Industry
Canadas property and casualty insurers led an overall decline in operating profit in the countrys financial services sector during 2007 Q2, according to a recent report by Statistics Canada.Operating profits in the financial sector fell 1.4% to [Cdn]$17.3 billion in the second quarter, the Statistics Canada report, Quarterly Financial Statistics for Enterprises, reads. Property and […]
By Canadian Underwriter | August 23, 2007
2 min read
New developments in extra-territorial jurisdiction, stock options backdating and claims against European companies are becoming major areas of concern for company directors, according to a recent publication of Willis Group Holdings. The Willis Boardroom Guide 2007 is published by the directors and officers (D&O) team of Willis financial executive and professional risks (FINEX) division, in […]
By Canadian Underwriter | August 21, 2007
Audatex Canada ULC, a subsidiary of Solera Holdings, Inc., has extended its relationship with Aviva Canada Inc. for an additional three years, according to a release. Audatex has provided Aviva with core estimating solutions that help standardize the automotive claims process for more than 15 years. Aviva will deploy Audatexs end-to-end claims processing suite, which […]
By Canadian Underwriter | August 17, 2007
Consumers have enjoyed nearly Cdn$7 billion of auto insurance premium savings since insurance reforms were implemented in 2003 and 2004 in Ontario, Alberta, and Atlantic Canada, according to the Insurance Bureau of Canada.IBC made its observations in a press release following an analysis of the latest data available from the General Insurance Statistical Agency (GISA), […]
By Canadian Underwriter | August 16, 2007
Western Financial Group (WFG)s Agency Network, the fourth largest property and casualty broker in Canada, has reported a 42.5% increase in profits for the first six months of 2007, overall WFG reported an increase in profits of 88.1% for the same period. Revenue for the first half of 2007 for the Network were approximately Cdn$32.28 […]
By Canadian Underwriter | August 15, 2007
1 min read
Damage caused due to hail during last weeks storm in Dauphin, Manitoba are being estimated by Manitoba Public Insurance to be between Cdn$6 million and Cdn$8 million for vehicles alone, according to The Winnipeg Sun. Large hail and 56mm of rain fell last Thursday in the area roughly 300 kilometers northwest of Winnipeg causing serious […]
By Canadian Underwriter | August 14, 2007
The global reinsurance market is stable, and A.M. Best predicts continued growth in the insurance-linked securities market, moderating cyclicality and amplitude in global reinsurance pricing.In A.M. Bests Global Reinsurance 2006 Market Review researchers note that 2006 set a record for catastrophe bond issuance at $4.7 billion [approximately Cdn$4.95 billion], 135% above 2005s cat bond issuance. […]
By Canadian Underwriter | August 13, 2007
Fairfax Financial Holdings Limited (TSX: FFH) announced a 2007 Q2 profit of Cdn$168.1 million, down from 2006 Q2 earnings of Cdn$229.2 million. Northbridge Financial Corporation (TSX: NB) and Odyssey Re Holdings Corp, Fairfaxs respective primary insurance and reinsurance operations, announced 2007 Q2 net earnings of Cdn$116.7 million and Cdn$153.38 million, respectively, information from the companies […]
By Canadian Underwriter | August 10, 2007
The Insurance Corporation of British Columbia (ICBC) has reported a net income of Cdn$256 million for the first half of 2007, an increase from Cdn$110 million from the same period in 2006.Insurance premiums earned in the first six months of 2007 increased to $1.7 billion from Cdn$1.57 billion for the first half of 2006, an […]
By Canadian Underwriter | August 9, 2007
Swiss Re reported a 68% increase in its property and casualty business over 2006 Q2, with a total earnings of CHF 1.2 billion [approximately Cdn$1.05 billion] throughout 2007 Q2.Overall, compared to 2006 Q2, premiums earned increased 17% to CHF 8 billion [approximately Cdn$7.05 billion], says a Swiss Re statement, attributing the increase in part to […]
By Canadian Underwriter | August 7, 2007
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