Industry
The modest organic growth recorded by Willis Group Holdings plc in the third quarter of 2012 was below the level hoped for, but still encouraging, notes the global insurance broker. Reported net income from continuing operations for 2012 Q3 was $26 million, or $0.15 per diluted share, compared to $60 million, or $0.34 per diluted […]
By Canadian Underwriter | October 25, 2012
2 min read
Businesses around the world are increasingly buying transactional risk insurance in a bid to protect revenue and assets from the risks they face on acquisition and upon exit or sale, notes a new update from Marsh. Total policy limits for insurance purchased by clients rose by 35% to $2.3 billion in the first half of […]
By Canadian Underwriter | October 24, 2012
Although the Ontario legislature is prorogued, there is still a possibility that some auto insurance reforms can be implemented, says the head of the province’s financial regulatory body. “I know there has been a lot of angst in the past week by (Premier Dalton McGuinty’s) decision not so much to announce his resignation but to […]
3 min read
Zurich-based insurer ACE Ltd. has reported a net income of $640 million for the third quarter of this year (ended Sept. 30), compared to a $39 million net loss last year. That’s despite crop losses of $97 million (after-tax) this quarter. “While the drought conditions in the U.S. severely impacted our crop insurance business and […]
1 min read
The Insurance Brokers Association of Ontario (IBAO) has awarded Peter Blodgett of Darling Insurance and Realty Ltd. its Broker of the Year Award, along with distributing several other awards during its annual convention. Its annual Awards of Excellence gala, held during the association’s annual convention in Toronto Oct. 17 to 19, recognized the achievements of […]
Globalization, increasingly complex supply chains and the rise of social media on the Internet are among the risks identified in a survey of European business managers in a recent report by Commercial Risk Europe magazine of London. The Risk Frontiers Survey 2012 report was based in part on panel and individual discussions with 75 […]
By Canadian Underwriter | October 23, 2012
Economical Insurance has cut 145 positions across 14 of its Canadian offices, the company announced Oct. 22. “Constant evaluation and adjustment is necessary for the long-term health of any business. In the increasingly competitive Canadian property and casualty insurance industry, it is vital,” Karen Gavan, its president & CEO said in a statement. Prior to […]
By Canadian Underwriter | October 22, 2012
The financial performance of the United States property and casualty insurance market improved year-over-year during the first six months of 2012, as net reported catastrophe losses dropped, according to A.M. Best Company Inc. In its six-month financial review announced Monday, Oldwick, N.J.-based A.M. Best reported that total pretax accident-year catastrophe losses, net of reinsurance and reinstatement […]
Detroit area insurance firm Burns & Wilcox, which has expanded into Canada with the acquisition of Chesterfield, is planning to open a Calgary office within six months. “Oil and energy is something we are very interested in pursuing, to the extent that we have opened an office in St. John’s, Newfoundland,” said Gary Hirst, executive […]
Southern New Brunswick was hit by heavy rainfall on Oct. 20, with Environment Canada estimating that precipitation in some regions could exceed 70 mm. “These conditions could lead to localized flooding, particularly where normal drainage systems are overwhelmed,” noted a weather warning from the New Brunswick Emergency Measures Organization. “Areas of poor drainage may sustain […]
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