Industry
Global broker Aon Corp. has named Gregory C. Case as president and CEO. The move follows the previously announced retirement of founding CEO Patrick G. Ryan, who will serve as executive chairman of the board for Aon.Case was most recently head of the financial services practice for consulting firm McKinsey & Co. and prior to […]
By Canadian Underwriter | April 4, 2005
1 min read
The Canadian Association of Mutual Insurance Companies (CAMIC) told membership it will be looking to respond to federal legislation and increase its own numbers through the rest of 2005, at the association’s “Mid-Year Meeting” in Toronto last week.CAMIC president Normand Lafreniere says among the association’s lobbying points will be to push for more federal money […]
By Canadian Underwriter | April 3, 2005
2 min read
Moody’s Investor Service says the Lloyd’s market could produce overall profit of GBP1.2 billion, or 9% of capacity for the 2005 year of account. The “meaningful” profit expected by Moody’s assumes a normal loss year, and would lead to an expectation of GBP6 billion in profit for the years 2002-2005.”For 2005, although rates have reduced, […]
"Focus" is a wonderful word - but from the results that many businesses create, it seems to be conspicuously absent outside of strategic conversations and perhaps the odd motivational speech.
By Chris Venn, president of Inventive Networks | March 31, 2005
6 min read
With a return on equity (ROE) of just over 18%, negative claims cost growth, nearly an eight percentage point reduction in the combined ratio to 90.7%, and a healthy boost to companies’ surplus coffers, the Canadian property and casualty insurance industry has many reasons to be pleased with its 2004 performance. In fact, based on […]
By Sean van Zyl | March 31, 2005
4 min read
After 45 years in the insurance industry - of which the last 13 years were committed to the multi functions of helmsman and "engine room mechanic" of Canada's largest provincial independent broker association, the Insurance Brokers Association of Ontario (IBAO) - Bob Carter has announced his retirement plans. And, in looking back to the "rockin' sixties" when he first entered the world of insurance, Carter believes the business has undergone dramatic change in virtually every aspect of its operation. But, the biggest change is the people in the industry, he observes, and how they interact today compared with the lighter times of yesteryears.
By Sean van Zyl, Editor | March 31, 2005
The Insurance Bureau of Canada (IBC) is asking insurers to help it craft a response to a consultation paper on financial institutions produced by the federal government. The request was made during the IBC’s annual Financial Affairs Symposium in Toronto recently. As part of its recent federal budget, the government started the process of addressing […]
March 31, 2005
Financial services group and broker network consolidator, Western Financial Group (TSX: WES), saw net income almost double last year to $4.22 million compared with the $2.12 million reported for 2003. This equates to earnings of 18 a share for the latest reporting period versus the 11 a share reported for 2003. Western Financial increased 2004 […]
U.S. reinsurers’ net income for 2004 came in at US$3.14 billion, reflecting a moderate increase on the US$3.08 billion reported by companies the year prior, according to financial data released by the Reinsurance Association of America (RAA). Last year’s modest boost to the bottom-line was fueled by capital gains which more than doubled to US$1.8 […]
New reforms tabled in the Alberta legislature would see public insurers allowed to sell auto insurance in the province. Bill-34, the “Insurance Amendment Act, 2005” was introduced by Peace River MLA Frank Oberle. “We are following through on a commitment made last summer to allow British Columbia’s ICBC [Insurance Corp. of B.C.], Saskatchewan’s SGI Insurance […]
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