Industry
Converium has rejected an offer by SCOR for the whole of the share capital of the company.In a press release, Converium representatives said that the board of directors of Converium continues to be unanimous in its rejection of the offer.The unsolicited proposal fundamentally fails to recognize the value of Converiums franchise and growth prospects, and […]
By Canadian Underwriter | February 26, 2007
1 min read
Hub International Limited (TSX: HBG) announced that it has entered into an agreement to be acquired by funds advised by Apax Partners and Morgan Stanley Principal Investments, through an arrangement agreement and related plan of arrangement. Under the terms of the arrangement Hub is valued at approximately US$1.8 billion [approximately Cdn$2.1 billion], which includes approximately […]
Fairfax Financial Holdings (TSX: FFH) announced profits of US$159 million [approximately Cdn$184 million] for 2006 Q4, and US$227.5 million [approximately Cdn$264 million] for the year.The combined ratios of Fairfaxs insurance and reinsurance operations were 88.4% and 95.5% for the Q4 and 2006 year, respectively, compared to 112.7% and 107.7% for the Q4 and 2005 year […]
By Canadian Underwriter | February 23, 2007
A new report by Celent research services, Dont Sell Unicorns, suggests there is often a failure to communicate during the technology purchasing process between the insurance software vendors and insurance IT buyers.The study presents a set of key principles drawn from the experiences of Celents insurer clients. It also incorporates the experiences of Celents own […]
2 min read
Allianz reported a 60% increase in net profits throughout 2006 from just under 4.4 billion [approximately Cdn$6.7 billion]. For property and casualty business, 2006 saw a 1.4% improvement in the combined ratio, from 94.3% in 2005 to 92.9% in 2006.Once again in 2006 our focus was on a rigorous underwriting policy as well as on […]
By Canadian Underwriter | February 22, 2007
EGI Financial Holdings Inc. (TSX:EFH) announced a 2006 Q4 profit of $5.2 million an increase of 70% over its 2005 Q4 profit of $3.1 million.The improvement was primarily attributable to the year-over-year improvement in the combined ratio, as well as the increase in investment income in 2006, the company reported.The companys 2006 Q4 combined ratio […]
La Capitale General Insurance has partnered with Motodirect and Quadnet to offer members of these recreational vehicle communities a 10% premium discount on their motorcycle and ATV insurance.The move is part of La Capitale General Insurances initiative to target the recreational vehicles market, says a company press release.Last October La Capitale announced that it was […]
By Canadian Underwriter | February 21, 2007
MINT Canadian Specialty is offering Canadian doctors unique protection against legal action when treating non-Canadian patients in Canada.Latitude Advantage MD, developed by MINT Canadian Specialty, provides an insurance option for physicians who may face legal action resulting from the care they provide to non-Canadian patients in Canada for short periods of time. Further, Latitude Advantage […]
It’s awards season, so the Insurance Bureau of Canada (IBC) is recognizing the worst performances by insurance scam artists in 2006.There’s no glitz, no glamour and no red carpet, IBC vice president of investigations Rick Dubin said of the IBCs first-annual Scam-ademy Awards. And the winners are, in fact, losers who tried to cheat Canadian […]
The U.S. insurance industry should be paying greater attention to the run-off market, according to a recent study published by PricewaterhouseCoopers’ (PwC) insurance restructuring group. Although the U.S. market is generally acknowledged as the largest in the world, with an estimated US$150-200 billion in reserves, run-off as a stand-alone business is less mature, PwC says […]
By Canadian Underwriter | February 20, 2007
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