Industry
The Ontario Court of Appeal has found that insurance companies can exclude coverage for liability on the basis of criminal acts, regardless of whether or not the criminal act was intentional.Kirk Boggs, a lawyer with Lerners, argued the case before the Court of Appeal along with Kirk Stevens of Lerners and Laird Scrimshaw of Thunder […]
By Canadian Underwriter | February 16, 2007
2 min read
Zurich Financial Services Group reported a net income of US$4.5 billion, an increase of 41% for the year 2006.General insurance gross written premiums and policy fees earned US$34.2 billion, with a combined operating ratio of 94.2%, an improvement of 6.6% over 2005. The underlying result increased by US$1.9 billion, or 1.1%, after excluding the effects […]
By Canadian Underwriter | February 15, 2007
1 min read
Nancy Ng has been appointed manager of insurance services at PPG Canada Inc.PPG Industries is a diversified manufacturer that supplies vehicle-related products and services around the world. In addition, PPG’s Lynx Services provides claims management solutions and handles more than 3 million claims annually.With headquarters in Pittsburgh, PPG has 110 manufacturing facilities and equity affiliates […]
By Canadian Underwriter | February 14, 2007
Manulife Financial Corporation reported shareholders’ net income of $3.9 billion for 2006, an increase of 21% over the full year 2005. “The strong organic growth across all of our operations is encouraging and contributed to another year of record earnings,” said Dominic D’Alessandro, president and CEO of Manulife Financial. “In both our insurance and wealth […]
Hub International Limited has agreed to acquire substantially all of the assets of one of the largest Louisiana-based insurance brokers, Hibernia Insurance Agency, L.L.C., according to a press release.Hibernia Insurance, an $18 million revenue brokerage firm, will become a new regional platform doing business as Hub International Gulf South (HUB Gulf South).”The Hibernia Insurance Agency […]
Swiss Re’s non-life insurance portfolio has grown by 14% as a result of renewals of business acquired through the purchase of Insurance Solutions. The increase works out to CHF1.3 billion [approximately CDN$1.215 billion].The January renewal season accounts for 67% of the traditional treaty portfolio of Swiss Re and the former Insurance Solutions. Across the combined […]
By Canadian Underwriter | February 13, 2007
IBC’s unique driver distraction simulator, D.U.M.B.Car (Distractions Undermining Motorist Behaviour) will provide a reality check for Canadian at Canadian International AutoShow.Driver distraction has become one of the most serious road safety issues in Canada today. According to a recent poll commissioned by Insurance Bureau of Canada (IBC), 89% of Canadians agree that driver distraction is […]
CNA Financial Corporation (NYSE:CNA) announced a 2006 Q4 profit of US$329 million and a net income of US$1.1 billion throughout 2006.The Q4 income marks an increase of US$546 million as compared with the same period in 2005. Net income for the entire year increased US$844 million over 2005. “This income was primarily due to improved […]
By Canadian Underwriter | February 12, 2007
Scor records an increase of around 10% in worldwide premium income for non-life reinsurance renewed at 1 January 2007, according to a press release.Property and casualty reinsurance renewals at 1 January 2007 were conducted in full accordance with the underwriting plan set in June 2006 and adhered to the underwriting rules and profitability criteria fixed […]
The Financial Services Commission of Ontario (FSCO) has served notice of its intention in 2007 to “review the use” by insurers, agents and brokers of CCIR [Canadian Council of Insurance Regulators] principles related to the disclosure of potential conflicts of interest.”To ensure consumers are protected, conflicts of interest between insurers and agents must be managed […]
By Canadian Underwriter | February 9, 2007
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