Industry
Neil Morrison has been appointed as CEO of Hub Ontario in addition to his current role as CEO of HKMB Hub International Limited. The promotion is effective Oct. 1. Dennis Pauls, who is currently the CEO of Hub Ontario, will become CEO of Hub Midwest West (Chicago) also effective Oct. 1. Hub Ontario and HKMB […]
By Canadian Underwriter | August 15, 2008
1 min read
The Financial Services Commission of Ontario (FSCO) has denied housekeeping, caregiving and medical benefits to a truck driver who was able to continue his job after a motor vehicle accident without any apparent difficulty, but who nevertheless claimed to be too injured to attend to his home duties and look after his children.”It is important […]
2 min read
National oil companies (NOCs) are failing to manage the risks of limited oil and gas resources, the recruitment and retention of a qualified workforce and energy price volatility, according to a Marsh study.In the Marsh Oil and Gas Risk Report: 2008, more than 400 NOCs were surveyed and asked to rate the relevance of risks […]
By Canadian Underwriter | August 14, 2008
Crawford & Company reported a net income of US$7.9 million for 2008 Q2, up US$1.8 million from the same quarter in 2007. Consolidated revenues totalled US$263.3 million in 2008 Q2, up from US$240.5 million in 2007 Q2, the company reported. Revenues for the international operations segment grew 27.9%, from US$88.7 million in 2007 Q2 to […]
By Canadian Underwriter | August 13, 2008
XL Insurance has launched an aviation insurance team for the Canadian market. Tony Trost, Canadian aviation manager, who will report to Rod Mearing, XL Insurance’s international aviation manager, will lead the team. Before joining XL Insurance, Trost served as senior vice president of the Canadian aviation practice with Marsh Canada Limited. “With Tony’s team in […]
By Canadian Underwriter | August 12, 2008
Asset-driven losses and market volatility are putting increasing pressure on carrier earnings, with profitability increasingly reliant on technical earnings rather than investment gains, Guy Carpenter & Company LLC published in its recent report, Bag Profits Early: Investment Gains under Pressure.”With net income declining steeply from the first half of 2007 to the first half of […]
The Automobile Insurance Rate Board (AIRB) has announced it is allowing a 5% increase in premiums for mandatory auto insurance in Alberta as a result of its annual insurance rate review. As a result of the rate change, on average, Alberta drivers could pay an additional Cdn$30 per year for their mandatory insurance coverage.The AIRB […]
By Canadian Underwriter | August 11, 2008
Swiss Re has reported a 2008 Q2 net income of CHF600 million (Cdn$592.7 million) for the second quarter of 2008.Return on equity was equivalent to an annualized rate of 8.5% for the quarter and 8.4% for the half year.In the property casualty segment specifically, Swiss Re generated a combined ratio of 92.3%. Its operating income […]
By Canadian Underwriter | August 8, 2008
EGI Financial Holdings Inc. (TSX: EFH) reported a profit of Cdn$2.7 million for Q2, marking a 38.1% decrease over the same period last year (Cdn$4.3 million).The combined ratio for 2008 Q2 jumped nearly 20% when compared to last year, increasing from 84.8% in 2007 to 101.3% this year.The company’s underwriting income dropped 110% quarter-over-quarter, from […]
Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) has reported net income of US$6.3 million in 2008 Q2, marking what the company called “a significant improvement” over the net loss of US$34.4 million reported in the first quarter of 2008.Still, the result was below the net income of $41.7 million reported in the second quarter of 2007. […]
By Canadian Underwriter | August 7, 2008
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