Industry
Swiss Reinsurance Co. has acquired GE Insurance Solutions for US$7.4 billion.The acquisition, through which GE will be integrated into Swiss Re over the next 18 months, will allow Swiss Re to grow past Munich Re to become the world’s largest resinsurer.Swiss Re announced plans to purchase GE Insurance Solutions on Nov. 18, 2005 from which […]
By Canadian Underwriter | June 12, 2006
2 min read
Despite ultimately unsubstantiated rumors of a blockbuster merger between the United States’ fourth-largest insurer, Zurich Financial Services, and the nation’s fifth-largest P&C insurer, St. Paul Travelers Corp, M&A activity in the U.S. is not expected to reach the frenzied dimensions of M&A activity in the late ’90s, according to Fitch Ratings.Fitch notes the U.S. property […]
By Canadian Underwriter | June 9, 2006
First Canadian Title, a provider of title insurance, recently enabled the multi-jurisdictional acquisition of HBC, which involved the purchase of all HBC shares in January by South Carolina businessman Jerry Zucker in a deal worth more than $1 billion.”The historical nature of some of the properties, along with the complexity of the land title records […]
1 min read
St. Paul Travelers Cos. is removing the “St. Paul” out of its Company name as part of a multimillion-dollar advertising and marketing campaign that will streamline its personal and commercial insurance products under one brand.In one of its first steps in the new campaign, the insurer removed “St. Paul” from all marketing material related to […]
KRG Children’s Charitable Foundation has offered Muskoka-based CNIB Lake Joseph Centre (Lake Jo), which is a camp for visually impaired children and their families, a cornerstone gift of CD$500,000 toward their “Restoring the Spirit” campaign. The capital campaign aims to raise enough money to rebuild the entire camp facility. The generous donation from KRG will […]
By Canadian Underwriter | June 8, 2006
3 min read
Arch Capital Group Ltd. (NASDAQ: ACGL) recently promoted Mark Lyons to the position of president and chief operating officer of Arch Insurance Group (U.S.), effective immediately. In his new role, Lyons will assume responsibility for each of the underwriting units of Arch’s U.S.-based insurance operations.Lyons, 49, joined Arch Insurance Group in August 2002 as senior […]
By Canadian Underwriter | June 7, 2006
Registered Insurance Brokers of Ontario (RIBO) has issued a warning in its Spring 2006 bulletin about insurers’ use of negative option billing or marketing.Reprinting an excerpt of a similar warning issued in 2000, RIBO noted the “Financial Services Commission of Ontario (FSCO) is concerned about the use of negative option billing (also known as negative […]
By Canadian Underwriter | June 6, 2006
The outlook on the Canadian property and casualty (P&C) insurance industry remains stable, according to a report published today by Standard & Poor’s Ratings Services. The report, entitled “Industry Report Card: Slower Momentum Expected For Canadian Property And Casualty Insurers,” suggests that although operating performance has been quite good and capital has been strengthened in […]
By Canadian Underwriter | June 5, 2006
The10th annual North American Export Committee (NAEC) meeting, hosted by the Insurance Bureau of Canada (IBC), will focus on the theme of the link between auto theft, organized crime and terrorism. The 2006 Auto Theft Export Summit will take place on June 8 – 9 in Ottawa at the Fairmont Chateau Laurier. A wide variety […]
Compu-Quote Inc. recently integrated its AutoRater and PropertyRater services with ING Insurance’s point-of-sale tool, Savers. The amalgamation of these products will allow brokers to submit new business to ING Insurance through Savers from within Compu-Quote’s rating services without double entry. “Reactions from the brokers have been very positive, as they now have another means of […]
By Canadian Underwriter | June 2, 2006
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