Industry
Cameron & Associates Insurance Consultants Ltd. and130 guests celebrated the company’s move to 55 York St. in Toronto with an Open House on May 31, 2006. James Cameron, president of Cameron & Associates, said the move “accommodates growth and better facilitates serving our clients.” *** Assured Automotive recently held a Charity Boat Cruise to raise […]
July 31, 2006
4 min read
IN MEMORIUM: Deirdre Martin, 52, senior counsel for the Insurance Bureau of Canada (IBC), passed away on June 21 following a battle with lung cancer. Martin acted as counsel to the IBC’s national claims committee, the standards and practices committee (which reviews and recommends revisions to IBC advisory policy wordings), the investigative services division and […]
AXA SA has signed a definitive agreement to cede the business of AXA Re to Paris Re Holdings Limited. The announcement follows the receipt of a binding offer on April 6, 2006, and after AXA SA consulted with the relevant workers’ councils. Paris Re Holdings is a newly created company with a capitalization of approximately […]
1 min read
Canadian organizations may be concerned about a future pandemic outbreak, but they aren’t prepared for one, according to the findings of a Conference Board of Canada survey. The survey was released to coincide with the launch of a new Pandemic Preparedness Working Group. Almost 80% of the 75 organizations responding to the survey are concerned […]
Swiss Reinsurance Co. has acquired GE Insurance Solutions for US$7.4 billion. Swiss Re expects to finish integrating GE into the fold about 18 months following the June 2006 acquisition. The deal means Swiss Re would surpass Munich Re to become the world’s largest resinsurer. Swiss Re announced plans to purchase GE Insurance Solutions on Nov. […]
Royal & SunAlliance has announced plans to reduce costs – including 1,500 layoffs (1,350 of them in the U.K. and Scandanavian regions) – and a future strategy of double-digit growth in its international division, including Latin America and Canada. Part of Royal’s growth strategy includes acquiring the personal lines business of Shillington Insurance Brokers, an […]
2 min read
AXA has agreed to buy Winterthur from the Credit Suisse Group for CHF 12.3 billion (US$9.98 billion), to be paid in cash. In addition, AXA will refinance CHF 1.6 billion (US$1.3 billion) of Winterthur’s outstanding debt, of which CHF 1.1 billion (US$893,000) of internal loans is to be redeemed to Credit Suisse Group at closing. […]
MFX, a provider of technology and IT outsourcing solutions, has signed an exclusive deal with Toronto-based Munich Reinsurance Company of Canada (MROC) to implement, manage, and enhance MROC’s current corporate primary insurance processing system used by MROC and insurers in the American Re group. The 50-state property and casualty system combines Web-based policy administration with […]
By Canadian Underwriter | July 31, 2006
Strong internal growth, acquisition revenue and operational discipline combined to drive a 32% increase in 2006 Q2 revenue and a 286% increase in net earnings from continuing operations for Hub International Limited (NYSE:HBG) (TSX:HBG), the company announced.Second quarter revenue increased 32% to US$146 million from US$111 million in the same period of 2005. “In Canada, […]
By Canadian Underwriter | July 28, 2006
CGI Group Inc. (CGI) reported 2006 Q3 net earnings from continuing operations, before restructuring costs, of $46.4 million, compared $34.8 million in the previous quarter. Included in CGI’s 3Q results are pre-tax restructuring costs related to specific items of $15 million. Including these costs, CGI net earnings were $35.9 million, compared with $14.1 million in […]
By Canadian Underwriter | July 26, 2006
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