Industry
Profits attributable to Aon stockholders increased 17% in 2010 Q4, to $231 million, compared to $198 million for the same period last year, Aon announced in its fourth-quarter results.Revenues from fees and commissions increased to $1.753 billion (not including investment income) in 2010 Q4 from $1.686 billion in 2009 Q4. “Net income per share attributable […]
By Canadian Underwriter | February 3, 2011
1 min read
Merger objection lawsuits in the US have increased in recent years, even as the number of mergers and acquisitions plummeted during the recession era in 2007-09, according to an Advisen special report called Are Merger Objection Suits a Threat to D&O Insurers?Merger objection lawsuits are filed by disgruntled shareholders of companies that have been, or […]
2 min read
The Office of the Superintendent of Financial Institutions (OSFI) got a lukewarm rating from the insurance industry on the clarity and ease of understanding of its regulations and guidelines. Of the 104 insurers surveyed, 9% rated the regulator ‘very good,’ 45% rated it ‘good,’ and 35% said ‘fair,’ while 11% said OSFI was ‘poor’ with […]
Despite “substantial major losses,” Munich Re reported a consolidated profit of approximately $3.3 billion in 2010, a small decrease from the profit of $3.5 billion reported in 2009, the reinsurer reported. Flooding in Queensland, Australia resulted in the reinsurer’s largest loss in 2010 Q4 – at $365 million. In total, Munich Re’s insured losses for […]
The value of property loss estimates reported through Xactware in Canada grew to $1.32 billion in 2010 from $1.10 billion in 2009. The total monthly loss estimate value started at $84.9 million in January 2010 and peaked at $148.3 million in August. The spike followed the massive July 12 hailstorm in Calgary and Southern Alberta, […]
By Canadian Underwriter | February 2, 2011
Hard market conditions would be triggered by a $74-billion loss of excess capacity in the U.S. commercial insurance market, according to Advisen. In its ‘QuickNote: $74 billion away from a hard market,’ Advisen cites surging supply – explained by rebounding equity markets in 2009, coupled with diminished demand for insurance capacity brought on by the […]
Auto collision appraisal values, collision losses, comprehensive losses, third-party property damage and supplemental estimates in Canada all decreased in 2010 Q4, according to the 2011 Q1 Mitchell International Industry Trends Report.The report by Mitchell cites figures related to Canada’s auto collision repair market. The numbers are based on data combined from all first- and third-party […]
A.M. Best Co. has assigned a financial strength rating of A+ (Superior) to Everest Insurance Company of Canada (EvCan). The outlook is stable, according to A.M. Best. Everest is licensed to write property, automobile, surety, liability and other classes of insurance on a primary basis in Canada. “The assigned ratings reflect EvCan’s solid capitalization, expected […]
By Canadian Underwriter | February 1, 2011
Forensic Investigations Canada Inc. (FIC) acquired Mustang Investigations Inc. “We’re very excited by the coming together of our two companies,” says Corey Smith, president of FIC said. The combined organization – which will operate as Forensic Investigations Canada – will continue to employ both teams, allowing the knowledge base of the new company to grow […]
Cunningham Lindsey Canada has appointed 11 new regional managers and four new Ontario branch managers The regional managers include:• Andrew Hernandez, regional manager for the British Columbia Region – he was previously executive general adjuster and district manager for Vancouver Metro; • Allan S. Tole, regional manager for the Prairie region – he was previously […]
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