Industry
Chances are that organizations are having a tough time recruiting talent in the age cohort range of mid-20s to mid-30s because not nearly as many people were born into this generation, unlike their predecessor Baby Boomers, David Foot, author of Boom, Bust & Echo, told delegates at the RIMS Canada 2008 Conference in Halifax, Nova […]
By Canadian Underwriter | September 18, 2007
1 min read
Ontarios insurance regulator, the Financial Services Commission of Ontario (FSCO), in June 2007 obtained a cease and desist order against Unifund Assurance Company, FSCO posted in a quarterly bulletin announcing the outcomes of its regulatory actions.On June 6, 2007, the Superintendent issued a cease and desist order against Unifund Assurance Company for committing an unfair […]
By Canadian Underwriter | September 14, 2007
Although profits in the U.S. property and casualty insurance market were high in 2006, and profits in 2007 are anticipated to be above historical norms, Fitch Ratings questions the sustainability of the U.S. P&C insurance markets financial performance.Looking ahead, the results of 2006 are unfortunately not sustainable over the long term, the ratings agency said […]
2 min read
One of ING Canadas key strategies is to pursue value-creating acquisitions that fit into its current business line, Claude Dussault, president & CEO, ING Canada Inc. told delegates at the Scotia Capital Financials Summit Conference. Dussault discussed the companys goals going forward, which are two-fold. First is to outperform the industry in terms of return […]
By Canadian Underwriter | September 13, 2007
The estimating solution an insurance company uses has a significant impact on claims operations, financial performance and corporate image, according to a report released by Celent, Claim Estimation Solutions: Overview and Solution Spectrum. A claim estimation solution documents the physical aspects of a loss, in addition to an estimate of cost associated with repairing, restoring, […]
By Canadian Underwriter | September 11, 2007
An increasing number of homeowners who are having a tough time dealing with increasing mortgage payments are defaulting, leading to severe trouble in the subprime mortgage market. Trouble that has President George W. Bush stepping in and U.S. Fed Chair Ben Bernanke pledging that the Fed will act as needed to limit the adverse effects […]
A.M. Best Co. revised its outlook on all its ratings for Munich Reinsurance Company (Munich Re) from negative to stable, as well as affirming the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Munich Re and its rated subsidiaries. A.M. Best expects Munich Res operating performance to remain excellent […]
By Canadian Underwriter | September 10, 2007
The Co-operators is preparing for significant expansion in the province of Quebec. Today, the co-operative financial services organization announced the appointment of Martin-Eric Tremblay as senior vice-president of Co-operators Group Ltd. and president, Quebec Operations, the company announced in a press release. He will be responsible for developing and implementing a Quebec growth strategy for […]
By Canadian Underwriter | September 5, 2007
XL Insurance, the global insurance operations of XL Capital Ltd., announced the increase of its underwriting capacity for construction projects, boosting its available capacity from $40 million to $100 million per project, according to a release. Like many industries, the construction sector faces its share of business risks, john Gallagher, Chief Underwriting Officer, XL Insurance, […]
By Canadian Underwriter | September 4, 2007
EGI Financial Holdings Inc. has reported a 15.5% increase in direct written and assumed premiums — from Cdn$36.6 million in 2006 Q2 to Cdn$42.3 million in 2007 Q2. The increase is attributed to a growth in motorcycle premiums in Ontario, new reinsurance treaties with AssuranceAmerica and continued significant growth in the Niche Products division, which […]
August 31, 2007
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