Segment
Risk Management
AIG’s Q1 income hit by weak US housing market and credit market
May 9, 2008 by Canadian UnderwriterAmerican International Group Inc. (AIG) incurred a net loss of US$7.81 billion for 2008 Q1, a dramatic decrease from 2007 Q1’s net income of US$4.13 billion. The company attributes the loss to the continuation of the weak U.S. housing market,…
What’s New: In Brief (May 09, 2008)
May 9, 2008 by Canadian UnderwriterWestern Financial Group (TSX: WES) reported a 12.1% decrease in its Q1 operating income, from Cdn$4.38 million in 2007 to Cdn$3.85 million in 2008.In a consolidated statement of income, it reported an increased in premium income from Cdn$6.25 million in…
MMC’s Q1 profit takes US$478 million hit
May 9, 2008 by Canadian Underwriter***CORRECTION: This news item contains a correction of a news item posted on May 8, 2008. Marsh & McLennan Companies Inc. (MMC) has reported a US$210 million loss in Q1, a dramatic drop from 2007 Q1’s profit of US$268 million.“In…
Kingsway’s Q1 net income tumbles 276%
May 8, 2008 by Canadian UnderwriterKingsway Financial Services Inc. has reported a US$34.4 million loss for 2008 Q1, marking a 276% drop over 2007 Q1’s profit of US$19.6 million.The company also saw a 234% increase in its underwriting losses quarter-over-quarter, from a loss of US$20.7…
Aon sees small growth in Q1 revenue
May 7, 2008 by Canadian UnderwriterAon Corporation (NYSE: AOC) reported a 2008 Q1 profit of US$218 million, marking a 2% increase over the same period of last year.The company’s Risk and Insurance Brokerage Services revenue increased 9% compared to the prior-year quarter, according to a…
AXA reports increased P&C revenues in 2008 Q1
May 7, 2008 by Canadian UnderwriterAXA reported its 2008 Q1 property and casualty revenues increased by 2% to EUR8.885 million (Cdn$13.74 billion), up from EUR8.625 billion (Cdn$13.33 billion) in 2007 Q1.“This solid performance resulted from positive new business volumes with personal motor and household net…
What’s New: In Brief (May 07, 2008)
May 7, 2008 by Canadian UnderwriterTerrie-Lynne Devonish, chief counsel for Aon Canada, was recognized as one of Canada’s Top 40 Under 40. The program, managed by The Caldwell Partners, recognizes Canada’s best and brightest through the prestigious national award. The program honours 40 Canadians in…
What’s New: In Brief (May 06, 2008)
May 6, 2008 by Canadian UnderwriterEchelon General Insurance Co. is underwriting a new insurance program for sheep farmers to better manage risk in case of an outbreak of blue tongue, an insect-borne viral disease of sheep.The Canadian Sheep Federation (CSF) and federal government teamed up…
Crawford reports highest quarterly earnings since 2001
May 5, 2008 by Canadian UnderwriterCrawford & Company (NYSE: CRDA and CRDB) reported a 2008 Q1 net income of US$9.1 million, an increase of US$5.8 million over the same period of last year.The company’s U.S. property and casualty operations reported revenues of US$49.5 million in…
Co-Operators reports increase in profit, loss ratio and combined ratio
May 5, 2008 by Canadian UnderwriterCo-Operators General Insurance Company reported a 2008 Q1 net income of Cdn$10.5 million, an increase of Cdn$2.3 million over the same period of last year.Net earned premium for 2008 Q1 was Cdn$484.2 million, an increase from 2007 Q1’s Cdn$462.4 million,…
New Brunswick launches emergency recovery program for non-insured flood losses
May 5, 2008 by Canadian UnderwriterThe Government of New Brunswick has launched a detailed recovery program for victims of recent flooding along the St. John River system.“This comprehensive program will help New Brunswickers recover from flood damage and return to their way of life as…
Aon launches product to minimize business interruption in Canada
May 2, 2008 by Canadian UnderwriterAon has introduced its Global Rapid Response program to Canada.Global Rapid Response provides post-loss mitigation and recovery consulting, helping on the ground at the loss location. The program is designed to help minimize the financial impact of a catastrophic property-damaging…