Industry
Kingsway 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 million in 2007 to US$69.1 million in 2008, a Kingsway statement says.Its combined ratio climbed […]
By Canadian Underwriter | May 8, 2008
1 min read
Insurance Bureau of Canada (IBC) has appointed Don Forgeron as vice-president, Ontario and Barb Sulzenko-Laurie as its new vice-president of policy.Jane Voll, the IBC’s immediate past vice-president of policy, becomes special advisor to the president in order to complete the industry’s critical submission at this time to the Automobile Insurance Rate Board in Alberta. “She […]
By Canadian Underwriter | May 7, 2008
2 min read
Aon 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 company statement. The Americas division saw a 1% increase in organic revenue, “reflecting strong growth […]
AXA 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 new contracts reaching 246,000 and 17,000 contracts, respectively, as well as prices holding up well […]
Terrie-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 the private, public and not-for-profit sectors under the age of 40.Devonish has provided expertise, insight […]
Swiss Re reported a net income of CHF624 million (approx. Cdn$594 million) for 2008 Q1, a decrease of 53% over last year’s first quarter.”The reduction was attributable to the continuing turmoil in the financial markets and the resulting additional market-to-market loss of CHF 819 million (approx. Cdn$779 million) on the structured credit default swaps in […]
By Canadian Underwriter | May 6, 2008
Echelon 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 with Echelon in addition to partners Sylvite Financial Services and The Precept Group, an administrative […]
McDougall Insurance and Financial, billed as the largest independent insurance broker in eastern Ontario, just got bigger, purchasing Napanee’s largest independent brokerage firm, George A. Grant Insurance Brokers Ltd.”This deal is especially gratifying, because it keeps independent insurance brokers like ourselves operating at a time when many are being purchased outright by large insurance companies,” […]
The Standard Insurance Brokers Ltd. intends to acquire Canada Brokerlink’s northwestern Ontario offices in Kenora, Sioux Lookout, Red Lake and Dryden’s Skillen-Squire, as per a letter of intent. The acquisition is subject to certain conditions and the terms of the agreement have not been disclosed, according to a press release. With the acquisition, The Standard […]
Crawford & 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 2008 Q1, compared to revenues of US$51 million in 2007 Q1, a company statement says.Revenues […]
By Canadian Underwriter | May 5, 2008
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