Industry
Marsh & McLennan Companies Inc. announced Wednesday its financial results for the quarter ending Sept. 30. The New York City-based firm reported net income attributable to the company was $253 million on revenues of $2.932 billion in the most recent quarter, compared to $241 million on revenues of $2.845 billion during the same period in […]
By Canadian Underwriter | November 6, 2013
2 min read
Driving behaviour will serve as the basis for auto insurance premium savings of as much as 25% for select drivers in Quebec as part of a new offering announced Wednesday by Intact Financial Corporation. In the weeks to come, Intact Financial reports that its affiliates – Intact Insurance and belairdirect – will launch a telematics-based […]
GENEVA – Zurich Insurance Group says two independent probes have found no indication that its former chief financial officer was subject to undue pressure before he killed himself. Pierre Wauthier was found dead on Aug. 26 at his lakeside home in Walchwil, Switzerland, in what police said was an apparent suicide. Wauthier, a well-respected 17-year […]
By Canadian Underwriter | November 5, 2013
1 min read
OMAHA, Neb. – Warren Buffett’s company reported a 29 per cent jump in third-quarter profit as it collected some of the proceeds from deals made during the financial crisis. Berkshire Hathaway earned $5.05 billion, or $3,074 per Class A share, during the quarter. That’s up from $3.92 billion, or $2,373 per Class A share, in […]
By Canadian Underwriter | November 4, 2013
Applied Systems has obtained certification for eDocs from the Centre for the Study of Insurance Operations, the first vendor to do so, CSIO said Monday. CSIO Certification is available to member insurance companies and vendors and eDocs is the first business activity available for certification, with plans to expand the program to cover other activities. […]
Insurance and reinsurance executives included in a recent survey were more likely this year than in 2012 to say they would spend more money on information technology if they could while they were likely less likely to identify catastrophe/non-catastrophe losses and global economic uncertainty as the biggest threat to their plans for growth. New York […]
Economical Insurance announced Monday it is closing its Moncton, N.B. branch, as part of its ongoing “streamlining” efforts. Underwriting operations managed out of the Moncton office will transition over to the company’s Halifax location. The move will include the elimination of 22 positions in Moncton, and Economical said it would be offering “fair severance packages […]
The Travelers Companies, Inc. (NYSE: TRV) announced late Friday afternoon that its acquisition of The Dominion of Canada General Insurance Company from E-L Financial Corporation Limited (TSX: ELF) had been completed. The combined organization, which will be referred to as Travelers Canada, will remain headquartered in Toronto, notes a statement from Travelers Companies. “The combination […]
By Canadian Underwriter | November 1, 2013
Many private companies are lacking risk management practices that could protect them from exposure to litigation and fines, according to a new survey from the Chubb Group. Nearly three quarters (73%) of companies included in the insurance firm’s 2013 Private Company Survey use outside service providers for administering their employee benefit plans. But only 46% […]
Stratford, Ont.-based brokerage Orr Insurance & Investment has signed a deal to bring the six brokerages under Huron Insurance Managers Group under the Orr name in a transaction finalized Friday. Orr, a fourth-generation independent brokerage, has operated since 1895 and is currently owned and operated by brokers Jeff and Rick Orr. HIMG’s six brokerages include […]
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