Segment
Risk Management
Benfield profits up, as is global demand for cat insurance
September 7, 2006 by Canadian UnderwriterBenfield Group Limited (“Benfield” or “the Group”), an independent reinsurance and risk intermediary, has reported its group operating revenue has increased 28.5% over the first half of 2006 to 252.1 million (CD$524.6 million).The Group also reported an increase of 35.3%…
Competition and soft rates challenge commercial property market
August 31, 2006 by Canadian UnderwriterUnderwriting within the Canadian commercial property segment during 2005 saw a sharp increase in net loss ratio, dampening overall industry results.Events that contributed to the poor results include the Suncor Oil Sands Facility and increased storm activity throughout the country…
Global warming to complicate control of wildland fires
August 30, 2006 by Canadian UnderwriterA recent report published by an assembly of global fire ecologists indicates recent climate change will hinder our ability to manage wildland fire and apply prescribed fire across the landscape.The Association for Fire Ecology’s report, “San Diego Declaration on Climate…
Risk managers welcome new scholarship
August 28, 2006 by Canadian UnderwriterThe Spencer Educational Foundation, Inc. recently introduced a new scholarship fund totaling US$100,000. The Risk and Insurance Management Society, Inc. (RIMS)’s Atlanta Chapter donated the funds for the new scholarship, called the “RIMS Atlanta Chapter Scholarship.” RIMS says that all…
BB&T buys Canadian-based CAFO Inc. (August 24, 2006)
August 24, 2006 by Canadian UnderwriterBB&T Corporation (NYSE: BBT), a principal subsidiary of Branch Banking and Trust Company, has agreed to buy insurance premium finance company AFCO Credit Corporation and its Canadian affiliate, CAFO Inc., from Mellon Financial Corporation (NYSE: MEL).Terms of the transaction were…
Crawford & Company busy on M&A front
August 22, 2006 by Canadian UnderwriterCrawford & Company, an independent provider of claims management solutions, has been busy in August, acquiring Broadspire Services, a third-party administrator of casualty claims and medical management services, from Platinum Equity, as well as SLS, a liability adjusting and claims…
US$5-billion underwriting loss for U.S. P/C industry in 2005
August 21, 2006 by Canadian UnderwriterThe U.S. property and casualty industry reported a US$5-billion underwriting loss and a combined ratio of 100.9% in 2005, according to a recent study by rating agency A.M. Best.The result represents a US$10.5-billion reversal from 2004’s underwriting profit, and a…
Average insurance premium steady in Q2
August 17, 2006 by Canadian UnderwriterCommercial insurance premiums either remained flat or decreased slightly in the second quarter of this year compared to the prior year, according to the RIMS Benchmark Survey. In the second quarter, Directors and Officers (D&O) premiums dropped 3.5%, the largest…
ISO buys Xactware assets
August 16, 2006 by Canadian UnderwriterISO, a provider of risk management products, has acquired the assets of Xactware, Inc., a provider of estimation software and services for the property insurance, remodeling and restoration industries. Terms of the deal were not disclosed.ISO is a privately held…
Great American opens new Toronto branch
August 14, 2006 by Canadian UnderwriterGreat American Insurance Group’s Executive Liability Division has opened a new branch office in Toronto.The office will be manned by Michael Shore, CRM, and Oren Schemool, MBA, both of whom were educated in Canada, who will specialize in underwriting directors’…
Royal & SunAlliance Canada grows personal/commercial lines
August 11, 2006 by Canadian UnderwriterRoyal & SunAlliance Canada reported a 2006 first-half combined operating ratio (COR) of 91.3%, a three-point improvement over prior year, reflecting what the company calls “a strong growth in both the commercial and personal businesses.”The company reported an underwriting result…
ING Canada reports 2006 Q2 net income of CD$205.9 million
August 10, 2006 by Canadian UnderwriterING Canada Inc. (TSX: IIC) reported net income of CD$205.9 million for the three months ended June 30, 2006, down CD$17.7 million, or 7.9%, from the record results achieved during 2005 Q2.Revenues for 2006 Q2 amounted to CD$1.097 billion, compared…