Industry
Scottish Re Group Ltd. (NYSE:SCT) is looking for potential buyers or investors after the French reinsurer SCOR Group said it wasn’t interested in acquiring the life reinsurer, A.M. Best says.”Scottish Re said it is exploring ‘strategic alternatives,’ including a possible sale of the company,” A.M. Best noted in a press release. “Another possibility is a […]
By Canadian Underwriter | November 10, 2006
1 min read
Royal & SunAlliance Insurance Group plc’s core group has announced net written premiums during the first nine months of 2006 at 4.1 billion (Cdn$8.8 billion), up 2% from the same period in 2005.The company’s combined operating ratio (COR) of 93.1% during the first nine months of 2006 was 0.5 points better than 2005.Profit during the […]
By Canadian Underwriter | November 9, 2006
Western Financial Group has announced its revenue for the first nine months of 2006 increased 22.7% — from Cdn$45.6 million in 2005 Q3 to Cdn$56 million in 2006 Q3.In addition, the company’s profits went to Cdn$1.486 million in 2006 Q3 from Cdn$1.026 million in 2005 Q3, an increase of 37.9%. “We are enjoying performance from […]
ING Canada’s “Protect & Collect” Aeroplan program is still “flying high,” the company says, although the 500 “bonus” air miles originally offered to customers as part of the program have been eliminated to address RIBO concerns.Launched in early September, ING’s Protect and Collect program was originally designed to offer 500 “Thank You” bonus miles upon […]
2 min read
Kingsway Financial Services Inc. (“Kingsway”) has notified The Toronto Stock Exchange of its intention to make a Normal Course Issuer Bid.Kingsway may, during the 12-month period between Nov. 9, 2006 and Nov. 8, 2007, purchase up to 2.8 million of its own common shares. This bid represents less than 5% of the 56.08 million common […]
By Canadian Underwriter | November 7, 2006
Weighing in on the Bank Act review debate, the C.D. Howe Institute has just released a study that questions the current prohibition on banks selling most kinds of insurance in their branches.”A few years ago, the case for the prohibition was reasonable,” according to the study’s author, Mark R. Daniels, who has experience in the […]
In compliance with a recent ruling by the Registered Insurance Brokers of Ontario (RIBO), ING Canada is eliminating wording in its Aeroplan marketing materials that RIBO has determined to be an “inducement.” ING Canada recently introduced an Aeroplan program that provides the offer of 500 air miles to consumers who purchase an ING policy as […]
By Canadian Underwriter | November 6, 2006
ICBC has reported net income of Cdn$175 million for the first nine months of 2006, compared to Cdn$195 million reported for the same period last year. “Overall, ICBC is in a good financial position,” B.C.’s public insurance body said in a press release. “Earned premium revenue is growing, investment income remains strong, and operating costs […]
Allianz Group has reported its overall 2006 Q3 net income rose by 100.4%, to EUR1.6 billion (CD$2.29 billion).”Based on preliminary figures, total revenues at EUR22.6 billion (CD$32.39 billion) were slightly down compared to the equivalent previous year’s quarter, but the operating profit increased by 42.7% to EUR2.7 billion (CD$3.87 billion),” the company announced in a […]
By Canadian Underwriter | November 3, 2006
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) has announced a net loss of US$359.2 million for 2006 Q3, and net earnings of US$68.4 million for the first nine months of 2006. The combined ratios of the company’s insurance and reinsurance operations for 2006 Q3 and the first nine months of 2006 were 98.5 % […]
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