Industry
Reinsurance brokerage group Guy Carpenter & Co. Inc. says it will now offer disclosure on compensation arrangements applying to the placement of facultative business globally. The brokerage introduced its "Global Disclosure Doctrine" in December of last year, which outlines the company’s remuneration arrangements on reinsurance treaty placements.Despite the increased complexity involved with facultative reinsurance-type business, […]
By Canadian Underwriter | May 9, 2005
1 min read
The Ontario Securities Commission (OSC) has suspended trading of shares of Ontario-based The Loyalist Insurance Group Ltd. (TSX: LOY), which is listed on TSX’s venture exchange. The cease trade order was issued on grounds that Loyalist failed to file its audited annual statements for 2004 within the required filing period.Loyalist recently concluded a private debt […]
The intense regulatory scrutiny and plummeting consumer confidence that has dogged the property and casualty insurance industry since the onset of the most recent hard market were brought on by the collective actions of insurers, says Ellen Moore, president of Chubb Insurance Co. of Canada. “Companies focused on getting business on the books and underwriting […]
By Canadian Underwriter | May 8, 2005
3 min read
Rating agency A.M. Best has downgraded the financial strength ratings of most of American International Group Inc.’s (AIG) operating subsidiaries based on the recent announcement by the group that it will restating four years of its financial reports. An AIG investigation into its accounts also revealed an estimated inflated value on the balance-sheet of about […]
Glenn Gibson, CEO of Crawford Adjusters Canada, has been appointed chair of the international technical advisory board of Crawford & Co. (NYSE: CRDA). Gibson replaces Mike Reeves as the new board chairman. While the board posting is effective from May 9 of this year, Gibson will continue as CEO of the company’s Canadian operation.
Property and casualty insurance and financial services provider Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG) lifted net earnings for the first quarter of this year by 14% to $42.4 million compared with the $37.2 million disclosed for the same period in 2004. This equates to diluted earnings of $1.06 a share for the […]
By Canadian Underwriter | May 5, 2005
The Financial Services Commission of Ontario (FSCO) says that auto insurer rate filings at the end of the first quarter of this year show an average year-on-year price drop of 7.5%. In comparison, approved auto insurance rates for the first quarter of last year rose on average by 7.8% compared with rates in effect for […]
By Canadian Underwriter | May 4, 2005
Quebec-based Optimum General Inc. (TSX: OGI.SV.A) has appointed Jean-Claude Page in the role of president/CEO of the company. Page follows in the role of David Liddle, recently retired after a career with the company spanning 20 years. The announcement of the senior management change was made at Optimum’s recently held annual general meeting (AGM).Optimum also […]
By Canadian Underwriter | May 3, 2005
Mutual insurer, Co-operators General Insurance Co. (TSX: CCS.PR.A), lifted net earnings for the first quarter of this year by 6% to $36.5 million compared with the $34.4 million reported for the same period in 2004. The latest quarterly result equates to earnings of $1.75 a share versus the $1.65 a share shown for last year’s […]
Financial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has gained regulatory approval from the Toronto Stock Exchange (TSE) to repurchase the equivalent of up to 5% of both its common issued shares as well as issued loan stock in the form of 9%-bearing convertible debentures. The paper in question will […]
By Canadian Underwriter | May 2, 2005
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