ‘A+’ rating.Fitch made its observation following Aviva’s recent announcement of its proposal to…
Zurich announces settlement with U.S. regulators
March 20, 2006 by Canadian UnderwriterZurich American Insurance Company and its subsidiaries (ZAIC) have reached settlements totaling US$171.1 million with nine U.S. state attorneys general and one insurance commissioner, Zurich Financial Services Group (Zurich) has announced.The settlements relate to U.S. industry-wide investigations into broker compensation…
Western Life chooses MFX Web-based platform
March 20, 2006 by Canadian UnderwriterMFX, a provider of technology and IT outsourcing solutions, has announced the Western Life Assurance Company in Alberta is using its WriteNow Web-based policy-writing platform for Western Life’s suite of ‘@pprove’ online, term life products.MFX developed WriteNow to provide agents…
What’s New: In brief (March 20, 2006)
March 20, 2006 by Canadian UnderwriterAMAC Consultants Inc. is expanding its Ontario operations with the appointment of Peter R. Morris as vice-president. Morris will lead the firm’s operations in Toronto, ON. Prior to joining AMAC, Morris was the branch director, Ontario division, CGI Insurance Business…
Aviva’s proposed Prudential merger rejected
March 20, 2006 by Canadian UnderwriterOn March 16, 2006 Aviva plc sent the board of Prudential a written proposal referencing a possible merger between the two groups, according to Aviva. Aviva’s board of directors says it anticipates such a merger will be valuable for shareholders…
U.S. reinsurers write $25.3 billion in net premiums in 2005
March 17, 2006 by Canadian UnderwriterA group of 26 U. S. property-casualty reinsurers wrote $25.3 billion of net premiums during the 12 months ended Dec. 31, 2005, according to a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA). Among…
Fraser Milner manager joins EGI, Echelon
March 17, 2006 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) has appointed Mary G. Connolly to the boards of directors of EGI and its subsidiary, Echelon General Insurance Company.Connolly was most recently the managing director of the Toronto office of the law firm Fraser…
AIG’s Q4 profits plummet
March 17, 2006 by Canadian UnderwriterAmerican International Group (AIG) quarterly profits dropped 72% as a result of over US$2 billion in charges for regulatory settlements and increased reserves. In addition to these financially damaging the losses related to last year’s U.S. hurricanes also hurt AIG’s…
Nortel’s insurers pay $228.5 million towards settlment
March 17, 2006 by Canadian UnderwriterInsurers for Nortel Networks Corp. will pay $228.5 million toward a proposed shareholder lawsuit settlements. In February, Toronto-based Nortel said it would settle with payments of $575 million cash from reserves and issue 628.7 million common shares as well the…
U.S. insurance industry turns to catastrophe bonds
March 16, 2006 by Canadian UnderwriterIn the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk…
Guidewire introduces new P&C admin system
March 16, 2006 by Canadian UnderwriterGuidewire Software Inc. has released Guidewire PolicyCenter, a policy administration system for all lines of P&C insurance. Guidewire PolicyCenter is a web-based system facilitating business between agents and insurance carriers. The technology also works towards enhancing underwriting accuracy and efficiency.…