Industry
Following a recent report of strong quarterly and annual results by Royal & SunAlliance, Moody’s Investors Service has changed the outlook on the European ratings of the Royal & Sun Alliance Group to positive from stable. Ratings affected are the Baa1 insurance financial strength rating (“IFSR”) of Royal & Sun Alliance Insurance plc and the […]
By Canadian Underwriter | March 10, 2006
2 min read
Royal & SunAlliance in Canada has reported that its 2005 combined operating ratio (COR) is the best in history, at 94.8%Overall, the Royal & SunAlliance Group delivered a strong year-end result with a COR of 93.8% for ongoing businesses, compared to 93.8% in 2004. The Group operating result is CDN$1.5 billion (698 million), up CDN$968 […]
By Canadian Underwriter | March 9, 2006
1 min read
Ellen J. Moore, the president and CEO of Chubb Insurance Company of Canada, has received a 2006 McGill Management Achievement Award.Now in its 26th year, the award recognizes Canadian business leaders who have made outstanding contributions to their industries and communities. “This year’s recipients demonstrate not only obvious business success, but also qualities of entrepreneurship, […]
By Canadian Underwriter | March 8, 2006
Royal Bank President and CEO Gordon Nixon said recently that a Canadian law preventing banks from retailing insurance “does not make any sense.””Canada is the only developed country in the world that prohibits consumers and small business owners from buying insurance products, or even getting information about insurance from their bank,” Nixon said in a […]
By Canadian Underwriter | March 7, 2006
3 min read
Hannover Re recently began restructuring its North American primary insurance business through the launch of the new specialty business insurer Praetorian Financial Goup Inc.Approximately US$500 million in capital was contributed to the formation of Praetorian, which will write select specialty business that had previously been managed by Clarendon Insurance Group Inc.Hannover Re says that premiums […]
Willis Group Holdings, Ltd. (NYSE: WSH), is strengthening its Canadian presence through the appointments of four new insurance professionals to its Canadian operations. Robert Kudzman, formerly partner and senior consultant at Jones Brown, will join Willis as vice president. Kudzman comes to Willis offering over 30 years experience in the insurance industry , specializing in […]
Chubb Corp. said has increased its quarterly dividend by 16.3 % and recently declared a 2-for-1 stock split.Chubb has raised it’s dividend up $0.07 from the last quarter’s dividend of $0.43 per share to reach a current quarterly dividend of $0.50 per share. The 2-for-1 stock split Chubb set will be paid to shareholders recorded […]
By Canadian Underwriter | March 6, 2006
RBC Insurance, with support from Hockey Canada and the Hockey Hall of Fame, is recognizing Canada’s most dedicated hockey volunteers as part of its third annual RBC Local Hockey Leaders program.Thirteen RBC Local Hockey Leaders – one from each regional Hockey Canada branch – will be recognized in a special display at the Hockey Hall […]
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 […]
By Canadian Underwriter | March 3, 2006
The Socit de l’assurance automobile du Qubec (SAAQ) is holding public hearings on a proposal to increase its public auto insurance contributions as of 2007.”This document contains an analysis of the financial situation of the Fonds d’assurance automobile du Qubec conducted by SAAQ’s staff and members of the Board of Directors,” the SAAQ’s consultation document […]
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