Industry
The Cayman Islands Monetary Authority (CIMA) has welcomed a new licensee, Greenlight Re, a Cayman-based global property and casualty reinsurance company, to the islands.The CIMA said in a press release that the recent licensing of a company providing open-market reinsurance was “a first for many years in the jurisdiction.”Greenlight Re “has more than US$220 million […]
By Canadian Underwriter | November 17, 2005
1 min read
Insurance industry association codes that outline best practices for disclosing income and potential conflicts of interest may not go far enough, as suggested in a November 2005 report by the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO).The much-anticipated report by the regulators’ Industry Practices Review Committee (IPRC) contains […]
By Canadian Underwriter | November 16, 2005
2 min read
Gross premiums on The London Market were conservatively estimated at 21.7 billion in 2004, down 15% on the previous year, according to a report by the International Financial Services London, a private sector organization promoting financial services worldwide.This news follows five consecutive years of growth, during which premiums increased by more than 80%, the report […]
The Co-operators has contributed $10,000 towards a new arena that will continue the tradition of hockey nights in P.E.I.In Tignish, P.E.I. residents are trying to raise $750,000 to rebuild an arena that is a centrepiece of the town. The Co-operators contribution went towards the town’s Centennial Arena Capital Campaign.”Raising the money we need to build […]
Allianz A.G. Holding recently reported that its net income increased by 78.1% to 3.51 billion euros for the third quarter of 2005 compared to the same period last year.Allianz restated its figures for the third quarter of 2004 under International Financial Reporting Standards. The marked profit growth is a result of operating improvements in all […]
By Canadian Underwriter | November 11, 2005
Royal & SunAlliance Insurance Group Plc.’s saw its nine-month profit more than double increasing by 97% in pre-tax profits at 488 million pounds due to strong core business performance.This increase reflects a 10% increase in the company’s 4.1 billion pound net written premiums.Royal & SunAlliances premiums saw an 11% increase in Canada and Latin America, […]
By Canadian Underwriter | November 10, 2005
Western Financial Group today announced its net income increased 67.5% — to $3.6 million during the first nine months ending Sept. 30, 2005.The company’s business units include WFG Agency Network, the fourth largest property and casualty insurance broker in Canada and the largest in Western Canada. The network consists of more than 50 branch offices […]
Buoyed by strong underwriting results and solid investment income, ING Canada Inc. (TSX: IIC.LV) is reporting a net income of $202.8 million for the quarter ended September 30, 2005.That’s a 24% increase over the $163.6 million the company reported during the same period of last year.”ING Canada continued to deliver impressive earnings growth in the […]
In response to a number of accounting investigations that occurred early in 2005, the American International Group Inc. (AIG) has delayed filing its quarterly results and will restate its earning for the past five years for a second time in attempts to fix accounting errors.The company estimates net income 2000 through the first half of […]
By Canadian Underwriter | November 9, 2005
Markel Corp. has reported receiving a subpoena from the Northeast Regional Office of the U.S. Securities and Exchange Commission (SEC), which is conducting an inquiry into certain loss mitigation insurance products.In a recent filing with the SEC, Markel says it received the subpoena in late October 2005. “The subpoena seeks documents concerning transactions by [Markel] […]
By Canadian Underwriter | November 8, 2005
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