Canadian Underwriter

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Risk Management


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Regulatory settlement in U.S. affects Zurich’s bottom line

May 18, 2006 by Canadian Underwriter

Zurich Financial Services Group’s 2006 Q1 net income of US$785 million represented an increase of about 1% over the same period last year, notwithstanding a US$262-million settlement with U.S regulators, the company announced.Zurich General Insurance achieved a combined ratio of

News Climate ChangeInsuranceMergers and Aqcuisitions

Paul Davis Systems Canada rolls out Xactimate 24

May 18, 2006 by Canadian Underwriter

Paul Davis Systems Canada, a mitigation, restoration and reconstruction network, has rolled out an international version of Xactimate 24, a software estimating program for replacement cost calculations, estimate tracking, and data trending in real time.“Xactimate allows us to provide uniform

News Climate ChangeInsurance

AIG adopts climate change policy

May 17, 2006 by Canadian Underwriter

AIG recently unveiled a new policy that will manage the risks and capture the business opportunities posed by climate change, making it the first U.S.-based insurance company to adopt such a product.The national coalition of investors and environmental groups Ceres

News Climate ChangeInsurance

Look both ways for reinsurance side-cars (May 17, 2006)

May 17, 2006 by Canadian Underwriter

Reinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent

News InsuranceMergers and Aqcuisitions

Aviva offers premium discount in Quebec for hybrid cars

May 17, 2006 by Canadian Underwriter

Aviva Insurance Company of Canada, Scottish & York and Traders General Insurance Company, all Aviva Canada Inc. (Aviva) member companies, are rewarding drivers in Quebec who choose to be kind to the environment with an automatic 10% discount on their

News InsuranceMergers and Aqcuisitions

CCIR endorses disclosure principles

May 8, 2006 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) has accepted, subject to agreement from the Canadian Insurance Services Regulatory Organizations (CISRO), the recommendations made in a Feb. 13, 2006, joint CCIR and CISRO paper entitled Managing Conflicts of Interest: A Consultation

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RenaissanceRe reports 1Q net premiums up

May 4, 2006 by Canadian Underwriter

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported US$195.7 million in 2006 first-quarter operating income, compared to US$54.5 million in the first quarter of 2005.Net premiums earned for the first quarter of 2006 were US$351.7 million, compared to US$301.5 million for

News InsuranceMergers and Aqcuisitions

Kingsway sets own Q1 record for underwriting profit

May 4, 2006 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) reported its net operating income in 2006 1Q increased 11% to US$30 million, compared to US$27 million in 2005 Q1.Underwriting profit during this year’s first quarter set a Q1 record of US$16.4 million, Kingsway

News Insurance

More business leaders should drive BPM: survey

May 3, 2006 by Canadian Underwriter

When it comes to implementing business process management (BPM) in North American insurance companies, business leaders need to become more involved in the process, a May 2005 Gartner survey suggests. Right now, “the IT organization continues to play a visionary

News Insurance

Hub acquires assets of Hirsch Wolf & Co.

May 3, 2006 by Canadian Underwriter

The New York subsidiary of Hub International Limited (NYSE:HBG)(TSX:HBG), Hub International Northeast (HUB Northeast), has acquired the assets of Hirsch Wolf & Co., LLC, a Brooklyn-based property and casualty insurance brokerage with special expertise in the healthcare industry. Terms of

News Insurance

Marsh reports 1% decrease in 2006 1Q revenues

May 3, 2006 by Canadian Underwriter

Marsh & McLennan Companies, Inc. (MMC) reported its consolidated revenues in 2006 1Q were US$3 billion a 1% decline from 2005 1Q. Overall net income in 2006 1Q was US$416 million, compared with US$134 million in 2005. “A number of

News Climate ChangeInsuranceMergers and Aqcuisitions

ING Canada seeking future acquistions

May 2, 2006 by Canadian Underwriter

Following its recent acquisition of Allianz, ING Canada is seeking further opportunities to expand, ING Canada president and CEO Claude Dussault told an annual general meeting of the company’s shareholders recently.“With the acquisition of Allianz, ING Canada solidified its leading