Industry
The Co-operators Group Ltd. and Montreal-based institutional investment management firm Addenda Capital Inc. (TSX: ADV) have announced that Addenda will amalgamate with a subsidiary of The Co-operators (Newco).The transaction, which values Addenda’s equity at approximately Cdn$306.5 million, will be implemented by way of a statutory amalgamation under the Companies Act (Quebec) and is subject to […]
By Canadian Underwriter | February 25, 2008
1 min read
The Munich Re Group in 2007 achieved a profit of 3.9 billion [Cdn$5.76 billion], surpassing its projected target of between 3.5 billion and 3.8 billion [Cdn$5.17 billion and Cdn$5.61 billion], the company announced. The reinsurer also noted a 20.2% return on risk-adjusted capital [RORAC], markedly exceeding its long-term target of 15%.”We are well above our […]
2 min read
**CORRECTION**This news item contains amendments that replace incorrect information appearing in a previous post. Northbridge Financial Corporation (TSX: NB) reported 2007 profits of Cdn$295 million, a 76.6% increase from 2006’s net income of Cdn$167.1 million.Underwriting profit for 2007 increased to Cdn$84.3 million, compared to Cdn$23.5 million in 2006, a company release says.The company’s combined ratio […]
By Canadian Underwriter | February 22, 2008
Canada has appointed an expert panel to help look at ways to improve securities regulation in Canada, including an examination of whether the country should establish one common securities regulator for the entire country.”I am asking the panel to develop a model common securities act to create a Canadian advantage in global capital markets,” said […]
The Insurance Corporation of British Columbia (ICBC) invested roughly Cdn$8.9 million in funding for safety improvements to roads in B.C. as part of its Road Improvement Program.The program works in partnership with municipalities and the provincial government to make roads safer. “Road improvements are recognized worldwide as one of the most effective ways to improve […]
Traditional forms of terrorism in Asia are being superseded by area-specific threats such as criminal gangs with political agendas, and businesses need to respond to these, Lloyd’s of London says in a recent report, ‘Terrorism in Asia: What does it mean for business.’The report was done in collaboration with the Institute of International Strategic Studies […]
By Canadian Underwriter | February 21, 2008
EGI Financial Holdings Inc. reported a profit of Cdn$15 million for 2007, a decrease of 11.3% over 2006.For 2007 Q4, the company reported a net income of Cdn$3.7 million, a decrease of 28.3% from 2006 Q4.Underwriting income decreased 31.2% to Cdn$10 million for the year over 2006’s Cdn$14.5 million, an EGI release says. For 2007 […]
Armed with an initial capitalization of Cdn$10 million, Executive Risk Insurance Services is developing a new breed of insurance coverage specifically geared towards risks associated with cyber-liability and privacy breaches.In a seminar in Toronto, Executive Risk said its insurance product is being developed to tackle cyber-liability risks not often covered under traditional insurance policies. Traditional […]
Willis Re has developed an early warning system for professional liability insurance and reinsurance underwriters, identifying what may be early warning signals for potential securities class-action lawsuits stemming from the sub-prime crisis.Analysts identified the gaps between the senior debt ratings and the credit ratings implied by bond equity and credit default swap pricing of various […]
By Canadian Underwriter | February 20, 2008
ING Canada Inc. reported net income of Cdn$95.8 million for 2007 Q4.This is down from $109.4 million in 2006 Q4, mainly due to lower results from invested assets, the company notes.”Our investment activities continue to generate substantial interest and dividend income, but recent unfavourable capital markets conditions led to a net loss of Cdn$3.3 million […]
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