Industry
The amalgamation of Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada has recently been finalized under the name of The Nordic Insurance Company of Canada. Allianz and Nordic, insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), announced their intention to amalgamate on Feb. 20, 2006. ING Canada acquired Allianz Insurance Company of […]
By Canadian Underwriter | April 5, 2006
1 min read
Canadian stocks fell from record values, Bloomberg’s news agency reported April 4, as expectations of higher interest rates undercut financial companies such as the Royal Bank of Canada and reduced the value of a guage of insurers’ stocks. “Concern the Bank of Canada will continue raising borrowing costs this year weighed on the Standard & […]
By Canadian Underwriter | April 4, 2006
The negative CreditWatch credit rating of ‘BB’ on Fairfax Financial Holdings Ltd. (FFH) and Crum & Forster Holdings Corp. has been removed and Standard & Poor’s Ratings Services affirmed the ratings of both company’s. S&P’s also removed its ‘BB-‘ counterparty credit rating on TIG Holdings Inc. from CreditWatch negative and affirmed the ratings. In addition, […]
By Canadian Underwriter | April 3, 2006
2 min read
ING Canada (TSX:IIC.LV) recently acquired Grey Power Insurance Brokers Inc. (GPIBI) of Stouffville, ON.With its acquisition of GPIBI, ING Canada now owns four of the eight Grey Power brokerages.The transaction is not expected to immediately impact the staff or operations of GPIBI. Ron Griffiths, a founding principal of GPIBI, will continue to act as president […]
Claiming “a new era in online insurance has begun,” RBC Insurance has announced it is the first insurance company in Canada to offer nationwide the ability to get a quote and purchase personal property and auto insurance completely online. “Client interest in doing so is clear,” the company announced in a press release. “Within minutes […]
Catlin Group Ltd. recently raised approximately US$70 million from a share placing, indicating strong business performance despite an 84% decrease in profits due to last year’s catastrophic hurricane season. Pretax profits for 2005 dropped to US$27.7 million from US$173.9 million. However, Catlin reports total sales rose to US$1.28 billion in 2005 from US$1.22 billion the […]
March 31, 2006
Optimum General Inc. (TSX: OGI.SV.A) achieved a net income of CD$5.5 million for the fiscal year ended Dec. 31, 2005, compared to a net income of CD$3.6 million for the previous year. For the fourth quarter (Q4), net income was CD$1.7 million, compared to a net income of CD $383,000 for the same period in […]
The Insurance Brokers Association of Canada (IBAC) and the Canadian Federation of Independent Business (CFIB) have agreed to work together to present a united voice on issues affecting both small businesses and insurance brokerages. “Looking back, both organizations recognize the huge challenges that the last ‘hard market’ placed on small businesses concerning insurance availability and […]
Willis Group Holdings Limited (NYSE: WSH) has acquired New York-based Gueits, Adams & Company. Specializing in jewelers block insurance, Gueits, Adams reports annualized revenues of approximately US$4 million. The terms of the transaction, effective Feb. 1, 2006, have not been disclosed. Joe Plumeri, chairman and CEO of Willis, says the acquisition is part of the […]
AXA Canada has received the federal government’s approval to close the acquisition of The Citadel General Assurance Company. The agreement, entered into with Winterthur Group, involves a consideration of approximately CD$310 million. The new entity will include more than 2,000 employees and a distribution network of 1,400 brokers throughout Canada. AXA Canada says this is […]
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