Industry
Willis Group Holdings (NYSE: WSH), a global insurance broker, has launched The Willis Quality Index, an initiative to benchmark insurance carriers from the perspective of servicing and supporting clients’ needs. The Willis Quality Index provides information on such things as: how quickly the carrier produces evidence of coverage the average length of time it takes […]
By Canadian Underwriter | June 22, 2006
2 min read
Industrial Alliance Insurance and Financial Services Inc. recently held an Investor Day for the institutional investment community.Yvon Charest, president and CEO, says the event is meant to offer investors with three primary messages including the Company’s “potential to grow EPS organically in the low double-digit range over the mid-term, including in the Individual Insurance line […]
By Canadian Underwriter | June 20, 2006
1 min read
A.M. Best Co. has affirmed the public data (pd) financial strength ratings of 35 Canadian property and casualty companies, assigned one pd rating and downgraded one pd rating. “These pd ratings are based solely upon public information and present the most informed view A.M. Best can offer, short of an insurer participating in the full […]
By Canadian Underwriter | June 19, 2006
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 Ontario-based firm, Royal […]
AXA Canada recently demonstrated its commitment to insurance brokers across Canada by increasing its investment in the Insurance Brokers Association of Canada (IBAC) Broker Identity Program to Full Partner status. The move means AXA Canada will be able to display the “BIP” logo in their promotional and branding materials.”This increased level of support from AXA […]
By Canadian Underwriter | June 16, 2006
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.”This […]
By Canadian Underwriter | June 15, 2006
Insurers are pleased that a federal government white paper released June 14 makes no mention of changing the Bank Act to allow banks to promote insurance products in their local branches.The finance ministry white paper is a blueprint for legislation the government will introduce to Parliament in early 2007. Its proposals do include some new […]
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 effective July 4, 2006.The reliance model incorporates greater harmonization for agent and broker application forms, continuing education requirements and errors and omissions insurance for agents and […]
By Canadian Underwriter | June 14, 2006
Standard & Poors (“S&P”) has reaffirmed the ‘BBB-‘ long-term counterparty credit and senior unsecured debt ratings of Kingsway Financial Services Inc. (TSX:KFS, NYSE:KFS).The ratings agency also affirmed the rating of Kingsway’s U.S. holding company, Kingsway America Inc. The outlook is stable and the rating, according to S & P’s, reflects “Kingsway’s strong business position in […]
Worksafe BC and the trucking industry recently launched Canada’s first highway safety corridor, Fraser Canyon Highway Safety Corridor.The 192km corridor in Fraser Canyon, from Hope to Cache Creek, is set to represent a target for a new driver education program that will teach motorists to share the road with working truckers. Recent safety initiatives from […]
By Canadian Underwriter | June 12, 2006
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