Industry
The board of directors of Transatlantic Reinsurance Company, a subsidiary of Transatlantic Holdings, Inc. (NYSE: TRH), recently elected four new officers. Timothy O’Connor will become the vice president in Chicago, John Byrne will become the assistant vice president in Sydney, Samson Chiu will become the assistant vice president in Hong Kong, Mark Jackaman will become […]
By Canadian Underwriter | March 31, 2006
2 min read
Approximately 1,000 CGI employees primarily from the Company’s Montral and Toronto locations, will lose their jobs this year as a result of the lower than expected business from Bell Canada.CGI reports that more than half of the job cuts are related to the low BCE work volumes and adds that the remaining losses stem from […]
3 min read
Manitobans have become some of the most conscientious seatbelt users in the country, according to a Transport Canada survey.Manitoba Public Insurance (MPI) responded to the survey results by saying it will not relax its efforts to convince all Manitobans they should use vehicle restraint systems properly.”Certainly we thank and congratulate Manitobans for becoming more safety […]
By Canadian Underwriter | March 28, 2006
Zurich Financial Services Group recently agreed to pay US$153 million to settle investigations instigated by the attorneys general of New York, Connecticut and Illinois. The agreement calls for Zurich to pay approximately US$88 million in restitution to excess casualty US policyholders and US$65 million in fines payable to the three states involved. Of these fines, […]
By Canadian Underwriter | March 27, 2006
Allianz AG is following the lead of Manulife Financial Corp and American International Group (AIG) by expanding into China.As reported in Shanghai Daily, Allianz has opened a branch in Hangzhou, capital of Zhejiang Province, which means the German insurer now own licenses to operate in eight Chinese mainland cities.Currently, Manulife Financial Corp, a Canadian insurer, […]
By Canadian Underwriter | March 24, 2006
1 min read
Aviva ppl in the United Kingdom has withdrawn its $17-billion (US$29.6-billion) proposal to merge with Prudential ppl, Aviva confirmed in a brief statement on its Web site. Aviva’s all-share proposal was rejected by the Prudential board last week, despite Aviva’s offering a premium to the current share price. Following the Prudential board’s rejection of the […]
In advance of its Annual Report Fairfax Financial Holdings Ltd. (TSX:FFH.SV) says it is releasing a disclosure excerpt in order to coincide with the 10-K filing by Crum & Forster Holdings Corp.The early release of the disclosure is a direct result of the previously disclosed delay in the filing of its Annual Report.The disclosure states:On […]
By Canadian Underwriter | March 22, 2006
Noel Group is selling Travel Guard International and several affiliated companies to American International Group, Inc. (AIG). Travel Guard International provides travel insurance, emergency medical assistance and travel assistance programs. It markets its products through a network of more than 14,000 agents and nearly 500 travel suppliers in the United States, Canada, and Central and […]
By Canadian Underwriter | March 21, 2006
Fitch Ratings predicts any merger between Aviva and Prudential would result in “downward pressure” on Prudential’s current ‘AA’ rating and a “potentially positive” effect on Aviva’s current ‘A+’ rating.Fitch made its observation following Aviva’s recent announcement of its proposal to acquire Prudential for 17 billion (US$29.7 billion). Aviva’s all-share proposal was rejected by the Prudential […]
Zurich American Insurance Company and its subsidiaries (ZAIC) have reached settlements totaling US$171.1 million with nine U.S. state attorneys general and one insurance commissioner, Zurich Financial Services Group (Zurich) has announced.The settlements relate to U.S. industry-wide investigations into broker compensation and insurance placement practices, and they require the implementation of new disclosure and compliance regimes. […]
By Canadian Underwriter | March 20, 2006
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