Industry
Global reinsurer Munich Re has posted a consolidated profit of €1.1 billion for the third quarter of 2012, a rise from the €290 million it reported for the same period last year. The company has also raised its profit forecast for the year to about €3 billion. On Nov. 7, €1 was equal to about […]
By Canadian Underwriter | November 7, 2012
2 min read
Western Financial Group has partnered with Applied Systems to integrate more than 120 network locations throughout Canada’s western provinces and position the company for continued growth. Western Financial Group, owner of the largest property and casualty distribution network in western Canada, will use the software provider’s Epic broker management system (BMS) to integrate the network […]
1 min read
The Swiss Re Group announced that on Nov. 5 it closed the private placement of US$200 million worth of bonds, intended to cover risks including hurricanes in the North Atlantic. The bonds were placed through SPRV Mythen Re Ltd. Swiss Re said earlier that the Mythen cat bond program, named after the Mythenquai in Zurich […]
Intact Financial Corp. has reported a third quarter net income of $96 million, down from $101 million in the same period last year. Net income for the first nine months ended Sept. 30 was $406 million compared to $381 million for the first nine months of 2011. The company’s net operating income this quarter rose […]
Insurer ACE Canada, the Canadian-based operation of ACE Group, has appointed Andre Vukadin as assistant vice president and branch manager for Quebec and Eastern Canada. In his new role, Vukadin will be responsible for growing the commercial and national risk segment for the two regional markets and creating the business development strategy for the areas. […]
Most property and casualty insurance claims executives responding to a recent survey say they are not satisfied with their organization’s capability of supporting for mobile computing devices but only a minority of respondents said their organizations have budgeted for increases in spending in this area. Aite Group LLC of Boston conducted an online survey in […]
By Canadian Underwriter | November 6, 2012
The Insurance Bureau of Canada has thrown its support behind Financial Literacy Month, which runs during November, offering resources to help consumers better understand personal, home and auto insurance. IBC is supporting the event with “community events, partnerships with key stakeholders, and public outreach through traditional and social media channels,” it stated in a release. […]
Dublin-based global insurer XL Group has reported a net income of $171.9 million for the third quarter of the year, up significantly from the same period in 2011. The company had reported a net income of just over $42 million for the three months ending Sept. 30, 2011. Net premiums written for its P&C business […]
The global reinsurance industry is in a strong position to take on losses from “Superstorm” Sandy, which recently hit the eastern United States, Fitch Ratings said Monday. A “solid” capital position, combined with few catastrophe losses throughout the year has left the reinsurance industry well-positioned to weather losses from Sandy, Fitch said in a statement. […]
By Canadian Underwriter | November 5, 2012
Two-thirds of small businesses surveyed reported they spend more time on social media, such as Facebook, Twitter and LinkedIn, they they did a year ago, but a third of executives in charge of the firms said they would rather focus their time on growing the business. San Francisco-based Vertical Response Inc., whose services include social […]
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