Industry
How much money are the cyber-slackers “working” at your insurance company or brokerage costing you each year?Would you believe an average annual total of US$93,000, as shown during a presentation at the general meeting of the Toronto Applied Systems Client Network?One U.S. study found that each insurance company or brokerage employee wasted, on average, 1.1 […]
By Canadian Underwriter | February 20, 2008
2 min read
York Fire & Casualty has become Canada’s first insurance carrier to implement true XML real-time inquiry, which it demonstrated at a general meeting of the Toronto Applied Systems Client Network (TASCnet).Using Applied Systems’ WARP technology for real-time transactions, York Fire now communicates directly and immediately with insurance brokers through their broker management systems. The new […]
Canada has a highly sophisticated securities framework that largely addresses the principles of the International Organization of Securities Commissions (IOSCO), according to findings from the International Monetary Fund (IMF) and the World Bank, Autorite des Marches Financiers (AMF) reported. The positive findings, according to AMF, indicate that: Canada’s financial system is mature, sophisticated and well-managed; […]
By Canadian Underwriter | February 19, 2008
1 min read
The average annual net income of Canada’s most profitable property and casualty insurance brokerages is between Cdn$800,00 and Cdn$1 million, with the average industry profitability equalling 25.3% of total brokerage income, according to a benchmark survey by Vancouver’s Berris Mangan Chartered Accountants.It was also found that small brokerages’ (less than Cdn$500,000) profitability has declined by […]
The Insurance Brokers Association of Canada (IBAC) announced that York Fire and Casualty Insurance Company is continuing its investment as a full partner of the Broker Identity Program for 2008.”York Fire and Casualty is proud to continue as a full partner of the Broker Identity Program,” said Colin Simpson, York Fire and Casualty president and […]
Co-operators General Insurance Company has reported a 2007 Q4 consolidated net income of Cdn$60.8 million, up from the Cdn$18.5 million it reported in 2006 Q4.”The improvement was due to favourable automobile claims development, higher investment returns and tax recoveries,” the company announced in a release.Net income for the entire year of 2007 amounted to Cdn$148.2 […]
Kingsway Financial Services Inc. (TSE:KFS) reported a net loss of US$103.5 million for 2007 Q4 and a net loss of US$18.5 million for the year, marking a decrease of 716% and 115% over the same periods of 2006, respectively. The combined ratio was 130.2% in the quarter (109.3% for the year), with Canadian operations reporting […]
By Canadian Underwriter | February 15, 2008
A.M. Best has issued a rating methodology for Takaful insurers that incorporates a two-stage risk-based capital approach.One of the key characteristics of a Takaful insurance operation is the existence of two separate funds: the Takaful (or policyholders’) fund, and the operator’s (shareholders’) fund. With this in mind, the starting point for assessing the financial strength […]
A.M. Best Co. has placed the financial strength rating (FSR) of A++ (Superior) of the domestic life and retirement services subsidiaries of American International Group (AIG) (New York) [NYSE: AIG] under review with negative implications. In addition, A.M. Best has placed the FSRs of A+ (Superior) of most of AIG’s domestic property and casualty subsidiaries […]
Marsh & McLennan Companies Inc. (MMC) has decided to eliminate its current three-class structure of its board of directors, subject to shareholder approval. As a result of the Board’s declassification, all directors would become subject to annual election as their existing three-year terms expire.MMC says it will include in its 2008 proxy statement a company-proposed […]
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