Industry
VANCOUVER – Four months after B.C.’s public auto insurer identified a multimillion-dollar billing error, cheques are being mailed to customers reimbursing them for the mix-up. The Insurance Corporation of B.C. announced in April that some of its optional insurance customers had been assigned an incorrect vehicle description for as much as six years, meaning their […]
By The Canadian Press | August 11, 2014
1 min read
Zurich Insurance Group has reported a business operating profit of $2.6 billion, with net income attributable to shareholders of $2.1 billion for the first half of 2014. Business operating profit was up 15% compared with the first half of 2013, with BOP for the second quarter totaling $1.2 billion. All figures are in U.S. dollars. […]
By Canadian Underwriter | August 8, 2014
2 min read
EGI Financial Holding Inc. has reported a net loss of $603,000 for the second quarter of 2014 – down from net income of approximately $8.7 million in the same quarter of 2013 – with strong results in Canada overshadowed by poor performance in the company’s International division. “The strong results in Canada and Investments have […]
3 min read
A new study that received input from 38 property and casualty commercial lines carriers in the United States shows insurers are exploring how premium audit practices efficiency can help improve profitability, Ward Group reports. Results showed a noticeable increase in executive level focus on premium audit practices over the past three years, notes a statement […]
By Canadian Underwriter | August 7, 2014
CNA Financial Corp. announced Thursday it has appointed John Hennessy as president and chief operating officer of CNA Canada, effective Sept.15. Hennessy will replace Gary Owcar, who is retiring. Chicago-based CNA has also appointed David Brosnan, a former executive with ACE Canada, as chief executive of CNA Insurance Company Ltd. (CNA Europe), effective Aug. 18. […]
TORONTO – Ontario’s governing Liberals say they don’t know yet whether smart meters linked to nine fires in Saskatchewan were installed in Ontario homes. However, they say the province’s largest electricity distributor – publicly owned Hydro One – doesn’t use the same brand of smart meters. They’re still investigating whether more than 70 other local […]
By The Canadian Press | August 7, 2014
Endurance Specialty Holdings Ltd. recently withdrew its US$3.2 billion offer to acquire Aspen Insurance Holdings Ltd., whose board of directors rejected the takeover offer this past April. Pembroke, Bermuda-based Endurance initially announced April 14 a proposal to acquire Aspen’s shares for $47.50 each and later increased that offer to $49.50. All figures are in United […]
RSA Insurance Group plc released Wednesday its financial results for the first six months of 2014, reporting a worldwide combined ratio of 100.8%, an 8% increase in household premiums in Canada and a 5% drop in commercial premiums in Canada. Worldwide, London-based RSA Group reported net written premiums of £3.93 billion for the six months […]
More insurers expect to be involved in a merger or acquisitions as a buyer over the next year than did last year, although costs for certain technology and new regulations remain concerns for overall business growth, according to a new industry outlook report from KPMG. In its survey of 95 senior insurance executives from companies […]
By Canadian Underwriter | August 6, 2014
Swiss Re Ltd. reported Wednesday its financial results for the second quarter, reporting a 7.6-point improvement in its property and casualty reinsurance combined ratio, a 12.3% increase in P&C reinsurance premiums earned and a 35.6-point deterioration in its liability reinsurance combined ratio. Zurich-based Swiss Re reported net income of $802 million on premiums earned and […]
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