Industry
Desjardins Financial Security posted a net income of CD$69.2 million for the second quarter 2006 compared with CD$74.2 million for continuing operations in 2005, when results benefited from a reversal of allowance for impaired loans. In the Q2, the net income was CD$38.7 million compared with CD$42.4 million in 2005, a drop of CD$3.7 million […]
By Canadian Underwriter | August 28, 2006
2 min read
BB&T Corporation (NYSE: BBT), a principal subsidiary of Branch Banking and Trust Company, has agreed to buy insurance premium finance company AFCO Credit Corporation and its Canadian affiliate, CAFO Inc., from Mellon Financial Corporation (NYSE: MEL).Terms of the transaction were not disclosed. The agreement is subject to regulatory approval and is expected to be completed […]
By Canadian Underwriter | August 24, 2006
Under a new agreement made with New York Attorney General Eliot Spitzer and New York Superintendent of Insurance Howard Mills, broker Marsh Inc. is legally viable to accept contingent commissions on arrangements where it serves as either the managing general agent or underwriting manager.Marsh documented this new deal in a recent Securities and Exchange Commission […]
1 min read
The total U.S. premium ceded to alien reinsurers was US$62.1 billion and ceded recoverables totaled US$123.9 billion in 2005, which represents a 16.9% increase in premiums and 16.2% growth in recoverables since 2004, according to a recent report from the Reinsurance Association of America (RAA). The report “Alien Reinsurance in the U.S. Market: 2005 Data” […]
By Canadian Underwriter | August 23, 2006
Crawford & Company, an independent provider of claims management solutions, has been busy in August, acquiring Broadspire Services, a third-party administrator of casualty claims and medical management services, from Platinum Equity, as well as SLS, a liability adjusting and claims handling company.Crawford acquired Broadspire Services, a privately-held corporation, for US$150 million. “The acquisition is anticipated […]
By Canadian Underwriter | August 22, 2006
Kingsway Financial Services Inc. recently contracted with the ChoicePoint company Insurity in order to deploy a new suite of products and services for insurance processing called Insurance Decisions. This new product will provide rating, quoting, underwriting, issuance, billing, reinsurance, claims administration, management-reporting and bureau-reporting services for Kingsway. In addition, Kingsway says its staff will access […]
Increasingly, over the past eight to 10 years, thieves have been breaking into cars for their airbags, according to Robert Tremblay, manager of industry issues at the Insurance Bureau of Canada (IBC).Depending on the type and make of a car auto safety airbags can cost upwards of CD$2,500 per unit, which may be motivating thieves […]
By Canadian Underwriter | August 18, 2006
Allianz Group increased its operating profit in 2006 Q2 by 19%, to EUR2.8 billion, and its net income increased by 64%, to EUR2.3 billion.”Allianz Group has continued to proceed its course of profitable growth during the second quarter of 2006, ” the company announced in a press release. “The results significantly exceed market expectations.”Net income […]
By Canadian Underwriter | August 17, 2006
Property casualty insurers are expected to experience overall industry underwriting profit in 2006, matching the results of 2004, according a recent report from Conning Research and Consulting, Inc. The Conning Research says its forecast report, entitled “Property-Casualty Forecast & Analysis by Line of Insurance, 2005-2008,” reports on 2005 preliminary results for the industry and forecasts […]
By Canadian Underwriter | August 15, 2006
Great American Insurance Group’s Executive Liability Division has opened a new branch office in Toronto.The office will be manned by Michael Shore, CRM, and Oren Schemool, MBA, both of whom were educated in Canada, who will specialize in underwriting directors’ and officers’ liability, employment practices liability, fiduciary liability and other professional liability insurance products for […]
By Canadian Underwriter | August 14, 2006
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