Industry
Canadian Western Bank (CWB: TSX) has announced a 2006 Q2 net income of CD$16.7 million – including earnings of CD$1.6 million from the bank’s insurance subsidiary, Canadian Direct Insurance Inc. Established in 1996, Canadian Direct Insurance is a Canadian federally chartered property and casualty insurance company currently doing business in British Columbia and Alberta, Canada. […]
June 30, 2006
1 min read
The Financial Services Commission of Ontario (FSCO) has issued a warning about two unlicensed companies advertising the sale of auto insurance in the province. “During an investigation recently completed, it came to the attention of FSCO that unlicensed entities Smart Switch and Amicable Insurance Company may have been involved in the sale of automobile insurance […]
By Canadian Underwriter | June 29, 2006
The first Quarter (Q1) of 2006 net underwriting gain for the U.S. property and casualty insurance market is US$8.4 billion, representing an increase of 20.8% over the same period in 2005.According to a report published by the Insurance Services Office and the Property Casualty Insurers Association of America, the increase in gains is indicitive of […]
The Insurance Institute of Canada (IIC) has selected Aptify as its enterprise-wide customer and member relationship management software. Aptify is an international provider of customer and member relationship management, e-Business, education management and other applications. By using Aptify to serve as a central data repository for all of IIC’s international affiliates the Institute says it […]
2 min read
What’s the estimated replacement cost value of the 18-carat-gold World Cup soccer championship trophy?About CD$85,400, not including design and labor costs, according to Lloyd’s of London broker Heath Lambert, a specialist in sports insurance. Charles Meaden, director of Heath Lambert’s sports, leisure and entertainment division, says this assumes “the trophy would probably be insured for […]
By Canadian Underwriter | June 26, 2006
Kingsway Financial Services Inc. (TSX:KFS) has entered into a US$175 million three-year revolving credit facility with a syndicate of three banks. This new credit facility, which matures in June 2009, replaces the existing CD$150 million 364-day revolving credit facility, and contains similar terms, conditions and financial covenants to the facility it replaces. In the new […]
The “world’s largest passenger aircraft” is set to be introduced into the commercial aviation space despite A series of delays have altered the production and delivery schedule of the “world’s largest passenger aircraft” into the commercial aviation market, according to A.M. Best. Aviation insurers say the size and large seating capacity of the A380 will […]
Allianz AG has announced plans to reduce the number of workers at Allianz Deutschland AG (ADAG), its German insurance operation, by 5,000.It also plans to cut another 2,480 jobs at its Dresdner Bank subsidiary. Allianz’s announcement said the move would help fulfill its 2008 goal to make its “insurance business more customer focused, operate more […]
By Canadian Underwriter | June 23, 2006
Progressive Insurance ranked has the number one automobile insurance site, according to two competitive intelligence studies that compare online customer experience and best practices implementation of auto insurance Web sites. The Progressive, GEICO and American Family sites were deemed the best auto insurance sites on the Web, topping the Keynote Customer Experience Rankings, an overall […]
By Canadian Underwriter | June 22, 2006
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