Industry
Customers in the United States looking around for car insurance will typically gather, on average, three competitive quotes, according to the J.D. Power and Associates 2007 Insurance Shopping Study released this weekOne-third of these shoppers will switch carriers; of these, 33% said they would switch because of price, while almost 75% said they would also […]
By Canadian Underwriter | June 28, 2007
2 min read
Underwriting income is down and claims costs are up, according to 2007 Q1 financial figures posted by the Office of the Superintendent of Financial Institutions (OSFI), which oversees federally regulated property and casualty insurers in Canada.The OSFI 2007 Q1 figures do not include financial data for many reinsurers or provincially regulated P&C insurers.Also, the figures […]
By Canadian Underwriter | June 27, 2007
1 min read
A.M. Best Co. has affirmed the financial strength ratings (FSR) of 43 Canadian property/casualty companies, upgraded five FSRs, assigned three FSRs and downgraded one FSR. These ratings are based solely upon public information and present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process, A.M. […]
By Canadian Underwriter | June 22, 2007
Bermuda reinsurers continued the 2006 trend of bolstering balance sheets with record profits during 2007 Q1, according to the Benfield Bermuda Quarterly report, despite a softening market.According to Benfield, light losses and reserve release helped Bermuda’s 16 leading reinsurers produce US$3.1 billion [approximately Cdn$3.3 billion] in aggregate net income and raise the island’s capital base […]
By Canadian Underwriter | June 20, 2007
At a time when independent adjusters are voicing concerns about a shrinking job market due to insurers working directly with contractors, a new network is set to enter the Canadian market that will work as a third-party administrator between insurers and contractors, delegates of the Disaster Restoration Contractors Conference & Trade Show, in Toronto were […]
By Canadian Underwriter | June 19, 2007
French insurer April Group has announced its new presence in Canada with the acquisition of two Quebec brokerages, Escapade Assurances Voyages, and Dave Rochon Assurances.Escapade, situated in Sainte Croix, was created in 2003 and specializes in travel insurance for short and long voyages and for specific destinations. It is distributed essentially by telephone and through […]
Western Financial Group Inc. announced it has retained a syndicate of agents co-led by CIBC World Markets Inc., Desjardins Securities Inc. and Jennings Capital Inc., and including Acumen Capital Finance Partners Limited, to offer on a best-efforts, private-placement basis between $15-25 million of cumulative perpetual convertible preferred shares at a price of $100 per preferred […]
Gestion MRCI Inc., known under the company name of AssurExperts Gingras Jacques Lajoie et Associs lte, of Chicoutimi, has been found guilty of tax evasion by the Court of Quebec.In a press release, the Canada Revenue Agency (CRA) notes the corporation was fined Cdn$210,453, which, the CRA notes, represents 100% of the federal tax it […]
By Canadian Underwriter | June 18, 2007
Aon Reed Stenhouse Inc. has announced the appointment of Christine Lithgow as executive vice president, national client service, market relations for Aon Reed Stenhouse and as a member of the national executive committee. Lithgow began her career at Reed Stenhouse in the United Kingdom as an account executive trainee, when in 1981 she moved to […]
PPG Canada has announced three new appointments within its Automotive Refinish group, including Denis Cloutier, insurance services manager, Eastern Canada, Jennifer Rosiak-Wong, Canadian advertising manager, and Bruce Young, district manager, collision programs.Cloutier will work with the Canadian insurance industry to communicate the value added services that CertifiedFirst Network can provide to insurers, as well as […]
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