Industry
Kernaghan Adjusters has opened a new branch in Courtenay/Comox, British Columbia. Brad Murray has joined the branch as appraiser and specialty risks adjuster. Currently he serves as the control adjuster for several logging and forestry programs. Debbie Halstead also joins the team as a senior adjuster. She began her career in 1978, working for major […]
By Canadian Underwriter | March 8, 2011
1 min read
Alberta incorporated property and casualty insurers showed strong signs of growth in 2010, with an increase in collective net income growing from $40.7 million in 2009 to $63.1 million in 2010, according to postings by Alberta’s Superintendent of Insurance.The figures include:• Alberta Motor Insurance Company;• Canadian Farm Insurance Corp;• Fortress Insurance Company;• Millenium Insurance Company;• […]
By Canadian Underwriter | March 7, 2011
2 min read
Markel International, a London-based specialist insurer, has appointed Nick James to its specialty division as a class underwriter in Canada and the US property treaty reinsurance.James has more than 14 years of experience handling international property in the insurance and reinsurance industry, a Markel release says. He began his career in 1997 at Guy Carpenter […]
QBE Insurance Group Ltd. has completed its acquisition of the US admitted insurance business of Renaissance Re.The acquisition includes a US crop and small specialist program insurance business. The cost of the transaction was $275 million. “The business acquired is expected to generate over $350 million of gross written premium in 2011 and net profit […]
Risk Management Solutions (RMS) has released a “major” upgrade to its U.S. hurricane model.The latest version of the model incorporates 10 times more onshore and offshore wind observation data since the last hazard update in 2003. Also, it incorporates the forensic analyses of more than $18 billion of claims data for the past 20 years, […]
By Canadian Underwriter | March 4, 2011
Aviva Canada’s general insurance operations reported a 54% increase (to approximately $350 million) in general profit in 2010.The company credits the improvement to better underwriting performance, combined with benign weather in the early part of 2010.Following a decision to exit unprofitable business in 2010, Aviva saw a “moderate decline” in premiums in the Canadian market. […]
Andrew Barnard has been appointed president and chief operating officer of Fairfax Insurance Group, effective Apr. 1, 2011.Barnard will oversee all of Fairfax’s insurance and reinsurance operations worldwide and work with the presidents of those operations on strategy and coordination.Barnard is currently president and CEO of OdysseyRe, a reinsurance unit of Fairfax. He started OdysseyRe […]
Lloyd’s of London is offering “key-man insurance” as a way to protect a company from economic loss if a key person in the organization dies or leaves as a result of illness.”It is a sad fact that in the workplace, organizations must continue to function despite the death or illness of a colleague,” Lloyd’s notes […]
By Canadian Underwriter | March 3, 2011
OSFI has announced enhancements to its supervisory framework, including specific reference to the core principles of the International Association of Insurance Supervisors (IAIS), as well as the inclusion of board responsibility for overseeing risk appetite and compensation.First introduced in 1999, the supervisory framework describes the principles, concepts and core processes OSFI uses to guide its […]
State Farm Group’s property and casualty companies reported a $3.1-billion underwriting loss in 2010, a $600-million improvement from 2009.The P&C operations offset its underwriting loss with a $4.1-billion investment gain, State Farm reported in a press release. Overall, State Farm reported a net income of $1.8 billion in 2010, an improvement over an $800-million net […]
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