Industry
The CSIO Portal Project a technology project conceived six years ago to improve the efficiency of workflow between independent brokers and insurers will be “winding down” immediately, the Centre for the Study of Insurance Operations (CSIO) has announced in a press release.”The CSIO wishes to thank the brokers from across Canada and the insurance companies […]
By Canadian Underwriter | December 13, 2005
2 min read
Canadian insurance companies invested about 33% less per person on information and communications technology (ICT) than did their US counterparts, according to a 130-page study released by the Centre for the Study of Living Standards.The study outlines explanations for the ICT investment gap that exists between Canada and the United States. The study rates ICT […]
Swiss Re has successfully completed the book-building process for a 1-billion Swiss franc (US$761 million) offering of mandatory convertible securities due 2008.The securities are mandatorily convertible into ordinary shares of Swiss Re in December 2008. The securities will be issued by a wholly owned subsidiary of the Group and guaranteed by Swiss Reinsurance Company.Net proceeds […]
By Canadian Underwriter | December 9, 2005
1 min read
The European Commission has now cleared, under EU merger regulations, a newly created joint venture by Dexia-Banque Internationale Luxembourg (Dexia) and Royal Bank of Canada (RBC).The new joint venture will be called RBC Dexia Investor Services. The new company, with approximately US$1.8 trillion in client assets under custody (representing combined parent AUC), will rank among […]
By Canadian Underwriter | December 8, 2005
The Co-operators Group Ltd. has expanded its membership, welcoming La Fdration des coopratives du Nouveau-Qubec (FCNQ).The Co-operators board of directors has approved FCNQ’s application, expanding to 32 the number of Canadian organizations that are member-owners of the group of companies.Based in Guelph, The Co-operators is a group of Canadian companies focussing on home, auto, life, […]
Fitch Ratings has revised Aon Corporation’s rating outlook to stable from negative, based largely on the company’s new business model, the ratings agency has announced.”The revised stable outlook reflects Aon’s progress in developing a new business model that is less reliant on contingent commission income, the company’s improved financial flexibility and positive financial trends, and […]
By Canadian Underwriter | December 7, 2005
C.V. Starr & Co., the private firm controlled by former American International Group Inc. ceo Maurice “Hank” Greenberg, recently offered to purchase all shares from AIG executives. According to AIG, “most or all” executives will likely accept the offer and tender all shares they own in C.V. Starr & Co.In a recent filing, C.V. Starr […]
PetCare Insurance Brokers Ltd. has expanded its underwriting relationship with Lombard General Insurance Company of Canada so that, effective March 1, 2006, Lombard will increase its participation in the underwriting of Canadian PetCare pet insurance programs from 50% to 100%.Oakville, ON-based PetCare a wholly owned subsidiary of Pethealth Inc. (TSX VENTURE:PTZ) offers its pet insurance […]
Toronto-based, ACE INA Insurance Co. (ACE Canada) recently received a ‘A’ long-term counterparty credit and financial strength ratings from S&P’s. “The ratings reflect ACE Canada’s focused product selection in the Canadian commercial property and casualty (P&C) market, while recognizing the competitive business environment and the commodity-like nature of the sector,” St& P’s credit analyst Donald […]
By Canadian Underwriter | December 6, 2005
A.M. Best Co. recently placed the financial strength rating of The Citadel General Assurance Company (B++/Very Good) under review with developing implications. This rating action is in response to the recent announcement that AXA Canada Inc. will acquire Citadel from Winterthur Swiss Insurance Company, a subsidiary of Credit Suisse. The acquisition of Citadel P&C insurer […]
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