Industry
Parts Direct, the wholly owned subsidiary of AutoWorks International Ltd., has fully designed, developed, and tested its PartScan software so that it is now available for ‘live’ installation and network systems integration with insurance company clients. Testing of the software was implemented in order to ensure efficient functionality at the automobile repair facility and wholesale […]
By Canadian Underwriter | February 15, 2006
2 min read
Swiss Reinsurance Co. has achieved a 7% improvement in its economic profit due to focus on technical profitability and its volume of business written has grown to 9.3 billion Swiss francs (US$7.1 billion) in its January non-life contract renewals.Michel Lis, head client markets, says that Swiss Re’s financial strength has enabled the reinsurer to improve […]
By Canadian Underwriter | February 14, 2006
1 min read
Dinner tickets for WICC Ontario Chapter’s 10th Anniversary Dinner “Fueling the Flame” are on sale now at wicc.ca. WICC’s goal for its 2006, 10th Anniversary year, is to raise $2 million to fund breast and prostate cancer research projects through the Canadian Cancer Society. The anniversary dinner will be held on March 29, 2006, at […]
By Canadian Underwriter | February 13, 2006
Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, reported its 2005 fourth-quarter revenues decreased 4% to US$562 million, from US$588 million over the same period last year.Net income for the 2005 fourth quarter was US$60 million, or $0.38 per diluted share, compared with US$108 million, or $0.65 per diluted share, a year ago. […]
By Canadian Underwriter | February 10, 2006
Odyssey Re Holdings Corp. (NYSE:ORH) is set to restate its financial results for the years 2001 through 2004 as well as the first nine months of 2005 in response to a review of their contracts with finite characteristics. The purpose of the restatement, according to OdysseyRe, is to correct the accounting treatment for certain contract […]
American International Group Inc. has agreed to pay more than $1.6 billion in restitution and penalties and to adopt a series of business practice reforms in order to settle civil fraud charges with state and federal regulators, according to New York Attorney General, the New York Insurance Department, the Securities and Exchange Commission (SEC) and […]
By Canadian Underwriter | February 9, 2006
3 min read
Desjardins General Insurance, the property and casualty insurance arm of Desjardins Group, a Canadian cooperative financial group, is introducing an additional 10% discount on the automobile insurance premium for hybrid vehicles.”Under the circumstances, promoting the use of vehicles that have both an internal combustion engine and an electric motor is certainly a worthwhile strategy for […]
Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) reported its 2005 Q4 net income increased 16% over its 2004 Q4 results from Cdn$36.3 million in 2004 to Cdn$42.1 million in 2005 despite lower premium volumes in 2005.Overall Kingsway’s net income in 2005 increased 24%, to a record Cdn$163.1 million, over the Cdn$131.0 million reported last year. The […]
The fourth quarter results in 2005 for Industrial Alliance Insurance and Financial Services Inc.’s shareholder net income increased slightly to $46.7 million from $34.3 million for the same period in 2004.However, when excluding the Company’s restructuring charges related to the integration of its National Life subsidiary, Q4 shareholder net income in 2005 would be $48.2 […]
By Canadian Underwriter | February 8, 2006
RBC Insurance is offering a small incentive to auto repair facilities that achieve an I-CAR Gold Class Professionals training designation. The company will add $10 to every repair estimate from RBC Insurance clients for vehicles being repaired at Gold Class facilities, RBC Insurance announced. The $10 allowance was conceived to support the continued training needed […]
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