Segment
P&C Companies
Swiss Re’s net income drops in 2005
March 2, 2006 by Canadian UnderwriterSwiss Re reported a drop in net income to CHF1.5 billion (CDN$1.3 billion) in 2005 from CHF2.5 billion (CDN$2.17 billion) in 2004.In 2005, Swiss Re digested CHF3 billion (CDN$2.61 billion) in large natural catastrophe claims, up from CHF1.2 billion (CDN$1.04…
Royal & SunAlliance endorses Drive for Life
March 2, 2006 by Canadian UnderwriterCiting a disproportionate number of Ontario youths who are involved in fatal car collisions, Royal & SunAlliance is offering premium discounts for graduates of a program that uses a simulator to teach defensive driving techniques. Road safety statistics show 225…
GE Insurance Solutions reports solid renewals
March 2, 2006 by Canadian UnderwriterGE Insurance Solutions companies (NYSE: GE) secured nearly US$1.5 billion of property and casualty reinsurance business in the recently completed Jan. 1 renewal season. The GE Insurance Solutions team recently added 62 new reinsurance treaty clients and US$149 million in…
AXA Canada authorized to acquire the Citadel General Assurance Company
March 2, 2006 by Canadian UnderwriterHaving received Federal Government approval, AXA Canada recently closed the acquisition of The Citadel, General Assurance Company. The agreement, entered into with Winterthur Group, involves a consideration of approximately Cdn$310 million.The new entity will include more than 2,000 employees and…
Optimum General increases net income in 2005
March 1, 2006 by Canadian UnderwriterOptimum General Inc. (TSX: OGI.SV.A) is reporting a net income of CDN$5.5 million for the fiscal year ended Dec. 31, 2005, compared to a net income of CDN$3.6 million for the previous year.For the fourth quarter, net income was CDN$1.7…
Hub International announces Q4 results, strategic alliance
March 1, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG)(TSX:HBG) is reporting a fourth-quarter revenue of US$114.1 million up 12% from US$101.5 million in the same period of 2004. For the year, net earnings from continuing operations were flat on a 25% increase in revenue. Results…
What’s New: In brief (March 01, 2006)
March 1, 2006 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) is holding a Friday Forum workshop on March 24, 2006 from 1:30pm to 3:00 pm at the Insurance Bureau of Canada, which will feature Staff Sergeant Robert Cousineau of the Ontario Provincial Police.…
Business insurance quotes now available online
February 28, 2006 by Canadian UnderwriterAn online insurance marketplace, kanetix, is expanding its online quote service to include Ontario business insurance, the company has announced.“Before we added business insurance to the quote service, insurance shoppers coming to kanetix could get quotes for their personal auto,…
AXA SA reports P&C earnings growth in 2005
February 28, 2006 by Canadian UnderwriterAXA SA is reporting a growth in underlying earnings of up to 22% in its global property and casualty division, as well as a 24% increase in its overall underlying earnings, for the 2005 fiscal year.“Property and casualty revenues were…
US storms cause “unprecedented” market activity, Guy Carpenter
February 28, 2006 by Canadian UnderwriterGuy Carpenter & Company, Inc., a global risk and reinsurance specialist and a part of the Marsh & McLennan Companies (NYSE: MMC), and affiliate of Guy Carpenter MMC Securities Corp., recently published their fourth annual joint study of natural catastrophe…
What’s New: In Brief (February 28, 2006)
February 28, 2006 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX:ACL) has appointed Robert M. Sadleir to the Corporation’s board of directors. Sadleir is a chartered accountant and vice-president finance for Cal-Gas Inc. Sadleir offers knowledge and experience in the areas of finance, corporate…
Swiss Re shareholders approve capital to buy GE Insurance
February 27, 2006 by Canadian UnderwriterShareholders of Swiss Reinsurance Co. (RUKN.VVX) recently approved the creation of up to $7.8 billion in fresh equity capital that will be used to finance the acquisition of GE Insurance Solutions, the reinsurance unit of General Electric Co (GE). Chairman…