Industry
Kingsway Financial Services Inc. has issued a statement clarifying and correcting certain remarks made in the course of a conference call regarding the companys 2007 Q3 statements held on Nov. 8, 2007. During the conference call, statements were made which could imply that the estimated adverse reserve development at Lincoln General has been primarily driven […]
By Canadian Underwriter | November 12, 2007
2 min read
The Insurance Corporation of British Columbia (ICBC) has reported strong financial results for the first nine months of 2007, but remains cautious of increasing claims costs.Net income for the first nine months of 2007 was Cdn$526 million, an increase of Cdn$142 million compared to last year, with Cdn$133 contributed by the sale of the Central […]
By Canadian Underwriter | November 9, 2007
1 min read
South Barrie Collision Centre in Barrie, Ont. has gone green and is now using environmentally compliant waterborne paint. The state-of-the-art 40,000 sq. ft. collision centre, which is co-owned by six local auto dealers, is part of the national CertifiedFirst Network. It is using PPG Automotive Refinish waterborne paint products as part of a move to […]
A Financial Services Commission of Ontario (FSCO) decision came down on the side of an insurer appealing an arbitrators order that it produce all its current and any future surveillance information, supporting correspondence and reports regarding any surveillance of a policyholder. In the case Security National Insurance Co. v. Noel Morgan, Noel Morgan claims statutory […]
By Canadian Underwriter | November 8, 2007
Goldman Sachs, a full-service global investment banking and securities firm, is entering into the global property and casualty insurance business.Arrow Syndicate 1910 is to enter the Lloyds insurance market in January 2008, according to its managing agency Whittington Group. Arrow Syndicate, which is a Goldman Sachs business, has obtained approval in principle from the Lloyds […]
Munich Re Group has posted profit exceeding 3.3 billion (roughly Cdn$4.5 billion) in the first nine months of 2007. In the third quarter, we again posted excellent results, and are now harvesting the fruits of our strict profit orientation, John Schneider, CFO of Munich Re, said in a release. In 2007 Q3, the company posted […]
EGI Financial Holdings Inc. (TSX: EFH) has reported a profit of Cdn$4.5 million for 2007 Q3, marking an 18.7% decrease over last years Q3.The company reported a combined ratio of 88.5% and Cnd$42.3 million in direct written premiums, a 45.1% increase over the same period of time last year. Net written premiums increased from 2006 […]
ING Canada has reported a Cdn$64-million decrease in its 2007 Q3 profits. This year, the company reported a 2007 Q3 net income of Cdn$92 million, down from Cdn$156.8 million over the same period last year. For the first nine months of the year, INGs net income was Cdn$412.6 million, down from the Cdn$548.7 million the […]
By Canadian Underwriter | November 7, 2007
Resolve Corporation, a Mississauga-based business processing outsourcing firm, and Health Claims for Auto Insurance (HCAI) Processing have entered into a three-year partnership that will see Resolve manage the transcription of paper forms for Ontarios new electronic system for processing auto insurance health claims.Ontario government regulations will require the provinces health care facilities to submit certain […]
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