Industry
Royal & SunAlliance Canada reported a 2006 first-half combined operating ratio (COR) of 91.3%, a three-point improvement over prior year, reflecting what the company calls “a strong growth in both the commercial and personal businesses.”The company reported an underwriting result of CD$52 million, up 50% over last year. Net written premiums, CD$661 million, were up […]
By Canadian Underwriter | August 11, 2006
1 min read
Aviva plc is reporting “record half-year results” during the first six months of 2006, with “strong performance across all businesses and geographies.”Worlwide, the company’s operating profit increased 27%, to 1.699 billion (CD$3.62 billion). Canadian operations accounted for 85 million (CD$181 million) out of the Aviva International Group’s total six-month, 2006 operating profit of 311 million […]
By Canadian Underwriter | August 9, 2006
Dennis J. Pauls has been named president and CEO of Hub International Ontario Limited (“Hub Ontario”).Pauls previously served as the CFO of Hub International Limited (NYSE:HBG) (TSX: HBG) for more than six years. He will assume his new role on Sept. 5, 2006. Hub International will immediately begin the process of identifying a candidate to […]
By Canadian Underwriter | August 8, 2006
2 min read
MFX has customized a fully integrated, online front and back-end policy processing system for Gateway Insurance Company of St. Louis, MO. Replacing existing technology, this new system integrates third party software with MFX’s WriteNow online underwriting system and its web-based claim handling system, ClaimsAssure. The system is provided under SecureSource, MFX’s data center outsourcing services. […]
3 min read
Royal & SunAlliance Insurance Group plc has acquired Ireland’s EGI Holdings Ltd. 25.2m (17.3m) payable in cash.”EGI is a well established business with strong positions in a number of specialty lines,” a Royal & Sun Alliance press release says. “In 2005 it delivered a profit before tax of 7m (4.8m) on net written premiums of […]
By Canadian Underwriter | August 1, 2006
Alberta’s mandatory auto insurance premiums are set to drop by 3% as of Nov. 1, 2006. The reduction will become effective when Alberta drivers renew their mandatory coverage.Total reductions to Alberta auto insurance premiums have now reduced 18% since the reforms were introduced. The most recent reduction, which brings the total reductions to 18% since […]
Insurance CEOs suggest the question is when - not whether or not - B.C.'s independent brokers will face future competition from direct writers
By David Gambrill | July 31, 2006
7 min read
An interesting public dialogue between the German Insurance Association (GDV) and Fitch Ratings Service in April raises some interesting, broader issues associated with the growing influence and power of independent financial ratings agencies. Ratings agencies derive their power in part through access to insurers’ financial information. Sometimes this information is publicly obtained; other times, insurers […]
By David Gambrill, Editor | July 31, 2006
4 min read
Insurers have expressed relief that a Canadian finance ministry white paper released in June makes no mention of changing the Bank Act to allow banks to promote insurance products in their local branches. The white paper is a blueprint for legislation the government will introduce to Parliament in early 2007. Its proposals do include some […]
July 31, 2006
The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have adopted a reciprocal licensing model for the insurance agent/broker licensing system in Canada. The reliance model incorporates greater harmonization for agent and broker application forms, continuing education requirements and errors and omissions insurance for agents and brokers. It is […]
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