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Crawford & Company reported a 2007 Q3 net income of US$3.5 million, as compared to 2006 Q3s US$6.2 million. Profits for the first nine months of 2007 totalled US$12.8 million, a decrease from US$16.3 million over the same period last year.Revenues generated by Crawfords catastrophe adjuster group were US$3.4 million in 2007 Q3, declining from […]
By Canadian Underwriter | November 27, 2007
1 min read
Swiss Reinsurance Company has reported a 5% decrease in its 2007 Q3 profits over last year and has announced its plan to reduce its capacity.Swiss Re is prepared to reallocate capital across business lines or return it to shareholders through a share buy-back programme and dividends, a release says. The company reported a profit of […]
By Canadian Underwriter | November 6, 2007
Insurance industry payrolls in the United States increased by 1,500 in the month of October, to a new high of 2.367 million, reports A.M. Best Company.Citing research from the U.S. Bureau of Labour Statistics, A.M. Best reported that average weekly earnings for the industrys non-supervisory positions rose from US$799.62 to US$850.39 during the period between […]
By Canadian Underwriter | November 5, 2007
Royal & SunAlliance (R&SA) Canada Group has acquired Canadian Northern Shield Insurance Company (CNS) from The CUMIS Group Limited for approximately Cdn$75 million in cash. The acquisition will make R&SA the sixth largest property and casualty insurance company in Canada and the largest in British Columbia. It marks the first acquisition in the industry in […]
October 31, 2007
Information privacy complaints against insurance companies have dwindled from 50 in 2004 down to seven as of September 2007, according to Elizabeth Denham, the director of the research analysis and stakeholder relations branch of the Office of the Privacy Commissioner of Canada.Overall, the industry has had only 119 privacy complaints made against its members over […]
By Canadian Underwriter | October 26, 2007
2 min read
PartnerRe Ltd. has reported a 2007 Q3 profit of US$262.9 million, compared to a 2006 Q3 profit of US$235.8 million.Commenting on the 2007 Q3 and nine-month results, Patrick Thiele, president and CEO at PartnerRe, said, “PartnerRe’s third-quarter results set new records in several metrics including earned premium, operating earnings, and earnings per share.Thiele noted a […]
By Canadian Underwriter | October 23, 2007
The Royal & SunAlliance (R&SA) Canada Group has acquired Canadian Northern Shield Insurance Company (CNS) from The CUMIS Group Limited for approximately Cdn$75 million in cash. The acquisition will make R&SA the sixth largest property and casualty insurance company in Canada and the largest in British Columbia. It marks the first acquisition in the industry […]
By Canadian Underwriter | October 17, 2007
The Intergovernmental Panel on Climate Change (IPCC) was awarded the Nobel Peace Price on Oct. 12. IPCC panel members include Institute for Catastrophic Loss Reduction (ICLR) executive director Paul Kovacs and ICLR policy director Dr. Gordon McBean. The IPCC will share the prize in two equal parts with Al Gore for their efforts to build […]
By Canadian Underwriter | October 12, 2007
Insurers are too quick to settle legal actions against them, John Campion, a partner at Fasken Martineau DuMoulin, told a panel at the National Insurance Conference of Canada (NICC).Campion is known within the insurance community for his role as defence counsel for insurers in McNaughton Automotive Ltd. v. Co-Operators General Insurance Company.In McNaughton, the Ontario […]
By Canadian Underwriter | October 3, 2007
During the current volatile economic environment, the insurance industry needs to be more proactive in developing property reforms — in particular, addressing the increasing number of claims dealing with water exposure — to avoid political intervention like that seen with recent auto reforms, Kathy Bardswick, president and CEO of Co-Operators Group Ltd., told a crowd […]
September 30, 2007
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