Segment
P&C Companies
ICBC’s 2005 net income drops substantially
March 8, 2006 by Canadian UnderwriterICBC reported a net income of CDN$198 million for the year ended December 2005, compared to its restated 2004 net income of CDN$373 million.“Last year was a challenging year for ICBC,” ICBC president and CEO Paul Taylor said. “Net income…
U.K. non-life insurance stable
March 8, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services is maintaining its stable outlook on the U.K. non-life insurance sector.The stable rating as noted in S&P’s recent report titled “Insurance Industry Risk Analysis: United Kingdom Non-Life,” verifies expectations that most nteractive insurer financial strength…
What’s New: In brief (March 08, 2006)
March 8, 2006 by Canadian UnderwriterTony Boobier has been appointed to head Marshall & Swift / Boeckh’s newly created London-based international solutions division. Boobier will develop the use of MSB’s claims and underwriting systems within the U.K. and European insurance and reinsurance arenas. Initially, Boobier…
Royal Bank CEO turns up heat in Bank Act issue
March 7, 2006 by Canadian UnderwriterRoyal Bank President and CEO Gordon Nixon said recently that a Canadian law preventing banks from retailing insurance “does not make any sense.”“Canada is the only developed country in the world that prohibits consumers and small business owners from buying…
SGI takes rollover simulator out for a spin
March 7, 2006 by Canadian UnderwriterSGI is driving home the message of how seatbelts save lives with its newest traffic safety tool, a rollover simulator.“Given our vast network of roads in Saskatchewan, some residents may think seatbelts are not important in areas where there is…
Hannover Re reorganizes US specialty business, launches new primary insurer
March 7, 2006 by Canadian UnderwriterHannover Re recently began restructuring its North American primary insurance business through the launch of the new specialty business insurer Praetorian Financial Goup Inc.Approximately US$500 million in capital was contributed to the formation of Praetorian, which will write select specialty…
What’s New: In brief (March 07, 2006)
March 7, 2006 by Canadian UnderwriterWillis Group Holdings, Ltd. (NYSE: WSH), is strengthening its Canadian presence through the appointments of four new insurance professionals to its Canadian operations. Robert Kudzman, formerly partner and senior consultant at Jones Brown, will join Willis as vice president. Kudzman…
Lloyd’s results forecasts better than expected
March 6, 2006 by Canadian UnderwriterDespite the record 2005 hurricane season, several Lloyd’s syndicates are releasing results forecasts ahead of market expectations, Lloyd’s has announced.The news comes in the wake of last year’s devastating hurricane season, which was widely expected to have a huge impact…
Chubb declares increase in quarterly dividend
March 6, 2006 by Canadian UnderwriterChubb Corp. said has increased its quarterly dividend by 16.3 % and recently declared a 2-for-1 stock split.Chubb has raised it’s dividend up $0.07 from the last quarter’s dividend of $0.43 per share to reach a current quarterly dividend of…
What’s New: In Brief (March 06, 2006)
March 6, 2006 by Canadian UnderwriterRBC Insurance, with support from Hockey Canada and the Hockey Hall of Fame, is recognizing Canada’s most dedicated hockey volunteers as part of its third annual RBC Local Hockey Leaders program.Thirteen RBC Local Hockey Leaders – one from each regional…
AXA Re writes first humanitarian disaster insurance policy
March 6, 2006 by Canadian UnderwriterThe United Nations World Food Program (WFP) has taken out the first humanitarianism insurance policy with reinsurer AXA Re.AXA Re will provide contingency funding of up to US$7 million of insurance coverage in case of extreme drought that may occur…
Willis acquires Gueits, Adams & Company (March 03, 2006)
March 3, 2006 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH) has acquired New York-based Gueits, Adams & Company. Specializing in jewelers block insurance, Gueits, Adams reports annualized revenues of approximately US$4 million. The terms of the transaction, effective Feb. 1, 2006, have not been…